Mike McGlone, chief strategist at Bloomberg Institute, recently shared his thoughts on the effectiveness of various solutions to improve the scalability of the Ethereum network.
Polygon Network is a decentralized Ethereum scalability improvement platform that allows developers to build scalable and user-friendly applications with negligible transaction fees and without sacrificing security. Polygon’s “lightpaper” defines this network as “a protocol and framework for building and connecting an Ethereum-compatible blockchain.”
In May 2021, “Anthony Sassano” (Anthony Sassano), a well-known fan of the Ethereum network, wrote a series of tweets to clear up the confusion about the Polygon network to explain how it works. Some of the most important points of these tweets are as follows:
There is a Plasmamatic chain and a Polygon PoS chain. Most of the activity takes place on the proof-of-stake (PoS)-based chain. This chain is what the general public refers to as the Ethereum sidechain because this network has its own set of validators (more than a hundred validators who have staked Coinmatic), which means that the security of Ethereum is completely It does not directly benefit.
However, this PoS network is a little different from common sidechains and actually relies on Ethereum and commits itself to it. The reason it relies on Ethereum is that all the logic of how validators work and finalize transactions is done by a smart contract on the Ethereum network.
This means that if one day the Ethereum network is unavailable, the Polygon network will also be offline. Another thing is that Polygan actually records the “State” of the network at specific time intervals in the Ethereum network.
This issue has two advantages: firstly, it gives Polygan certainty based on Ethereum, and secondly, it gives Polygan the possibility of recovery in case of an unfortunate problem. The implication of this is that Polygon is paying Ethereum to use the block space to store its final state.
In the February issue of Bloomberg, a look at the state of the Ethereum network in 2022 was given. According to this report, 2022 was a defining year for this network, despite the decrease in activity in Ethereum’s layer one network. McGlone attributes this success to the widespread adoption of NFTs and Web 3.0 applications in Ethereum’s Layer 2 solutions.
Ethereum layer two solutions were created with the aim of removing the technical limitations of Ethereum and to improve the user experience and prevent losing rhyme in the competition with other newer layer one networks such as Solana and Avalanche. Noting that the number of daily active addresses in layer 2 solutions grew by 86% last year, McGlone emphasized the impact of these platforms on maintaining Ethereum’s position. Especially if we know that this criterion for Ethereum layer one network has decreased by 33% in the same period.
According to McGlone, among the existing layer two solutions, Polygon has made a special impact on Ethereum. Polygan, which started as a side chain, these days has focused its efforts on the development of technical solutions based on zero knowledge (ZK-Proof). McGlone calls ZK’s proof-of-concept a “game changer” for blockchains that could improve privacy and speed up transactions.
Despite the potential legal issues faced by traditional companies offering their tokens, McGlone believes that the participation of companies such as Coca-Cola, Starbucks, Reddit and Meta shows the potential for Polygon’s adoption. These companies launched their NFT tokens as an introductory Web 3.0 product on Polygon or partnered with Polygon’s NFT markets.
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