Ethereum’s network limitations of high congestion, slow transactions, and expensive gas fees are household knowledge within the blockchain and cryptocurrency community. This situation has given birth to the so-called “Ethereum killers” or alternative chains which are supposed to solve the above-mentioned problems and bring about the much-desired mass adoption However, very few have come close to matching Ethereum of decentralization and security while attempting to create a fast and cheap chain. One such project with a reasonable degree of success in this direction is Polygon -formerly known as Matic Network.
Formerly known as Matic Network, Polygon is an Ethereum layer 2 scaling solution that provides the framework for building and connecting Ethereum-compatible blockchain networks. Polygon (MATCI) calls itself “Ethereum’s internet of blockchains” as it builds a multi-chain ecosystem that combines the best of Ethereum with other compatible chains. Enabling them to enjoy the security and network effect of Ethereum while avoiding all the known problems of slow speeds and high gas fees. Polygon uses a POS (proof of stake) algorithm that helps it scale up to a maximum of 7000 transactions per second (TPS) with 2-second block confirmation times and a $0.00004 average transaction fee. Making it one of the fastest and cheapest chains while still maintaining Ethereum-level security and decentralization.
