Ethereum and decentralized finance (DeFi) are inseparably associated with each other. The ethereum network has become the primary habitat for the expansion of DeFi.Also, it has tremendously substituted people’s perspectives on handling crypto assets. Having said that, Ethereum also has specific cons, and due to this, it requires solutions corresponding to reliability and productivity. The Polygon MATIC solves these issues. Let’s grab some information about the Polygon Matic in detail;
What is Polygon Matic?
Polygon is a decentralized blockchain, and Matic is an ERC-20 token which is helpful in structuring compatible and congruent ethereum congenial blockchain networks. This is an open-source blockchain framed by polygon Matic developers. These developers have given a free hand to people globally. This will enable them to dispense their ideas to make the blockchain network more distinctive and remarkable.
Polygon Matic has various solutions that enable the developers to create decentralized applications (dapps).In this way, the flaws of the Ethereum blockchain, like network blockage, substandard user experience(UX), moderate output, expensive gas fees, etc., are banished.
Typically, the Polygon Matic is the layer-2 solution of ethereum. Several active businesses want to create a mark in the NFT polygon Matic blockchain. For that, they require proper structure, interoperability, security, and scalability. Interoperability is the most significant advantage of the Polygon Matic. It means that there is a cross-interworking of the various blockchains.
What are the benefits of starting NFT Marketplace Using Polygon Matic Blockchain?
Coordination with ethereum virtual machine (EVM):
EVM is that model which empowers Polygon Matic developers to assemble decentralized applications. There is the flawless porting of the product from ethereum to Polygon Matic. It is due to its fantastic coordination with the EVM.
For example, Aave and ShushiSwap are the applications that are currently sent off on the Polygon blockchain.
As there is a stunning similarity between EVM and Polygon blockchain, the community sections have the power to create dapps. This whole Ethereum network maintains immense quality and safety. Due to the compatible feature, it maneuvers the ethereum blockchain and adjuncts the functionalities.
Scalability and Interoperability:
These two factors have always been the cause of concern in the significant blockchain networks, with more emphasis on Ethereum and Bitcoin. These elements have subsequently been tackled by benefitting from the arrangement of several developer tools. These are helpful in building immensely adaptable and accessible dapps and protocols.
Non-compulsory Security attribute:
The exclusive element of Polygon Matic is that the inclusion of the security element is not mandatory at all. Because of its compatibility with the ethereum blockchain, the developers can easily avoid the security-as-a-service technique. Thus, there is no interference whatsoever in the independence of the blockchain network. Also, a high level of security is employed by this blockchain, which means an end to end encryption is performed at every level.
Outstanding User Experience(UX)
The user experience is one thing that is the main focus of the developers. The expectations of the users are something that is kept at the highest pedestal. As we know, blockchain is something with which people are not yet familiar. So, in case they want to explore this realm, the platform needs to be user-friendly. One should not feel out of place while navigating through the foreign platform.
The important thing regarding the blockchain network is that the users should gain trust along with its amplified availability. This inspires them to adopt such features that do not make the user feel frightened because intimidation is responsible for lower-end user satisfaction. Hence, efforts should be made to create a blockchain platform that possesses smooth UX design.
Characteristics of the Polygon Matic Blockchain
- Availability: The transactions that take place on the Polygon Matic are incredibly swift, secure, and affordable. Therefore a lot of users access this mainchain network and thus is available to them every time.
- High throughput value: The output of the blockchain is very sky-high. There are various chains that are created for horizontal scaling. On a single sidechain, it reaches up to 7,000 TPS on the internal testnet
- Customer experience: It has an outstanding customer experience with stunning WalletConnect support.
- Security: It enables top-class security as the operators of polygon chains are the investors in the PoS (Proof of Stake) system.
- No Permission Required: Contrary to the discrete dApp chains, the Polygon Matic sidechains are available to the public, do not require any permission, and are competent enough to aid various protocols.
- The Polygon Matic is one of the most amusing blockchains that is focused on interoperability and scalability. These two attributes are enough for the developers to design impressive dApps and blockchain protocols with a flexible set of tools.
- The added benefit of this blockchain is that it completely supports the Ethereum Virtual Machine (EVM)
- The accessibility to the Ethereum community also helps in constructing smart contracts in Solidity as it is a layer-2 solution. Due to this reason, the decentralized applications will automatically acquire the benefits of Ethereum’s network without any compromise in maintaining security.
- It allows high-speed transactions with the help of a consensus mechanism. The transaction process is fulfilled in only one block. Polygon Matic is responsible for accelerated transaction speed. The standard time for the block processing time in Polygon is 2.1 seconds.
- The transaction fees are generally low so that more people can acquire access to it. The average transaction fee in Polygon Matic is $0.01.
Facilities Offered by the Polygon Blockchain
- The Polygon chain development is the initial thing that is offered by this blockchain. This chain development is available in two types, i.e., Standalone chains and Security-as-a-Service.
- Polygon dApps creation makes sure that several polygon decentralized apps are created like web3 Polygon, NFTs, and Gaming. The migration solutions are also provided for dApps to get launched on Ethereum or Ethereum Virtual Machine.
- Wallet development is the other service that polygon Matic offers. Wallets are the ways through which one can have the advantage of performing a transaction that is not subjected to any border.
- Polygon Smart contract development with ethereum is the best service that is provided by the polygon Matic blockchain.
- The Marketplace development services is another significant solution that is imparted as it quashes the issues of high gas fees and scalability.
Polygon Matic in DeFi
Several DeFi ( decentralized finance) projects are tending to make a shift towards the polygon network. It is because the users want superior, affordable, and swift platforms for the transactions. The amalgamation of these elements acts as a perk in enticing more customers to their platforms.
For instance, the Aave liquidity protocol was among the first ones that made an announcement regarding making a shift towards the polygon network. Now, this resulted in the diminished gas fees as compared to the previous ones. Also, the transactions were ten thousand times more economical as compared to the Ethereum network.
The other huge decentralized cryptocurrency exchange that launched its project on the polygon network is SushiSwap. Here; the users are able to trade the tokens and offer liquidity at subsequently lower prices. The other DeFi protocols have also followed suit. Similarly, the OpenSea NFT marketplace assists the Polygon network in attaining virtually zero transaction costs.
The main objective of introducing defi in Polygon is that the developer who is a master in creating dapps in the ethereum network can easily do the same in Polygon Matic. There is a dedicated toolkit like Truffle, Remix, and Web3js, which every Ethereum developer knows about.
The foremost thing to build a decentralized application is to install a Metamask Wallet. This deploys the contracts by utilizing one of the frameworks and connects the network with the help of a Polygon getaway. The simple way to shift towards the polygon network from any existing one is to simply deploy the smart contracts in the Polygon chain. In short, there should be a proper setup of a network in the wallet and then simply use any cross-chain bridge to transfer funds from the Ethereum to the Polygon network.
Tips to keep in mind while Hiring Polygon Developer
A better understanding of the polygon development process:
The polygon nft marketplace and the web3 polygon services are high-tech terms and solutions. Therefore it’s important to hire a developer who has a better understanding of these technical terms. A fully experienced developer knows how to create polygon tokens and permits the stakers to select block producers (BPs) that put forward an offer agreement in the matic network.
Tech stack: One of the most significant things that is often neglected is choosing the best stack solutions. The client does not have much knowledge about the polygon software development services. So, it’s the job of the developers to provide top-notch products to their clients. The end product should be absolutely worthy, and this is only possible when an outstanding tech stack is employed.
It’s essential that the polygon developers know how to confirm blocks fabricated by the BPs. After that, there is the proper verification of the chunks that are further transmitted in the ethereum network. So, a developer should know how to progress further with such a type of workflow.
Good grasp of the Matic architecture: For the smooth functioning of the polygon Matic network, this layer-2 solution often provides an amalgamation of the PoS and the plasma empowered side chains. This polygon ecosystem has a three layered architecture, briefly stated as under;
Staking of ethereum digital agreements: Manages staking management for the PoS layer.
Proof of stake Layer: It is the PoS validator node that works firmly with the staking agreement to enable PoS to function efficiently on Matic.
Block Producer (BP) Layer: These are also known as delegates or witnesses. This is actually a blockchain ecosystem that utilizes DPoS(Delegated Proof of Stake). This authorizes the users to designate the block producers(BPs) to authenticate and produce blocks.
What is a MetaMask?
It is the cryptocurrency wallet that enables users to gain access to the ethereum wallet that can be further used to establish an interaction with the dapps. It aids Ethereum tokens such as ERC-20, ERC-721, and ERC-1155.
Need to add polygon network to MetaMask
- To mint Polygon-based NFTs in OpenSea and other NFT marketplaces.
- One can send or receive MATIC on MetaMask.
- Swapping of MATIC for other tokens in decentralized exchanges (DEXs) like Uniswap, QuickSwap, etc.
Polygon Matic is an ingenious solution for interoperating and scalability blockchains that makes DeFi more attainable. Minimal gas fees, high-speed transactions, and excellent user experience are the primary elements of the Polygon Matic. Entirely consistent and compatible with the Ethereum network, the development ecosystem for decentralized finance headily brings it to the peak of all DeFi solutions.
With an in-house team of Matic developers, designers, testers, and project managers, Suffescom Solutions always looks forward to offering the best services to its clients.