POLYGON — SteemCN

Polygon is a layer 2 blockchain solution that runs and operate on the Ethereum network to process transaction faster and connect Ethereum-based project. If you don't know already, a blockchain that operates on another blockchain is what we called a layer 2 blockchain. So what you need to know is that Polygon is the first well-structured and easy-to-use platform for Ethereum scaling and infrastructure development. Polygon is often referred to as the Ethereum internet blockchain because it effectively transforms Ethereum into a full-fledged multi-chain system. You should know that as long as Ethereum stays relevant and Polygon remains the top dog for the Ethereum layer 2 scaling solution. The Matic token will continue to exist and will place an increasingly important role in securing the system and enabling governance.

When it comes to Polygon, there are a few advantages about it that you should know about. Polygon is an ERC token, meaning it is compatible with other Ethereum-based digital currencies. The Matic token is also known as a governance token, other owners of this crypto can participate in the way Polygon is run. You can also stake the token to earn interest and it can also be used to earn additional Gas fees. With this cryptocurrency, transaction fees are consistently low. So a typical transaction fee is around one cent and the ability to process those transactions is relatively quick. To do that, they use a consensus mechanism that completes the transaction confirmation in a single block.

Polygon development teams as just released an improved scaling solution called zero-knowledge Ethereum Virtual Machine (zkEVM). This will reduce the cost even more and also increase scalability to a whole new level. What ZK Roll up does is to send transactions in batches for proving it on the main chain. What is most important here is that it makes the Ethereum blockchain quicker and less congested and will hopefully lead to even fewer transaction fees. Polygon co-founder Sandeep Nalwal also Twittered that ZK will change Ethereum scaling forever and even describe it as the Holy Grail of Ethereum scaling. Even Ethereum creator Vitalik Buterin was also involved in the Polygon zk EVM by carrying out its first transaction. As of the time of writing, Polygon currently sits around the price of $1.12 and have reach a high of $2.92 back in December of 2021. It is currently down over 61% from its all-time high and if ever returns to that price, we will be seeing an IOY of around 160%.