What is Polygon?
Polygon is a cryptocurrency under the ticket MATIC.
1. Operates using the Ethereum Blockchain
The backbone of Poly is the Ethereum network. All the features of Eth are default on the Poly network. In order to build on the Poly network you need an Eth Virtual Wallet.
Layer-2 scaling solution.
2. MATIC is used to govern and secure the Polygon network and to pay network transaction fees.
3. Polygon uses a modified proof-of-stake consensus mechanism that enables a consensus to be achieved with every block.
4. Strengths
- Speed - Transactions are faster than Bitcoin
- Low cost - The transaction fees are lower
- Decentralized - Runs on various networks
- Smart contracts
5. Weaknesses
- Layer 2 solution. - Runs on top of ETH
- Lots of competition.
6. Future
dApps. People are developing applications for all kinds of different purposes.
7. NFTs
Lots of NFTs are being developed on this network.
Instagram, Adidas and Prada have all used the network to launch NFTs.
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