maticupdate

@Polygon #Polygon $POL  

The term Polygon is probably familiar to anyone who has followed blockchain in the last two years. Now it is more than just a 'auxiliary tool for Ethereum'; it has quietly become a behemoth. Instead of reading the official news release today, let's go right to the point: what game is Polygon playing? Why do we think that its metamorphosis could alter how blockchain is used?

1. Polygon's aspirations extend much beyond being "fast."

Polygon is still frequently thought of as a "Ethereum sidechain" that speeds up transactions and reduces gas costs. In fact, this is where Polygon's tale begins. Originally founded in 2017 as Matic Network, it used its PoS sidechain to solve the issues with Ethereum's "expensive and slow" nature.

But being a 'accelerator' has never been Polygon's only goal. Its 2021 name change from Matic to Polygon (meaning "polygon") already suggests its actual objective, which is to reconstruct the disjointed network world into a comprehensive map.

You saw Miden, zkEVM, and Polygon PoS today. In addition to offering technological route alternatives, Polygon is addressing the following query: how can we give customers the impression that they are utilizing the same chain if numerous chains coexist in the future rather than just one?

Second, POL: a name change isn't enough

Many people believed that the switch from MATIC to POL was only a brand update, but in reality, the technological architecture underwent a significant transformation.

POL is intended to serve as the "energy" of the whole Polygon ecosystem by fulfilling a minimum of four functions:

Network security staff: obtaining incentives by safeguarding the network and staking POL to become a validator;

Cross-chain coordinators:'multi-chain staking' allows a validator to safeguard many Polygon chains at once;

'gasoline' of the ecosystem: all transaction fees for Rollups and Polygon chains are paid in POL;

Voting rights for governance: POL holders have the ability to decide how the ecosystem will grow.

In other words, POL is made to 'adhere' the whole Polygon ecosystem together, transforming each chain into a network that shares governance, liquidity, and security rather than an island.

Third, AggLayer: Polygon's "secret weapon"

The 'nervous system' that Polygon is creating is AggLayer, if POL is the blood.

It solves a recurring problem in the blockchain space: how to have safe, smooth communication across chains?

Conventional cross-chain bridges are sluggish, unsafe, and fractured, among other problems. AggLayer gives users the impression that they are working on the same chain by using zero-knowledge proof (ZK) technology to "package" transactions from several chains into a single proof that is sent to Ethereum.

For instance, you may utilize assets stored in a DeFi protocol on one Polygon chain as collateral in a game on another chain without the need for cross-chain bridges, lengthy wait times, or concerns about bridge hacks. True interoperability is this.

Fourth, the'modular' blockchain revolution, or Polygon 2.0

The fundamental concept of Polygon 20 is modularity, which allows many layers to carry out their own functions rather than aiming for a single chain that can do everything:

Managing transactions is the main responsibility of the execution layer;

Validators are coordinated by the stake layer;

Community choices are handled via the governance layer;

Finally, cross-chain connections and final confirmation are handled by the settlement layer (AggLayer).

The'specialized division of labor' in contemporary manufacturing, where each chain may concentrate on its capabilities while sharing security and liquidity through AggLayer, is a lot like this design. In theory, this enables the Polygon ecosystem to grow indefinitely while preserving its high performance and cheap expenses.

Five, Polygon is being subtly embraced into the actual world.

Implementation is crucial, regardless of how sophisticated the technology is. In this sense, Polygon has gone farther than most people think:

Linking up with conventional finance: Stripe utilizes Polygon for cryptocurrency payment channels, while Mastercard selected it to test CBDC;

On-chain real-world assets include precious metals, carbon credits, and real estate. With Polygon, several conventional assets are being tokenized;

Examples of mass application situations are Starbucks' loyalty program and Reddit's NFT, both of which are based on Polygon.

These partnerships show that Polygon's "practicality"—being quick, affordable, and user-friendly—is valued in the conventional sector.

Six, difficulties and ambiguities

Naturally, Polygon's path forward is not easy:

Technical complexity: maintenance and updates are difficult with multi-chain architectures, which are far more complicated than single-chain ones;

fierce rivalry: Base, Optimism, Arbitrum, and others are fighting for the same market;

Decentralization procedure: it will take some time for an entirely decentralized version of AggLayer to validate;

User education: collaboration and comprehension of the whole ecosystem are necessary for the shift from MATIC to POL.

Seventh, what does Polygon actually want to construct in the future?

Polygon's ultimate goal is to establish itself as the next financial internet's core layer.

In the future:

Payments ought to be as quick and inexpensive as texting someone;

Your assets should be able to move freely between any application and any chain;

It shouldn't be difficult for developers to decide which chain to use.

The financial infrastructure of the crypto world is the same as that of the regular world.

This is a reality that is being created, not a utopia. Every update, from sidechains to AggLayer, from Matic to Polygon, and from MATIC to POL, is a step closer to this objective.

In conclusion

Many individuals in the blockchain space are too busy chasing the next big thing to pay attention to projects that are really strengthening infrastructure. Although Polygon isn't very "sexy," it is accomplishing something more significant by enabling regular people to use and access blockchain technology.

The explosion of actual creativity will occur when technology is no longer an obstacle. Additionally, Polygon aims to be that "invisible" driver.