What is Polygon coin? How does Polygon coin work?
Polygon: A multifunctional blockchain building the Ethereum ecosystem
Polygon is a multifunctional blockchain platform built on Ethereum, formerly known as Matic Network. Its goal is to solve the scalability, high fees, and complexity issues in the Ethereum network. Polygon provides developers and users with a faster, cheaper, and simpler blockchain experience by providing scalability solutions.
Polygon works as follows:
- Sidechain Network: Polygon creates a network of multiple sidechains. These sidechains run in parallel with the main Ethereum chain and can handle large volumes of transactions, thereby increasing overall network throughput.
- Plasma Framework: Polygon leverages the Plasma framework, a sharding technology that allows transactions to be grouped and processed in parallel. This further improves scalability and reduces transaction fees.
- PoS consensus mechanism: Polygon uses the Proof of Stake (PoS) consensus mechanism to verify transactions. This is more energy-efficient and efficient than Ethereum’s energy-intensive Proof-of-Work (PoW) mechanism.
- Cross-chain interoperability: Polygon provides cross-chain interoperability, allowing users to transfer assets and data between Ethereum and other blockchains such as Bitcoin and Binance Smart Chain.
Polygon’s goal is to provide developers with a platform to help them build scalable, cost-effective, and user-friendly decentralized applications. In addition, Polygon provides a seamless way for users to operate between various blockchains. Through these functions, Polygon creates a convenient ecosystem for developers and users, promoting the development and popularization of blockchain technology.
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