When it comes to blockchain technology, Ethereum is king. However, there’s a new contender on the scene called Polygon (formerly Matic Network).
Polygon is a Layer 2 scaling solution that utilizes Ethereum’s existing infrastructure. In other words, it makes Ethereum faster and more scalable. So, can a Polygon overtake Ethereum?.
In terms of market cap, Ethereum is currently ranked second, while Polygon is ranked 35th. However, don’t let that fool you.
Polygon has been gaining a lot of traction lately and it’s only a matter of time before it starts to close the gap.
NOTE: Warning: Investing in digital currencies is highly speculative and comes with a high level of risk. Can a Polygon overtake Ethereum? While it is theoretically possible, there is no guarantee that it will happen. Additionally, the volatility of digital currencies means that the value of any investment may go up or down significantly over time. Therefore, you should not invest more than you can afford to lose.
One of the main reasons why Polygon is gaining so much traction is because it’s backed by some big names in the crypto space. These include Binance, Coinbase, and OKEx.
Furthermore, Polygon has also been integrated into major protocols such as MakerDAO and Compound.
In terms of transaction speed, Ethereum can only handle 15 transactions per second (TPS). In contrast, Polygon can handle 65,000 TPS.
This is thanks to its Plasma implementation which uses side chains for off-chain transactions. This scalability advantage will become increasingly important as more Dapps are built on Ethereum.
It’s still early days for both Ethereum and Polygon but it’s clear that Polygon has a lot of potential. It remains to be seen if it can overtake Ethereum but one thing is for sure, it’s definitely one to watch out for in the coming months and years.
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Polygon is a project that aims to build a more scalable and accessible Ethereum network. It does this by using a network of sidechains that are connected to the Ethereum mainnet. This allows for faster transaction times and lower fees, as well as increased security.
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Polygon is a platform that allows for the construction of Ethereum-compatible blockchain networks. It is made up of a group of protocols that work together to provide increased security, scalability, and interoperability for Ethereum-based projects. Polygon has been designed to address the main problems facing Ethereum today, namely scalability and high transaction costs.
