Matic Network, now called Polygon is a protocol for connecting Ethereum compatible blockchain networks and provides a protocol to build such a blockchain. Ethereum blockchain has been a widely popular choice among crypto users and developers. The mass attention it has captured has created a significant user base for some of its decentralized applications. Ethereum is supported by an impressive developer community and ecosystem. But it is certainly affected by a great deal of user experience issues. Some of these include low scalability, high transaction fees, slow transaction confirmation, and poor usability. Other limitations of Ethereum like delayed transaction finality, non-customizable tech stack, and governance dependence also affect its usability in real-world applications. To provide a better experience to their users, projects are exploring alternative blockchains which are compatible with Ethereum. However, there is no specialized framework to build such blockchains. Very few protocols are being developed to connect these blockchains with Ethereum. Polygon is an off/side chain scaling solution for blockchains to provide scalability and superior user experience to dApps/user functionalities. It allows near-instant transfers, exchange, and conversion of digital assets and cryptocurrencies. Matic foundation intends to provide Matic wallet, payment APIs & SDKs, products, identity solutions, and other enabling solutions that will allow developers to design, implement and migrate dApps built on base platforms like Ethereum. It has built high-quality user experience mobile and web browser libraries that will enable businesses to create real-world, end-user applications on a large scale. Image source: Polygon Some blockchain projects which use Polygon protocol are Polymarket, Aavegotchi, Decentral Games, SportX, Easyfi, Neon District among others. Features Currently, Ethereum is the first base chain that Matic Network securely integrates with, using an adapted implementation of the Plasma framework. In addition, the Matic network intends to integrate multiple leading smart contract platforms cryptocurrencies to provide a universal platform for the users to be able to use/exchange their assets from various blockchains. It provides: a set of modules for developing custom blockchains. security service. an interoperability protocol for exchanging messages between Ethereum and other blockchains. adaptor modules for enabling interoperability for existing blockchains. fraud-proof mechanism. Architecture Polygon network follows a dual strategy of proof of stake to provide consensus. It consists of stakers who need to stake tokens. They validate the transactions and propose checkpoints on the mainchain using the PoS consensus mechanism with a ⅔ majority. They also choose block producers amongst themselves, to produce blocks on the side chains. Block producers have to provide a significant stake to be nominated. It uses PoS at the checkpointing layer and block producers at the block producer layer to achieve faster block time while ensuring a high degree of decentralization. The Matic Network public checkpointing layer supports multiple side chains by design. Businesses can have their dedicated side chains connected to the public checkpointing layer having full control of their execution environments, while still retaining the immutability, probability, and security of transactions via the checkpointing mechanism. The movement of the assets from one chain to another will be managed at the checkpointing layer and may not require any interaction with the mainchain. The Polygon Network solves slow transaction issues by using a high throughput blockchain with consensus provided by block producers. It then uses a Proof Of Stake layer to validate the blocks and publish periodic proofs which are Merkle roots of the blocks produced by the block producers to the Ethereum mainchain. This helps in achieving a high level of decentralization while maintaining extremely fast (< 2 seconds) block confirmation times. In the future, Polygon is expected to be able to easily add more side chains horizontally to increase the total number of transactions on the Matic Chain while using the same decentralized PoS layer. The ever-increasing size of blockchain results in fewer full nodes supporting the public chains, which risks centralization. For the Matic Network, the primary layer which provides decentralization may choose to store only the blocks of the Matic Chain from the previous checkpoint to the next checkpoint. All previous transaction/block proofs have been submitted to the mainchain. This enables extremely low fidelity PoS nodes which can be run in very low-cost machines with low storage. In the future, Polygon intends to enable mobile device-based PoS miners too. Compatibility With Ethereum Any valid Ethereum address is a valid Matic address and a receiver does not need to be on the Matic chain to receive payment. They would only need to have a Matic Wallet when they want to retrieve the payments on the main chain or spend them in the ecosystem on the Matic Network. The Matic Network uses a standard EVM-based state machine, which is run by the Block Producer nodes to generate blocks. it becomes very easy to port DApps and smart contracts running on the Ethereum blockchain to the … Continued
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