Cryptocurrency

123Swap prefers Polygon – An introduction to Polygon Mechanism

By Ryan Bradman | November 17, 2021

Table of Contents

What is Polygon?

Polygon is an Ethereum scalability technology that has been the best performer in terms of interest and market cap increase year to date. The Polygon mainnet had an EVM-compatible plasma chain that operated concurrently to the Ethereum platform, enabling users to quickly link their commodities from the Ethereum platform to the Polygon network and enjoy substantially reduced transaction fees than the Ethereum gas prices.

7 Polygon working mechanism

The polygon mechanism goal is to provide a more comprehensive scaling method. Scaling may be accomplished in two ways: layer two scaling and sidechains. Layer 2 scaling is dependent on the primary layer’s security. The most common alternatives are Plasma, optimistic rollups, and ZK rollups. Sidechains depend on their network security, which is often implemented using a different consensus process. Matic PoS chain or xDai are both excellent.

Polygon offers two kinds of Ethereum-compatible public blockchains: stand-alone systems and secured chains, which use security as a service paradigm. Stand-alone chains depend on their safety; for example, they can use Proof-of-Stake or Delegated-Proof-Of-Stake consensus methods. These networks are entirely independent, which provides them with the most freedom and flexibility, making it more difficult for them to develop an effective security architecture. Secured chains use security as a service paradigm. This can be given either immediately by Ethereum, such as through fraud proofs utilized by Plasma, or by a pool of expert consensus mechanisms. These validators operate within the Polygon environment and may be shared by various projects. Secured chains provide high-level security but at the expense of freedom and mobility. This paradigm is commonly employed by enterprises and security-related initiatives.

Polygon importance

The Polygon program is among the most recent efforts to improve blockchain compatibility and scale by utilizing an Ethereum Virtual Machine (EVM) compliant sidechain. The network provides scalability solutions to Ethereum by utilizing a link that allows commodities to be transferred between the main chain and a proof-of-stake-based side chain. Its system is composed of four layers: the Ethereum layer, a security layer, a polygon network layer, and an execution layer. As a consequence, transactions may be completed more quickly and at a lesser cost. Furthermore, the Polygon mainnet employs to maximize scalability and decentralization as a proof of stake staking method.

Polygon Goal’s

Polygon’s purpose is to be accessible for everybody who has already been developing apps on Ethereum, to be the realistic choice for democratic networks to interface with, and to be flexible enough to allow for scaling options. Polygon can give numerous alternatives, and the developers powering various apps can choose the one that best meets their use situations. It also seeks to make it simple to switch from one scaling method to another. This may be necessary if the conditions around a project change, or if a superior scalability option becomes apparent.

About 123Swap

The 123swap is a platform that deals with the decentralized financial ecosystem that enables seamless peer-to-peer crypto-asset switching. It provides transactions that are easy, transparent, and quick. The platform promises to simplify the bitcoin trading method while decreasing delay. The main objective of 123 swaps is to build the next-generation financial ecosystem by using blockchain technology and spreading the use to buy cryptocurrency and cryptocurrency exchange across the banking world.