By
Temitope Olatunji
April 18th, 2024
The Polygon team aims to transform Ethereum into a multichain ecosystem with secure L2 chains and independent chains while addressing Ethereum’s scalability challenges.
To boost the scalability of the Ethereum blockchain, Polygon is introducing a parachain-like offering. This innovative framework will pave the path for building interconnected blockchain networks while lowering overall gas costs.
Novel Sidechain Solution Aims to Address Ethereum’s Limitations
Ethereum, the decentralized and open-source blockchain, is one of the most preferred platforms to build dApps. However, due to the sheer number of projects, the network has dealt with scalability issues, slow throughput, delayed transactions, and high transaction costs.
To address these limitations, Polygon, a framework for building interconnected blockchain networks, is introducing the equivalent of parachains on Ethereum. With its recently launched SDK stack and intentions to become a prominent L2 solution, Polygon has cemented itself as “Ethereum’s Internet of Blockchains.”
The Polygon team aims to transform Ethereum into a multichain ecosystem with secure L2 chains and independent chains while addressing Ethereum’s scalability challenges. With its innovative parachains, the framework enables the world’s second-largest blockchain ecosystem to grow and expand at an unprecedented rate, ensuring lower gas costs, faster transaction rates, and improved user experience.
DeFi brands such as Aave and 1inch Network, built on Polygon, already leverage the network’s exceptional security and compatibility while cutting down transactional costs. As Polygon continues to add more functionalities, the platform has already processed $43 million swaps with a total gas cost of $25, proving once again that the framework is a definite game-changer.
Enabling Developers to Leverage the Full Power of Interoperability
Polygon’s framework consists of four layers: the Ethereum layer, security layer, network layer, and execution layer. Using the underlying smart contract mechanism of Ethereum, Polygon enables developers to build dApps that work in tandem with the main chain to improve speed and functionalities.
The Polygon chains can communicate with each other and the Ethereum main chain using the framework’s arbitrary message passing capabilities. As a result, it enables various new use cases, including interoperable dApps and exchange of value between multi chains while addressing some of the perceived limitations of other interoperability projects such as Cosmos and Polkadot.
The platform is designed to facilitate a future where different blockchains no longer function as closed-off siloes but rather as networks fitting into a broader, connected landscape. Since its inception, Polygon has successfully attracted serious investments from some of the most prominent VC firms and angel investors.
Mark Cuban, an American billionaire and serial investor, has also invested an “undisclosed” amount in Polygon. Cuban, a long-time user of Polygon, plans to integrate the framework into Lazy.com, a platform to display NFTs.