It is powered by its PoS side chains that allow it to maintain scalable, secure, and instant transactions.
The platform is backed by Coinbase and Binance.
It has supported more than 50 types of decentralized applications through its PoS secured Ethereum sidechain.
It has a wide range of functions such as participation in its Proof of Stake consensus and payment for network transaction fees.
Polygon solves the scalability issue by using a Layer 2 solution of Binance and Coinbase.
The Polygon Project was created to develop a better production of decentralization. This will allow users to have a more user-friendly, convenient, faster, and cheaper transaction.
By using a Layer 2 scaling system that is supported by Binance and Coinbase, it enables the network to accept Ethereum developers at a larger scale of decentralized applications.
With a multi-purpose platform, Polygon is able to house several and different types of the decentralized application structure. This provides a more developed system than the traditional performance of the blockchain system.
Polygon has been acknowledged as one of the fastest-growing decentralized application platforms in cyberspace.
The Polygon Team is one of the contributors to the Ethereum ecosystem, even before Polygon was being formed or established.
With the goal of delivering a well-deserved service to its users, Polygon is taking advantage of the combination of different developing tools, blockchain scaling, and consideration of the user interface. This made them enable the Layer 2 solutions that helped the network to process a high TPS rate of 65,000 per Polygon sidechain, per second. Polygon revolutionizes and introduces a wide range of uses to its application, from decentralizing platforms in finance to gaming.
By using a Proof of Stake consensus system, staking is an important part of the Polygon platform. Validators will use the Polygon tokens to stake as a form of collateral in the PoS mechanism and in return will gain Polygon tokens.
Polygon can help increase the efficiency of performing transactions of gaming networks over a blockchain. The throughput of transactions such as buying or selling in-game currencies and buying digital assets can be significantly increased.
Polygon can even aid in the improved efficiency of facilitating gaming network transactions using blockchain. Examples of these are the actual buying and selling of in-game items and currencies.
Application of Plasma Fast exit services on the main network, this will enhance the set protocols of Polygon.
Improving Transaction Relay Pool, that will enable an easy and fast digital asset movement from Ethereum to Polygon. It will also support transactions without Ethereum.
Promoting Proof of Concept, Generic Smart Contracts Support with applied Plasma guarantees in Polygon system protocols.
Release of Plasma, an NFT marketplace platform for Ethereum assets in Polygon decentralized applications.