Many of you who transact on the web3 world are probably familiar with the layer 1 blockchain like Ethereum and many of you probably suffer from transactions congestion issues that result in delayed or failed and expensive gas fees. Polygon was created to mitigate these problems.
Polygon is Layer 2 of Ethereum. It’s like a superhighway that solves the problem of transaction congestion by both chains able to communicate and exchange information between each other. This gives Ethereum users the option to migrate their transactions to Polygon. The result will be improved scaling capabilities of the Ethereum network.
Polygon has its own token called $ MATIC, these created to pay gas fees for every transactions on the Polygon blockchain and distribute rewards for those who staking cryptocurrencies on the Polygon blockchain. Currently, $ MATIC has 10,000,000,000 max supply.
- Functions of Polygon (MATIC)
- Plasma Chains : Collect and gradually send transactions to the Ethereum blockchain in block form.
- Zk-Rollups : Consolidate multiple transactions transfers into a single transaction.
- Optimistic Rollups : Similar to Plasma Chain, but adds Ethereum smart contract scalability.
- Why did MegaMoon choose to use the Polygon blockchain ?
- High Stability : Optimistic Rollups solve the problem of transaction congestion with the ability to handle more than 65,000 transactions per second, this make the system more fluid.
- High Transparency : Polygon multi-chain system stands out for the security of the Ethereum ecosystem, with every transaction verifiable on Polygonscan.
- Low Gas fees : Polygon uses $ MATIC token for transactions. It offers low value and flexibility to claim staking reward.
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