How does Polygon work?
Polygon (formerly known as Matic Network) is a layer 2 scaling solution that enables faster and cheaper transactions on the Ethereum blockchain.
It uses a combination of sidechains, state channels, and Plasma to provide scalability solutions for Ethereum. At its core, Polygon is an open-source framework that allows developers to build and connect their own blockchain networks to the Ethereum mainnet. This means that developers can create their own custom blockchains with their own set of rules and features, while still being able to interact with the Ethereum mainnet.
The Polygon framework consists of several components, including: • Matic PoS Chain: This is a proof-of-stake sidechain that allows for faster transactions and lower fees than on the Ethereum mainnet. • Plasma: This is a scaling solution that allows for off-chain transactions to be processed in batches. • State Channels: These are private channels between two parties where they can transact without having to broadcast it on the blockchain.
• Security Module: This module provides security for all transactions on the Polygon network by using advanced cryptography techniques. • Bridge Module: This module allows users to transfer tokens between different blockchains, such as from Ethereum to Polygon or vice versa. • EVM Compatible Runtime Environment (ERC20): This module allows developers to deploy smart contracts on the Polygon network using the same programming language as they would use on Ethereum (Solidity).
• Developer Tools: These tools allow developers to easily build applications on top of the Polygon network. • Wallet Connectors: These connectors allow users to securely connect their wallets with applications built on top of Polygon. In summary, Polygon works by providing a layer 2 scaling solution that enables faster and cheaper transactions on the Ethereum blockchain through its combination of sidechains, state channels, and Plasma technology.
It also provides developers with tools and resources they need in order to build applications on top of it, as well as allowing users to securely connect their wallets with these applications.
