Up Next: 0xPolygon

A “multi chain” protocol helping Ethereum become more scalable

Beginning

Ethereum today has many scalability issues which prevents it from being the “go-to” choice for any decentralized application. Issues such as high transaction costs and low speed, slowing down the network and discouraging developers from building on top of it. Polygon aims to improve these problems to help Ethereum become more scalable and encourage the development of more dApps. Polygon works as a “side chain” which means that Polygon has it’s own blockchain which runs adjacent to the Ethereum blockchain. This allows for faster transactions on the Polygon network since it’s not as congested as Ethereum, while still enabling interaction with a decentralized blockchain. This encourages developers to use and develop with Polygon to deliver a better UX for their users.

Middle

0xPolygon was founded by a very diverse team made up of expert system and software engineers, data scientists, and product and business experts. Blockchain technology is moving into a new phase centered on the user experience and the team that was called to action has the potential to build the recipe to success. Ethereum, the blockchain and cryptocurrency of choice by most dApp developers, has a lot of problems right now. The blockchain is one of the most decentralized and was built with a focus on security, but Ethereum dApps are crippled by high gas charges and even higher latency for transactions. We have seen the focus of emerging blockchain based companies step up to the plate to solve these issues, but Polygon has an extremely unique approach to changing the experience surrounding decentralized application development and usage.

End

While Polygon helps the scalability of Ethereum, it also comes with it’s own challenges. For one, Polygon is less secure than the Ethereum network which means that “51% attacks” can still happen. This means that someone can (albeit with a lot of money and coordination) conduct an attack to try and obtain control of 51% of compute of the network. That being said, Polygon is working on other amazing technologies such as zkSnarks which can help with the scalability and security of any blockchain. So, Polygon does great work to help Ethereum today, but has many challenges on how they can continue to provide and contribute to other blockchains in addition to Ethereum.

We are both broke, but we’d invest $3.25 of the 10 dollars in our bank account.