With Ethereum all set to shift from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism in September 2022, the world is awaiting the dynamic changes that will take place in scaling solutions soon due to the polygon network!
If you wish to scale your Ethereum app, then Polygon Proof of Stake is the easiest and most effective scaling solution within the web 3 domains for all the projects ready for the global audience.
In this blog, we will analyze Polygon Pos and try to find why it is considered the best scaling solution for Ethereum. But before that, let us help you understand the difference between PoS and PoW consensus.
The table below will help you clarify all your doubts regarding this.
|Proof-of-work (PoW)||Proof-of-stake (PoS)|
|Mining a new block depends on the amount of computation an individual miner performs.||The amount of a person’s stake determines the likelihood of validating a new block (their number of coins).|
|Proof-of-work systems are more affordable and energy-efficient, but additional study is needed to demonstrate their effectiveness.||Systems based on proof of stake need less time and resources but are less reliable than those based on proof of work.|
|To add a malicious block, hackers need 51% of the processing power, which is difficult for them to acquire.||Hackers would be unable to compromise a network even if they had 51% of all cryptocurrency.|
|The most well-known cryptocurrency with a Proof-of-Work function that uses the SHA256 algorithm is Bitcoin.||The cryptocurrencies EOS (EOS), Tezos (XTZ), Cardano (ADA), Cosmos (ATOM), and Lisk (LSK) all employ various proof-of-stake consensus models.|
|Modern hardware to maximize processing power.||Units made for servers are more than enough for everyday use.|
With this table in mind, it would now be possible for you to get an insight into the world of Polygon Matic.
Additional Read: Ethereum Merge
What is Polygon?
The blockchain is establishing a stronghold in technical spacetime. Thus it is evident that numerous chains will coexist at once rather than a single blockchain protocol monopolizing the market.
This necessitates a network of linked and side chains to provide scalability and enable interoperability.
A blockchain scalability platform called Polygon aims to expand the use of the Ethereum network. It encourages a robust scaling solution in the blockchain space by proposing to establish connections across different blockchain protocols. It intends to link numerous open-source blockchain networks compatible with Ethereum as an Ethereum scaling solution. A multichain Ethereum ecosystem is supported by Polygon, which describes itself as “Ethereum’s Internet of Blockchains” and emphasizes its mission to bring together scalable solutions for the Ethereum blockchain.
Within a year of its release, the popularity of Polygon exploded. The debut of the Polygon is intended to improve scalability and create a more straightforward platform for developers to introduce scaling solutions and blockchain networks compatible with Ethereum.
Polygon’s Proof Of Stake Consensus
The Matic Network of Polygon has become a massive relief in the world of Ethereum and smart contracts.
A blockchain platform with Indian roots plans to use a revolutionary Layer 2 solution to address Ethereum’s difficulties. To decongest and complement a whole chain’s bottlenecks, a layer-2 solution refers to a framework constructed on that chain.
Through this, Polygon hopes to encourage widespread use of the Ethereum network.
The technical foundation of Polygon is made up of its Proof-of-Stake blockchain, commit chain, and more practical plasma L-2 scaling mechanism. To scale the Ethereum network and address the inefficiencies preventing the broader use of decentralized blockchain technology, Polygon PoS commits chain was developed.
Before transferring the information back to the Ethereum main chain, polygon commit chains combine and validate the transaction fees. It delivers incredibly rapid and low-cost transactions compared to the leading Ethereum blockchain network.
Aren’t you curious enough to better understand Polygon’s Proof of Stake mechanism? Let us do it with the help of a graphic as shown below:
This means that a few chosen validators check the transaction in place of each Ethereum node individually. This improves scalability and significantly cuts down on transaction time.
Additionally, because Polygon has a high EVM compatibility (Ethereum Virtual Machine), users can switch to it more easily and benefit from exceptionally quick, safe, and affordable transactions.
Which Are The Scaling Solutions That Polygon Offers?
With the help of Polygon, an Ethereum scalability solution, you may scale a variety of Ethereum-compatible blockchains significantly more quickly and affordably.
The full list of Ethereum’s scaling options is as follows:
- PoS polygon: A layer 2 scaling approach that makes use of side chains for transactional operations, enabling unheard-of transaction speeds at cheaper gas costs. With the help of a strong Plasma chain and a decentralized network of Proof-of-Stake (PoS) validators, polygon PoS secures the protection of assets.
- Theodore Hermez: A payments system built on the Ethereum network that is scalable and uses no knowledge rollups. Through the consolidation of several transfers into a single transaction, it aims to address Ethereum’s scalability issues.
- Polygon Avail: Avail encourages a total change in how blockchain networks are run. The resilient general-purpose scalable data availability layer is how it is referred to.
- Polygon Edge: The main purpose of Polygon Edge is to launch a new blockchain network that is completely compatible with Ethereum smart contracts and transactions.
- Polygon Nightfall: A roll-up that is hopeful about reducing the cost of transactions including the ERC20, ERC721, and ERC115 tokens. Blocks of transactions will be compiled by the proposers and submitted to the optimistic contracts in this case.
- Polygon Miden: The L-2 Ethereum scaling method combines thousands of transactions into a single Ethereum transaction using zero-knowledge technology. As a result, the throughput is greatly increased and the gas fee is decreased.
- Polygon Zero: The fastest L2 zero-knowledge scaling solution for Ethereum. It makes use of Plonky2, a cutting-edge prover system that produces ZK proofs more quickly than any other technique.
The polygon, which aims to expand the Ethereum Network’s use, quickly established a sizable market for itself. Polygon is already being used to scale the performance of over 19,000 dApps.
The 2017-born MATIC network is currently ranked as one of the top 15 cryptocurrencies worldwide, which is why people are so intrigued with Matic tokens. The market cap of Matic has reached over 11 billion dollars because of the growing investor interest in Polygon, and it currently trades at $1.06 per unit.
Rising indicators alone testify to Polygon’s promising future. Although the Ethereum network as a whole has many flaws, including poor transaction speeds, hefty fees, and more, layer-two solutions like Polygon are welcome and will help the network scale to unimaginable heights.