Hitchcock Posted January 24 Share Posted January 24 Polygon (formerly known as Matic Network) is a cryptocurrency and blockchain platform that aims to provide fast and low-cost transactions for decentralized applications (dApps). It was developed by Polygon Foundation and launched in 2021. One of the key features of Polygon is its use of a technology called "Plasma" which allows for the creation of multiple side chains that run parallel to the main Ethereum blockchain. These side chains, called "child chains," are connected to the main Ethereum blockchain through a process called "pegging." This allows for faster and cheaper transactions, as transactions on the child chains are not subject to the same network congestion and high gas fees as transactions on the main Ethereum blockchain. Polygon also utilizes a consensus mechanism called "Proof of Stake" (PoS) which allows for the network to be secured by validators. These validators are responsible for maintaining the integrity of the network and are rewarded for their efforts with the native cryptocurrency of Polygon, called MATIC. This allows for a more energy-efficient and sustainable way of maintaining the network compared to the energy-intensive Proof of Work consensus used by other blockchain networks. The platform also features a decentralized file storage system called "IPFS" which allows users to store and share files on the Polygon network. This allows developers to build decentralized applications that rely on file storage, such as video and image sharing platforms. Polygon also has its own decentralized exchange (DEX) called "QuickSwap" which supports fast and efficient trading of tokens. This allows users to trade tokens quickly and efficiently, without having to rely on centralized exchanges. In summary, Polygon is a cryptocurrency and blockchain platform that aims to provide fast and low-cost transactions for decentralized applications. Its use of Plasma technology and Proof of Stake consensus mechanism allows for faster and cheaper transactions, and its built-in token standard and decentralized file storage system allow for easy development and management of dApps. Quote Link to comment Share on other sites More sharing options...
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