Polygon Blockchain Explained | A Detailed Look

Here's a brief about the Polygon blockchain platform to help you better understand its crucial concepts and components for dApp development. Experts at Oodles, a blockchain development company, suggest that it has the potential to be a frontrunner in the Web3 space. 

Polygon Blockchain

Polygon, earlier known as the Matic Network, is a scaling solution for faster and cheaper transactions on blockchain networks. The fact that Polygon calls itself a layer-2 network suggests that it is an Ethereum add-on layer. It has no intention of altering the base blockchain layer.

Like their geometric namesake, polygons have various sizes, shapes, and applications. They also provide a more straightforward foundation for creating connected networks. To find out if Polygon is a good fit for your project, speak with one of our blockchain experts.

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Why Polygon Should Be Used for Your Next Blockchain Project

Ethereum-Compatible

Besides facilitating advantages like interoperability, modularity, and scalability to a project, Polygon also offers the benefits of Ethereum. They include inherent security, access to a highly-efficient tech stack, languages, tools, and user experience. 

Service-based Security

The "Security as a Service" by Polygon is straight from Ethereum or a pool of dedicated validators. Blockchain networks built as Polygon PoS (proof-of-stake) chains can use this service for high security rather than building their validator pool.

Interoperability

Platforms developed on Polygon are naturally compatible with Ethereum and other EVM (Ethereum Virtual Machine) blockchains. Consequently, you get improved cross-platform capabilities and a positive user experience, all without the bother.

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Strong Architecture

Polygon has a robust architecture that comprises four abstract, composable tiers. These are the Ethereum layer, the security layer, the Polygon networks layer, and the execution layer.

User Encounter

Polygon is a layer 2 scaling solution for the Ethereum network that is fundamentally user-focused. Features like immediate (deterministic) transaction finality and "zero-gas" transactions only enhance the user experience.

Scalability

Polygon is a full-stack blockchain scaling solution that provides customers with the best of both worlds. It combines the strengths of the Ethereum ecosystem with those of sovereign blockchains.

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Use Cases for Developing dApps on Polygon

DApp development service providers like Oodles pick Polygon. It is because the final output is identical to what results from Ethereum app development but the user experience is better. Therefore, while businesses receive the same Ethereum-powered app, users receive a cutting-edge user experience, faster transaction speeds, and lower transaction fees.

Payments

The Polygon platform helps developers to build dApps that expedite the payment process. It enables almost real-time payment settlement through specialized APIs and SDK integration. It enables apps, consumers, and businesses to carry out transactions quickly using several cryptocurrencies, typically using ETH or ERC-20 tokens. 

There are three primary phases to the implementation of this system: 1. ERC-20 token transactions 2. The token exchange between chains 3. Payment systems based on fiat.

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Lending Platform

The next use case to consider while developing a dApp on Polygon is establishing a smart contract. The computer program automates the loan distribution process and a module that allows lenders to assess customers' credit scores.

Games

Blockchain-based gaming platform development is quick and efficient thanks to Polygon's Layer 2 sidechain scaling technology. The platform will be able to alleviate the lag issues that non-Polygon blockchain games experience due to Ethereum and Polygon collaboration.

Various Use Cases

When developing a decentralized program on Polygon, there are multiple use cases. For example, allowing the quick settlement times needed for decentralized exchanges to offer quicker and more affordable trading.

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Ethereum's Internet of Blockchains (Polygon)

With the help of Polygon, it will be possible for multiple blockchains to function as networks. These networks will be a part of a larger environment rather than closed-off silos and exclusive communities in the future.

Conclusion 

Indeed, Polygon is doing remarkably well, given its enormous breadth, regular partnership announcements, and cryptographic developments. The business has established a strong reputation, and the MATIC token has distinguished itself from the many other initiatives on Ethereum.

When compared to competitors, Polygon distinguishes itself as a layer-2 solution. Polygon also appears to be the most promising technology for scaling Ethereum successfully. For example, it efficiently maintains decentralization while scaling without compromising security.

For more information related to Polygon blockchain development or project discussion, feel free to connect with our blockchain app developers.