May 30
Polygon (MATIC) Explained in 60 Seconds
The Ethereum blockchain facilitates a wide range of activities, from NFTs to a robust DeFi ecosystem. Ethereum is suited for these activities because it’s compatible with smart contracts, which can be used to develop decentralized applications.
When these applications gain popularity, they add additional transactions to the Ethereum blockchain, which, as a result, slows down transaction times and increases transaction fees.
Polygon, a “Layer 2” scaling solution, was developed to give consumers speedier transactions and reduce expenses. It functions as a fast parallel blockchain that runs alongside the main Ethereum blockchain.
Put simply, Polygon functions as a sidechain. You can think of Polygon like the express train on a subway — it travels along the same route as a regular train, but makes fewer stops and thus gets to your destination faster.
Though Polygon was created for the Ethereum blockchain, it is not confined to Ethereum.
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