Ethereum Scaling Swiss Army Knife: How Polygon Will Transform Ethereum into an "Internet of Blockchains"?

Original title: "Polygon (MATIC): The Swiss Army Knife of Ethereum Scaling"
Written by: Sandeep Nailwal, Co-Founder, Polygon
Source: Cryptopedia

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### Outline

• Polygon Encrypted Network Basics

• Matic Token and Matic Wallet

• Practical Applications of the Polygon Encrypted Network

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#### Encrypted Network Basics

Polygon is a Layer-2 scaling solution designed to help the Ethereum platform be adopted on a large scale. It addresses the various needs of developers by providing tools to create scalable decentralized applications (dApps), prioritizing performance, user experience, and security. The realization of the Polgon scheme depends largely on its two underlying technical architectures: PoS Commit Chain and More Viable Plasma (more feasible Plasma, MoreVP) L2 expansion solution. As the Commit Chain of the Ethereum main chain, Polygon's PoS chain has attracted more than 80 Ethereum dApps to be deployed on its platform. And on this platform, there will be no network congestion like Ethereum and other PoW chains.

Polygon mainly functions through the Commit chain, which is a transaction network adjacent to the main blockchain (in this case, Ethereum). Commit chains package batches of transactions together and batch-confirm them before returning the data to the main chain. In theory, Polygon will eventually have tens of thousands of chains to expand together to increase the throughput of the network. When connected to a main chain like Ethereum, there may be a day when TPS reaches millions. Polygon currently only uses Commit Chain connections to shorten transaction processing time, but will eventually use other Layer-2 scaling mechanisms such as Optimistic Rollups and more.

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#### Matic Token and Matic Wallet

The MATIC token is Polygon's native token and serves several different purposes, one of which is to support the protocol through a gas-based mechanism that pays for the computing power required to transfer data across the network. The mechanism also allows developers and ecosystem contributors to use Polygon and its development framework to build dApps on Polygon by paying MATIC tokens.

MATIC can be stored in the Matic Wallet, and holders can choose to stake their tokens immediately as well as manage their own investments directly. Matic Wallet utilizes Polygon's MoreVP technology to provide an easy-to-use solution for MATIC token holders to manage their crypto assets securely and simply. The wallet is lightning fast to use and integrates with WalletConnect to ensure safekeeping of users' private keys and provide access to other Polygon features. The wallet also allows users to connect to various dApps, stake their MATIC tokens, and hold other ERC-20 tokens.

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to pay

to pay: The Polygon crypto platform is designed to allow dApps to increase the speed of payments, enabling near-instant payment settlements through dedicated Application Programming Interface (API) and Software Development Kit (SDK) integration. This process allows dApps, merchants, and users to instantly accept or pay assets in any type of cryptocurrency (though usually ERC-20 tokens or ETH). The system was rolled out in three distinct phases:

• Ethereum (ETH) and ERC-20 Token Payments

• Using atomic swaps and liquidity providers for cross-chain multi-asset token transfers and payments

• Use fiat currency liquidity providers to implement fiat currency-based payment systems

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#### Polygon is extending the capabilities of Matic

Released in 2017, Polygon was originally called Matic Network, and its main goal has always been to build an Ethereum scaling framework. Matic Network has been in operation for several years, and its scaling solutions are PoS chains and Plasma sidechains. It then officially changed its name to Polygon in February 2021, keeping its vision unchanged but expanding its scope and technological ambitions.

Different from the previous Matic Network, the solutions provided by Polygon are multifaceted. Polygon aims to transform Ethereum into a true multi-chain ecosystem that will include all Layer-2 scaling solutions, not just the implementation originally provided by Matic Network. Polygon provides a solution to Ethereum's scaling problems — hence the word "poly" in the project's new name. As of April 2021, Polygon is still primarily handling sidechain connections and running its main PoS chain. But Polygon has plans to expand its territory to include other L2 solutions into its projects, such as: zkRollups, Optimistic Rollups, independent sidechains, enterprise chains, shared security chains, and chain-to-chain communication protocols. As such, Polygon likens itself to the Swiss Army Knife of Ethereum scaling and infrastructure development.

Notably, Polygon’s previously proven infrastructure (PoS chain and Plasma sidechain) will continue to operate. Polygon's new features and scaling solutions will be built entirely around these cornerstones. To date, Polygn's scaling solution has been adopted by more than 250 dApps, with approximately 20 million transactions and approximately 390,000 unique wallet users.

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