https://www.coinbase.com/learn/crypto-basics/what-is-polygon
- L2 or “sidechain” that runs alongside the Ethereum blockchain
- It is a scaling solution resulting in faster transactions and lower fees (gas).
- MATIC is the networks native cryptocurrency
- https://coinmarketcap.com/currencies/polygon/
- “It acts as a speedy parallel blockchain running alongside the main Ethereum blockchain”
- You can “bridge” some of your crypto over to Polygon, and then interact with a wide range of popular crypto apps (dApps) that were once exclusive to the main Ethereum blockchain
- MATIC is used to pay fees on the Polygon network, for staking, and for governance.
- “You can picture Polygon as being like an express train on a subway…”
- Polygon uses PoS
- Validators – verify new transactions and add them to the blockchain. Big commitment, can lose MATIC if you make an error or your internet connection is glitchy, you run a full-time node.
- Delegators – stake MATIC indirectly via a trusted validator. Much lower commitment, but can still lose MATIC if validator makes an error.
- How to use?
- allows you to do many of the same things the main Eth network allows, but with fees that are often a fraction of a cent
- Can use DEX’s (e.g. SushiSwap, QuikSwap), lending and savings protocols (e.g. Aave), OpenSea
- Need to “bridge” some of your crypto – stablecoins are a popular choice for this – to the Polygon network
- You also need to bridge some MATIC for fees, but not much ($1 worth) because fees are so low
- Low fees and near-instant transactions make the P network an excellent way to gain some real-world experience trying out DeFi protocols.
CryptoNotes 