Polygon is a decentralized Ethereum platform that enables developers to build scalable, easy-to-use dApps with low transaction fees. All this without sacrificing data security.
Formerly known as Matic Network, Polygon focuses on developing Ethereum compatible blockchains. It is even known as “the framework built by developers, for developers”.
The name change came in February 2021, along with the overhaul solution of layer 2 for Ethereum, which now offers connection to network-compatible blockchains.
What do you mean by “layer 2”?
A layer 2 is a separate blockchain that extends Ethereum without losing its security guarantees.
To fully understand, just consider that layer 1 blockchains are the so-called “bases” and it is on top of them that layer 2 blockchains are built. All user transaction activities in these layer 2 projects can ultimately return to the layer 1 blockchain.
In addition, layer 1 blockchains, such as Ethereum, act as a database for their respective layers 2. The success of Ethereum and the demand to use it have made the prices of GAS — the unit of measure used to measure the work done by Ethereum to carry out transactions or any interaction within the network — rise substantially.
Therefore, the need for scaling solutions has also increased in demand. This is where layer 2 networks come in and, in this case, Polygon, which is the most used on the market.
The network considerably reduces the problems that arise during this process of creating scalable solutions, that is, solutions that have the capacity to process many transactions in a short time and with greater throughput.
All right. But, why Polygon (MATIC)?
Polygon already has more than 19,000 active dApps in its structure. Last year, for example, MATIC (Polygon token) was listed among the 15 most traded cryptocurrencies in the world, showing a solid appreciation in the market.
We do not have a guarantee that this appreciation level will remain, but for now, we know that the token has its strength and market forecasts are good.
Polygon also has a very agile performance compared to competitors. Speed attracts developers, and the more people interested, the more the structure will be used and the more valued the tokens will be.
Building RibonDAO in Polygon, we get the security we need, and an ecosystem of efficient tools. Furthermore, by combining multiple off-chain transactions into a single layer 1 transaction, the fees are massively reduced, making Ethereum more accessible to everyone and with a consistent value for the micro-donations made on the platform.
We look forward to showing you how it works in practice and having you involved.
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