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What is Polygon (MATIC)? Everything You Need to Know



Considering today’s conditions, we can assume that the future will be multi-chain. Rather than a single blockchain gaining complete dominance, it seems more likely that there will be many interconnected networks, each with its own characteristics, assumptions of trust, performance, and security.

Polygon aims to bring this future closer by providing a framework for building scaling solutions compatible with Ethereum. The project’s Proof of Stake sidechain is attracting the attention of the Bitcoin and cryptocurrency community. Let’s take a closer look at Polygon.

The long-awaited Ethereum scaling roadmap is finally starting to come to life, and the Polygon project is also involved in these works.

You may have heard of Cosmos and its vision of the “internet of blockchains” through the Inter-Blockchain Communication Protocol (IBC), where messages can be transmitted between the different blockchains that implement this protocol.
Polygon has a similar vision but has tailored the concept to the Ethereum ecosystem in a special way. The main idea is that developers can easily roll out Ethereum compatible scaling solutions or even standalone blockchains.

The project originally started as Matic Network but was rebranded as Polygon as the scope expanded from a single Layer 2 (L2) solution to a mesh of networks.

What is Polygon (MATIC)?

Polygon is a framework for creating Ethereum-compatible blockchain networks and scaling solutions. Polygon is a protocol rather than a single solution. This is why one of the key elements of the ecosystem is the Polygon SDK, which allows developers to create these Ethereum-compatible networks.

Still, you may have heard of Polygon Network as a Proof of Stake (PoS) sidechain and one of the first products to come to life in the Polygon ecosystem. A sidechain is essentially a parallel chain connected to another blockchain.

Sidechains can offer a number of benefits – notably increased transaction volume and lower fees. If you have used the Polygon Network before, you know that this network is extremely fast and very low cost compared to Ethereum. However, some compromises are necessary to achieve this performance. We will talk about this in more detail later on.

Because Polygon supports the Ethereum Virtual Machine (EVM), existing applications can be ported there quite easily. This can offer users a similar experience to Ethereum, in addition to the high volume and low fee advantages we mentioned earlier.

So what can you do as a user of Polygon? Unsurprisingly, you can do similar things to what you do with Ethereum, but much cheaper and faster. Some of the most popular DeFi applications such as Aave, 1inch, Curve, and Sushi are already available on this network. But there are also some network-specific applications not found elsewhere, such as QuickSwap and Slingshot.

Polygon was developed under the leadership of its founders: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.

How does Polygon work?

The Polygon framework supports two main types of networks compatible with Ethereum: secure chains and standalone chains. An example of a secure chain is a rollup, and an example of a standalone chain is a sidechain.

Secure chains benefit from the infrastructure of the chains they are connected to. In this way, they do not need to develop their own security models. In contrast, independent chains have to ensure their own security. This means that secure chains can offer a higher level of security, while independent chains offer more flexibility for specific needs.

Which of these does Polygon Network fall into? The Polygon sidechain is secured by its own validator group (verifier pool) and is required to send checkpoints to Ethereum from time to time. This is why some people think that sidechains are not a “pure” Layer 2 solution. These networks should provide their own security rather than taking advantage of Ethereum’s security. This can be an important distinction, and we’ll talk about it in a bit more detail later when we talk about rollups.

The Polygon platform aims to support different scaling solutions such as zero-knowledge (zk) rollups, optimistic rollups, and Validum chains in the future. With more scaling solutions available, developers will also have more tools to develop innovative applications, solutions, and products. We can also expect them all to be compatible with existing Ethereum tools and wallets like Metamask.

MATIC usage areas

Despite the rebranding, the name of the MATIC token has not changed. This token is used to pay gas and participate in governance in the network. If you want to stake your MATIC tokens, you can do so via the Matic Web Wallet created by Binance Earn or the Polygon team.

Polygon Bridge

Polygon Bridge is the easiest way to move your funds from another blockchain network to the Polygon sidechain. It’s worth noting that because the bridge operation is on the mainnet, you have to pay the mainnet transaction fees.
But once this process is complete, you can enjoy the low fees and fast transactions that Polygon offers. Apart from that, some centralized exchanges (CEX) also allow you to withdraw directly to Polygon Network.

The difference between side chains and rollups

In general, there is no consensus on whether sidechains can be called a Layer 2 solution, similar to rollups. Understanding this difference is essential if you want to explore the multi-chain world and evaluate different profit-loss balances.

Each of these has different assumptions of trust, security, performance, user and developer experience. Rollups are the most promising Tier 2 scaling solutions as secure chains because they derive most of their security from Ethereum.

But the same is not true for other solutions such as the Polygon side chain. This does not mean that sidechains are not secure, but if malicious actors cooperate, they can take control of the network (at least in theory). Although there is not even the slightest indication of the existence of such an intention, it is necessary to mention this possibility. Using a sidechain includes an element of trust in terms of network validators as well as the bridge between the two chains.

It may also be necessary to consider other profit and loss balances. When you use the ETH mainnet, you pay higher transaction fees and transactions are slower, but you can enjoy the strongest security guarantees and the least amount of trust you need to have in any one party.

If you use a rollup, you’ll pay less, have similar security, and faster processing times. When you use a sidechain, you pay even less than you would for a rollup, but you compromise on security.

Which is better in this case? There is no simple answer to this question. All of these can be good for certain uses and complement each other to create an extremely useful ecosystem.

For example, a social media reputation system should have extremely high throughput and ultra-low fees, but security guarantees do not need to be the highest, as there is no vital infrastructure. In this case, security may be compromised for higher performance.

On the other hand, storing a government treasury on the blockchain requires the highest level of security possible and is worth paying more for, especially if transactions don’t need to be super fast.

Developers and project teams are constantly researching and experimenting with how each building block can be positioned in the big picture. Scalability needs to be considered because there can be scaling solutions for many different use cases in different industries.

Last words

Polygon is a framework for building blockchain scaling solutions compatible with Ethereum. Polygon Network; It is a Proof of Stake (PoS) sidechain that has achieved a high level of adoption thanks to its fast, low-cost transactions and compatibility with EVM.

In the future, Polygon aims to offer more scalability solutions such as zk rollups, optimistic rollups, and standalone blockchains that will enable to creation a more vibrant and interconnected Layer 2 ecosystem for Ethereum.

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What Exactly Is Arbitrum?



Ethereum is a well-known platform for creating decentralized applications (DApps). However, due to a rapid increase of its users in recent years, the network has been pushed to its ultimate limits, causing transaction costs to skyrocket and widespread congestion.
Some believe that on-chain changes and improvements are the best approach to expand Ethereum, however, others are opting for second layer alternatives.

Although they differ widely in terms of appearance and purpose, one such option, known as Arbitrum, has begun to gain attention.

What Is Arbitrum?

It is one of the layer 2 solutions that enhances the capabilities of Ethereum smart contracts by increasing their speed and scalability while also providing extra privacy features.
The platform is meant to make it simple for developers to run unmodified Ethereum Virtual Machine (EVM) contracts and Ethereum transactions on a second layer and at the same time taking use of Ethereum’s superior layer 1 security.

It’s designed to address some of the current Ethereum-based smart contract’s problems, such as inefficiency and high execution costs, which have harmed the Ethereum experience for users and frequently make transactions costly.

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NFT Gas Prices: What Are They? Getting To Know Ethereum, Gas, And Gwei



What exactly is ETH Gas?

The Ethereum network uses the Gwei as a unit of gas. Miners need gas to process transactions, which is one of the main differences that seperates Ethereum from other cryptocurrencies such as Bitcoin.

“How much gas you’ll need depends on the size of the contract you’re aiming to complete and how quickly you want to complete it.” The price usually reduces if you’re patient enough to wait for a transaction to finish. Both NFT art makers and collectors benefit from understanding this idea.

If we want to have a look at the technical side, Ethereum’s native currency, ether (ETH), is used to pay gas fees. Gas costs are expressed in Gwei, which is an ETH denomination — one Gwei equals 0.000000001 ETH (10-9 ETH). Instead of claiming that your gas costs 0.000000001 Ether, you may say that it costs 1 Gwei.

Why is there Gas?

The gas in Ethereum is a crucial regulator that prohibits spamming the network. All Ethereum computations push the security measure to its limit. Gas limits, which are paid for with each computational execution, have the mission to ensure that bad individuals do not exploit unsorted amounts of processing power to become de-facto coders on the Ethereum network and corrupt the future they worked hard for creating.

Why Gas is so important for NFT arts and artists?

Gas has two sides to it. When gas costs are rising, it is difficult for uprising artists to generate, mint, and even purchase other works. Some artists try to include the cost of gas into their paintings (which indicates that they are ready to lower the cost of their art, to make their art easier to buy.) This creates a catch-22 because the art’s perceived “worth” is reduced when collectors are deciding whether or not to spend 25-57 percent of the overall purchase price on gas. Artists aiming to build a reputation for themselves face a difficult situation in this regard. On the other hand, artists might overcharge while selling their work (paying higher marketplace and gas costs) in order to get their work published before they have built a reputation for themselves to be able to charge that much.

Overwhelming and Absurd NFT Gas Cases

We’ve seen gas costs exceed the cost of a piece of art being created in some cases, leaving artist in a very difficult situation to put their work online. Actually, making it impossible for the artist.

Solutions for NFT Gas

Allow the NFT Artists to have more power when their work is minted. Many marketplaces only let artists to create something at the very moment they click mint. Artists should be able to choose how long they want to wait for network congestion to clear before publishing. This is already implemented in NFTGateway (As far as I know). The painting isn’t minted until it has been bought during a drop. The art might not appear in wallets instantly, the transaction might take 24 hours. While we haven’t experienced such a long wait, we have seen up to two-hour waits for costly drops expectations.

The User receives back any unused gas

Finally, it’s essential to emphasize that not all transactions use the total gas supply. This should be better stated, and we’ll need to undertake further studies to find out what proportion of gas is returned on average. However, you’re essentially accepting to a maximum amount of gas fees that you’ll pay to complete the deal.


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What is Play-To-Earn (Play2Earn) All About? Begginer’s Guide



The play-to-earn business model promotes the idea of an open economy by rewarding players who contribute to the metaverse’s value.

Play-To-Earn (Play2Earn) games are a type of gaming in which a platform allows players to earn any type of in-game property that can be transferred to the real world assets that has value like money.

Play-to-Earn Crypto Gaming: Begginer’s Guide

Video game business models have evolved to a whole new level as technology has become more widely accessible to the public. Before, people were able to play games only in certain gaming areas on arcade machines. With a bag full of quarters, gamers would compete for the highest score. But, as technology advanced, games were introduced to our smartphones, PCs, and gaming consoles such as the PS5, Xbox, and others.

What Is Play-to-Earn Gaming?

In the blockchain ecosystem, a new game paradigm known as play2earn is currently being seen around the world. It effectively allows participants to profit from their participation in games. By participating in the in-game ecosystem and earning assets for their contributions, players create value for other gamers and developers. Coins and accessories that have been tokenized on the blockchain are examples of digital assets. As a result, blockchain games and the play-to-earn business model support each other effectively.

Play to Earn Games

Axie Infinity is an excellent example of a play2earn game. Axies are charming animals that players buy, breed, and combat for rewards in this game. Each Axie is a non-fungible token (NFT), which means it’s a unique digital collectible. There is an entire economy within the game (There is a world known as Lunacia).

Users can use their in-game tokens, Smooth Love Potion (SLP), and Axie Infinity Shards (AXS) to buy land and breed Axies in Lunacia. In addition, these tokens are not just useful in the game, they are also useful in real life.

Play-to-earn games, such as Axie Infinity (AXS), are already assisting people all over the world (particularly those who live in countries affected by the current pandemic severely) earning a significant amount of money. People in the Philippines are making $1,500 to $2,000 per month playing Axie Infinity as a hobby, according to estimates. A good number of  people in Vietnam have also given up their full-time jobs as a result of these games, which pay well.

Lost Relics, Splinterlands, CryptoBlades, DogemonGo, and Sorare are some of the other NFT games.

In 2021, the NFT market will have topped $2.5 billion in revenues, and this figure is expected to rise rapidly as new NFT games hit the market. The rise of NFT is leading to a new era of revenue streams in the blockchain world, and it won’t be long before it overtakes every other major business.

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Disclaimer: ATHCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.