Polygon a.k.a Matic: The Basics

Why Polygon ?

Polygon was created to address some of the key issues in the Ethereum Network:

• Low throughput : Current Ethereum network can support only 30 TPS
• Expensive transaction cost and delayed finality : Too many users involved in a transaction means larger transaction gas fee
• Clogging risk

What is Polygon?

• It is a layer-2 scaling platform/side-chain, leveraging Ethereum security, built to address existing challenges in the Ethereum network.
• The primary focus of Polygon is to increase the reach and scope of D-Apps, without compromising on the decentralised nature of Blockchain.
• It is modular in nature, and lets the user choose their own scaling solutions based on the application requirement.

How does Polygon solve the issues?

• Polygon uses a high throughput blockchain, wherein consensus is provided by a selected set of Block producers, chosen for every checkpoint, by a set of Stakers
• Block Producers periodically pushes the proof to the Ethereum main-net, validated by Proof of stake
• Block producer layer produces the blocks, at a faster rate
• Polygon network chooses to store the blocks from previous to next checkpoint to mitigate from the increasing size of blockchain
• Any valid ethereum wallet address is a valid polygon wallet address, hence multiple micro payment channels is avoided.
• Large number of transactions are processed on the Block producer layer, batches of such blocks proof are pushed to main-net, hence enabling lower transaction fee.

Overall, the block producer layer is the hero and the core component of the Polygon network.