Why Polygon is the "one" for Blockchain?
Muthukumar Gopalakrishnan
Solutions Architect @ Relevantz | Design Thinking, Digital Transformation, Generative AI, AI/ML, Blockchain, and Metaverse
When I started my Blockchain learning, Ethereum was the only platform visible. Even today, Ethereum is an open-source, public blockchain platform that supports smart contracts and decentralized applications (dApps) - and it is preferred by many.?
Polygon, on the other hand, came up as a Layer 2 network that works on top of Ethereum. The advantage of it is extremely low transaction fees and faster than Ethereum.? Polygon maintains fast transaction processing through the consensus mechanism that completes the transaction confirmation process in a single block. Polygon's average block processing time is 2.1 seconds.?
I admired Polygon while working with Opensea, to publish NFTs. With Ethereum, this process is too expensive, even for testing the concepts and trying something on it. Polygon is a very cheaper alternative, but the challenge I faced is, the limitation of NFTs available. Popular NFTS like Cryptopunks, Bored Ape Yacht Club, Azuki’s, and Pudgy Penguins are on Ethereum and are not available on Polygon.
After all those limitations, I am using Polygon for DeFi Services. Nowadays the market size and value for Polygon are going up - The market size of AAVE v2 has a $489 million market on Polygon.?
The primary advantage is I get developers quickly, basically, any developer who works with Ethereum can work with Polygon. The development and deployment process is also very easy to compare to others - all we need is Metamask Wallet or Arkane Wallet. Migrating an existing protocol to Polygon is also a very simple process - just by publishing smart contracts in the Polygon chain.