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What is MATIC?
Polygon (formerly Matic Network) is a blockchain platform that enables blockchain networks to connect and scale. It aims to create a multi-chain blockchain ecosystem compatible with Ethereum. As with Ethereum, it uses a proof-of-stake consensus mechanism for processing transactions on-chain while deriving its security from Ethereum. Polygon’s native token is named MATIC.
Polygon is used in decentralized applications (dApps) such as Defi, DAOs, and NFTs.
FAQ
How is Polygon different from other implementations of Plasma?
Polygon’s implementation of Plasma is built on state-based sidechains which run on EVM, while the other implementations of Plasma primarily use UTXOs which restricts them to being payment specific. Having state-based sidechains allows Polygon to provide scalability for generic smart contracts as well.
Secondly, Polygon uses a public checkpointing layer which publishes checkpoints after periodic intervals (unlike checkpoints after every block in Plasma Cash) allowing the sidechains to operate at high speeds while publishing the checkpoints in batches. These checkpoints along with the fraud proofs ensure that Polygon’s sidechains operate in a secure manner.
Your project provides scalability for Ethereum using plasma chains, is it a protocol or a native blockchain in itself?
Polygon network is a «sidechain» solution where Ethereum main chain assets, i.e. all dApps / Tokens / Protocols of the main chain can be moved / migrated to Polygon sidechain(s) and when needed, one can withdraw assets back to main chain.
What are the competitive advantages of Polygon over its competitors?
L2 scaling solutions
Polygon is committed to achieving scale with decentralization. Polygon uses periodic checkpoints and fraud proofs. When users want to withdraw their assets, they use the checkpoints to prove their assets on sidechain, while fraud proofs are needed to challenge fraud or any bad behavior and slash stakers.
Other projects are also offering L2 scaling solutions but there are two key elements that we differ on:
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Firstly, Polygon is focusing on not just financial transactions but games and other utility dApps as well. We also have plans for full-blown financial services like lending / trading dApps (token swaps, margin trades and much more).
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Secondly, while Polygon uses checkpoints for 1-second block times (with PoS layer), many other solutions might have block times greater than the Ethereum block times as you need to push every block of the sidechain to the main chain.
L1 scaling solutions
Apart from that, amongst other scaling projects, Polygon stands out due to its ability to achieve scale while maintaining a great degree of decentralization.
More importantly, these scalability projects have a «reinventing the wheel» problem. They are creating new blockchains where the developer community, product ecosystem, technical documentation, and businesses need to be built from «scratch». Polygon, on the other hand, is an EVM-enabled chain and has all the dApps / assets built on Ethereum main chain with scalability available at the click of a button.
Payments
We believe that Polygon has an edge in terms of usability because, in other solutions, both sender and receiver have to create their payment channels. This is very cumbersome for users. While with Polygon’s underlying technology there is no requirement of payment channels for users and they only need to have a valid Ethereum address to receive tokens. This is also in line with our long-term vision of improving the user experience for decentralized applications.
Trading and Finance
Polygon intends to enable DEX’s (eg. 0x), Liquidity pools (eg. Kyber Network) and other kinds of financial protocols like Lending protocols (Dharma Protocol) on its platform, which will allow Polygon users to access varied financial serivce applications like DEXs, lending dApps, LPs and many others.
How does Polygon compare with other sidechain solutions?
On Polygon, all side transactions are secured by multiple mechanisms on the sidechain as well as main chain. On sidechain, any transactions done by the Block producer layer are verified and checkpointed to the main chain by a highly decentralized checkpointing layer.
If any fraudulent transaction happens on sidechain, it can be detected and handled by the checkpointing layer. Even in extreme and highly unlikely scenario wherein the block producer layer as well as the checkpointing layer both collude, even then the main chain has fraud proofs on which anyone from the public can come and challenge any transaction that they deem fraudulent on the sidechain.
If the challenge is successful, there is a huge economic disincentive / financial punishment to the colluding parties as their stakes are slashed. Also, the public challenger is rewarded with the slashed stakes of the fraudulent sidechain actors.
This makes Polygon an economically incentivized sidechain network which has a high degree of decentralization and security of the sidechain transactions.
Also the capacity and TPS of Polygon sidechains are much higher than other solutions. Especially when Polygon can have thousands of transactions while others are single sidechains which have a higher limit of a few thousand transactions.
FAQ
What is Oratio imperial exchange?
Within the world of cryptoactive trading we help you in your internal operations by executing deposits or withdrawals of your investment funds, in the same way OIEx works as an operator resource within Success Capital Bank.
What can I do with OI-EX?
You can buy, sell, exchange, know investment plans, and know the real-time price of all cryptocurrencies.
How can I exchange my cryptocurrencies?
You go to the Exchange page, place the amount of coins you want to change, make the deposit, and in less than 5 minutes you will have your assets.
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