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NFTs or Non-Fungible Token, are unique and non-interchangeable units of data stored on a digital ledger, and in layman’s words, it’s a digital asset that could represent any real-world objects like art, music, in-game items, and videos. Recently NFTs became a new rage, like cryptocurrencies are an answer to currencies so are NFTs for the collectibles.
NFTs have one unique characteristic that they can’t be interchanged, as they have unique properties, which makes them safe and reliable. NFTs are one of kind digital assets and they can be bought and sold off just like any other asset cars or properties that do not require any maintenance, as they do not have tangible forms of their own.
Polygon or Matic network is known as an open-source Indian Blockchain protocol that strives to provide an interchain scalability solution that is intended to bring the adaptability and scalability of alt chains along with Ethereum’s security, liquidity, and interoperability.
Polygon Blockchain is one of the leading platforms to function as a complete multi-chained framework as well as protocol. Polygon is used for the development of infrastructure and scaling in Ethereum. Polygon aims to lower the entry barriers of NFTs to non-crypto users and facilitate social interaction and engagement between creators and users in the digital world.
Polygon functions as a bridging solution where it works in creating an ecosystem that connects multiple different scaling solutions. Those include sidechains with different consensus mechanisms and even layer-2 options such as Plasma, Optimistic Rollups, and ZK-Rollups.
One of the benefits that Polygon provides to new project builders is that it allows them to build their own unique scaling solutions in a quick and effective manner. The Ethereum Virtual Machine (EVM) compatibility mechanism in Polygon gives it distinguishes itself from other Blockchains in terms of scaling, advanced flexibility, and interoperability for projects.
It can be said that compared to older Blockchain protocols like Ethereum network, the cost in the adoption of Polygon is comparatively much lower as it smartly contracts as a POS (Proof-of-Stake) framework. The Polygon system comprises several members right from block creators, developers, clients, and stakeholders. To execute and cooperate with different Ethereum compatible Blockchains apps Polygon uses Sidechain.
Now, let’s have a look over the various features of the Polygon network
Polygon Matic too is an open-source decentralized Blockchain platform, like the majority of other Blockchain protocols. It has contributors from all over the world, who contribute to it.
Polygon follows the Proof-of-Stake (PoS) consensus mechanism where developers are expected to use the Matic network. This Matic network solves many problems by building a decentralized platform with the help of an adapted version of the Plasma framework. This network framework with finality on the main chain can provide solutions for faster and extremely low-cost transactions.
In the Polygon Blockchain protocol single sidechain, the high throughput of up to 100000 transactions per second can be achieved. While multiple chains too are be added for horizontal scaling.
Fast, low cost, and secured transactions are possible on sidechains with finality achieved on the mainchain and Ethereum as the first compatible Layer 1 base chain. The Proof-of-Stake (PoS) system enables the Polygon chain operators to be stakers.
Polygon Matic offers Smart contracts functionality as a Proof-of-Stake (PoS) framework. Polygon Matic is a Blockchain protocol that is used for connecting Ethereum-compatible blockchain networks, but there is a difference. Here in Polygon Matic when a contract gets verified, tokens get automatically stored over the MATIC Sidechain. In this process, a specific smart contract by the name ‘RootChainManager’ now activates the ‘ChildChainManager’ which is also a smart contract. This further creates the proper measure of bolted or stored tokens over the MATIC network.
Whenever the client accepts tokens over the MATIC Sidechain, they can pass through the network with minor expenses and in this way, the client’s cost is minimized by using Polygon’s smart contract.
The native token of the Polygon platform is known as MATIC that serves as the base resource of the Polygon system. This native token is utilized for exchange payments and is also used to store tokens to protect the Polygon network.
Polygon’s MATIC token has received an incredible cost surge following a tremendous increase in trading volume. MATIC tokens can be found over most well-known decentralized as well as centralized-based trading exchanges. To make the purchase of MATIC tokens easier the whole crypto world is taking initiatives by making them accessible with both fiat and crypto.
Like other Blockchain protocols, Polygon too has a large number of people forming their community base in form of GitHub, Discord, Community forums, Reddit, and also over Twitter and YouTube.
The release of the latest updates and their plans gets broadcasted over their forum and certainly one can interact with like-minded people over there.
As of now, Polygon has seen an exponential amount of growth and it had been supported by various entities like DeFine who in past supported Binance Smart Chain, Ethereum Network. Further, there has been a rise in the number of projects like Aave, Curve, or Sushiswap over Polygon and this paves a way for a completely new ecosystem.
It is anticipated that Polygon will expand its presence in other multi-chain NFT collection and it will lead to exclusive NFTs creation.
How Tezos Is Different. One of the distinctive features that distinguish Tezos is the way it manages its business. Many early blockchains rely on teams of developers and mining communities to make innovative design decisions. But, Tezos attempts to integrate the decision-making process into the users’ network that is the blockchain itself.
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