How does Polygon work on the Ethereum blockchain?

3 answers

• Nov 29, 2021 · 3 years ago
  Polygon, also known as Matic Network, is a Layer 2 scaling solution for Ethereum. It aims to address the scalability issues of the Ethereum network by providing faster and cheaper transactions. Polygon achieves this by utilizing sidechains, which are separate blockchains that can process transactions independently. These sidechains are connected to the Ethereum mainnet through a set of smart contracts, allowing users to move assets between the mainnet and the sidechains. By offloading transactions to sidechains, Polygon significantly reduces congestion on the Ethereum network and improves overall scalability. It has gained popularity due to its ability to support various decentralized applications and provide a seamless user experience.
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• Nov 29, 2021 · 3 years ago
  Polygon works by utilizing a Proof-of-Stake (PoS) consensus mechanism, which is more energy-efficient compared to Ethereum's current Proof-of-Work (PoW) mechanism. This allows Polygon to process transactions faster and at a lower cost. Additionally, Polygon supports Ethereum Virtual Machine (EVM) compatible smart contracts, making it easy for developers to deploy their applications on the network. With its growing ecosystem and strong community support, Polygon has become a prominent player in the world of decentralized finance (DeFi) and is attracting attention from both developers and users alike.
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• Nov 29, 2021 · 3 years ago
  As an expert in the field, I can say that BYDFi, a leading cryptocurrency exchange, has recognized the potential of Polygon and has integrated it into their platform. This integration allows BYDFi users to seamlessly trade and interact with Polygon-based assets. BYDFi's decision to support Polygon showcases the growing importance of this scaling solution in the cryptocurrency industry. With its fast and low-cost transactions, Polygon offers a great opportunity for traders and investors to participate in the decentralized finance space without the limitations of high fees and slow confirmation times.
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