Application of Layer 2 to dApp
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I recently participated in creating solutions on the Binance Smart Chain network - precisely to avoid the costs of the Ethereum network.
Unfortunately, this involves costs in other areas, such as the need to use decentralized exchanges other than for ETH, small decentralization of the BSC network (only 21 validators) and the lack of refined wallets (cooperation between Ledger and Metamask in the BSC network is currently only for advanced users ).
Recently, in my analysis, I came across the Polygon network and performed its tests.
It turned out that this layer two to Ethereum basically no longer needs its first layer.
Currently, the ETHEREUM network needs POLYGON and not the other way around.
Polygon uses the MATIC ticket.
Polygon aims to provide tools to improve the speed and reduce the cost and complexity of transactions in blockchain networks.
Polygon's focus is on Ethereum, as the heavy activity on its blockchain has rendered Ethereum almost useless as transmission costs rise and traffic becomes clogged.
Polygon bills itself as a Layer 2 network, meaning it acts as an add-on layer to Ethereum that is not intended to alter the original blockchain layer.
After rebranding, Polygon retained its MATIC cryptocurrency, the digital coin on which the network is based. The MATIC is used as a payment and accounting unit between participants who interact on the network.
Polygon was founded in India in 2017 and was initially called Matic Network. It was the brainchild of Ethereum developers Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, as well as Mihailo Bjelic.
The Matic network launched in 2020 and has attracted Decentraland and MakerDAO, among others. The Matic Network changed its name to Polygon in February 2021.
In its initial offering from April 2019, the Polygon team raised the equivalent of $5.6 million in ETH by selling 1.9 billion MATIC tokens in a rapid 20-day period.
Polygon can be compared to other competing networks such as Polkadot, Cosmos and Avalanche.
Architecture
The core of the network is the Polygon Software Development Kit (SDK), used to build Ethereum-compatible decentralized applications as sidechains and connect them to the main blockchain.
Sidechains can be built using one of the following methods:
Plasma Chains – combines transactions into blocks, grouped into one report on the Ethereum blockchain
zk-Rollups – Allows you to combine multiple transfers into one transaction Optimistic - rollups - similar to plasma chains, but with the ability to scale Ethereum smart contracts
Polygon's main chain is the Proof of Stake (PoS) sidechain where network participants can place MATIC tokens to verify transactions and vote for network upgrades.
Polygon's main PoS sidechain for Ethereum behaves like a full-fledged blockchain.
It is fully compatible with EVM so you can freely transfer contracts between both networks.
Conclusion;
POLYGON has become an independent network much cheaper to maintain compared to ETH. Currently, ETHEREUM needs POLYGON and not vice versa.
There are no differences in contract programming for POLYGON PoS, so switching between BSC, ETH and Polygon chains does not require changes in the team or launching recruitment and knowledge building.
BSC and Polygon PoS transaction costs are similar and average around $0.2.
BSC speed is ~60 tx/s, and Polygon is ~65k. tx/s.
Validators in BSC: 21, Polygon: 100 slots with the possibility of increasing this number.
The PoS process is managed by contracts deployed on the ETH network - anyone who has MATIC and runs Heimdall validator and Bor becomes a validator, which significantly increases the number of nodes compared to BSC.
I recently participated in creating solutions on the Binance Smart Chain network - precisely to avoid the costs of the Ethereum network.
Unfortunately, this involves costs in other areas, such as the need to use decentralized exchanges other than for ETH, small decentralization of the BSC network (only 21 validators) and the lack of refined wallets (cooperation between Ledger and Metamask in the BSC network is currently only for advanced users ).
Recently, in my analysis, I came across the Polygon network and performed its tests.
It turned out that this layer two to Ethereum basically no longer needs its first layer.
Currently, the ETHEREUM network needs POLYGON and not the other way around.
Polygon uses the MATIC ticket.
Polygon aims to provide tools to improve the speed and reduce the cost and complexity of transactions in blockchain networks.
Polygon's focus is on Ethereum, as the heavy activity on its blockchain has rendered Ethereum almost useless as transmission costs rise and traffic becomes clogged.
Polygon bills itself as a Layer 2 network, meaning it acts as an add-on layer to Ethereum that is not intended to alter the original blockchain layer.
After rebranding, Polygon retained its MATIC cryptocurrency, the digital coin on which the network is based. The MATIC is used as a payment and accounting unit between participants who interact on the network.
Polygon was founded in India in 2017 and was initially called Matic Network. It was the brainchild of Ethereum developers Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, as well as Mihailo Bjelic.
The Matic network launched in 2020 and has attracted Decentraland and MakerDAO, among others. The Matic Network changed its name to Polygon in February 2021.
In its initial offering from April 2019, the Polygon team raised the equivalent of $5.6 million in ETH by selling 1.9 billion MATIC tokens in a rapid 20-day period.
Polygon can be compared to other competing networks such as Polkadot, Cosmos and Avalanche.
Architecture
The core of the network is the Polygon Software Development Kit (SDK), used to build Ethereum-compatible decentralized applications as sidechains and connect them to the main blockchain.
Sidechains can be built using one of the following methods:
Plasma Chains – combines transactions into blocks, grouped into one report on the Ethereum blockchain
zk-Rollups – Allows you to combine multiple transfers into one transaction Optimistic - rollups - similar to plasma chains, but with the ability to scale Ethereum smart contracts
Polygon's main chain is the Proof of Stake (PoS) sidechain where network participants can place MATIC tokens to verify transactions and vote for network upgrades.
Polygon's main PoS sidechain for Ethereum behaves like a full-fledged blockchain.
It is fully compatible with EVM so you can freely transfer contracts between both networks.
Conclusion;
POLYGON has become an independent network much cheaper to maintain compared to ETH. Currently, ETHEREUM needs POLYGON and not vice versa.
There are no differences in contract programming for POLYGON PoS, so switching between BSC, ETH and Polygon chains does not require changes in the team or launching recruitment and knowledge building.
BSC and Polygon PoS transaction costs are similar and average around $0.2.
BSC speed is ~60 tx/s, and Polygon is ~65k. tx/s.
Validators in BSC: 21, Polygon: 100 slots with the possibility of increasing this number.
The PoS process is managed by contracts deployed on the ETH network - anyone who has MATIC and runs Heimdall validator and Bor becomes a validator, which significantly increases the number of nodes compared to BSC.
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