Polygon blockchain is a side chain. By definition, a sidechain is a semi-independent blockchain network that function in tandem with a verified and associated “main chain”. Side chains such as polygon blockchain improves the speed of the main chain that is Ethereum blockchain. It is important to note: sidechain also referred to as a second layer solution – because the term “second layer” is often thrown around in the crypto-universe.
It is a faster and scalable network that aim to drive up the pace of adoption of the Ethereum ecosystem. It is multiple times faster than Ethereum 2.0 and cost-effective for decentralized app developers. It supports multi-chain Ethereum ecosystem. It enables nodes to process transactions without putting significant load on the mainchain.
If you look closely, you will learn that the polygon asset-based blockchain network is a combination of the plasma framework and the proof-of-stake (PoS) architecture.
The underlying blockchain network and the polygon staking wallet allows developers to host a diverse range of decentralized applications that are compatible to Ethereum virtual machine such as decentralized finance DeFi, initial coin offerings ICOs, and non-fungible tokens NFTs, including play-to-earn games.
The blockchain and the polygon multisig wallet’s technology stack constitutes:
POS chain: Polygon’s proof-of-stake (POS) chain functions as a commit chain to the Ethereum mainchain. It also functions as an additional security layer.
Plasma chain: Polygon uses plasma bridge to enable transaction of digital assets and crypto asset between the parent chain and child chain.
Polygon staking wallet allow developers to interact quickly and inexpensively across a multi-chain ecosystem constituting different Ethereum-compatible solutions.
With the help of polygon network, developer get the access to easy-to-use decentralized application development toolbox which enables them to build new products and connect dapps to the Ethereum network. Since every application hosted on the polygon blockchain is build using EVM and solidity – every valid Ethereum address is a valid crypto polygon address.
The crypto polygon networks offer shared security model. With polygon asset-blockchain network, sovereign platforms and applications are not required to sacrifice any independence or functional aspect for the sake of extra layer of security if it is not needed.
The ethereum layer handle all the operations related to transaction approval, transaction recording, staking and interaction with multiple other blockchain protocols. On the other hand, polygon network layer help attain local consensus across the network while adding newer blocks to the polygon chain. There is also a security layer that provides security alongside Ethereum as well as plays a critical role in validation purposes. The role of the execution layer to execute smart contracts on the actual blockchain network – polygon network.
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