Polygon was developed in 2017 by three Indian developers who wanted to find a solution to Ethereum’s limitations. They came up with Matic which was later rebranded as Polygon. It runs on the same technology as the Ethereum blockchain which was the first to offer support for NFT projects. Ethereum was also the first to introduce smart contracts and Dapps, decentralized applications, which are both great advances in the crypto world, and today, it continues to be one of the most important blockchains for NFTs; however, Ethereum has some limitations, that other blockchains such as Polygon try to solve. In this article, we explain more about the Polygon blockchain and why you should consider it to mint Polygon NFTs.
Benefits of using the Polygon network
For starters, the Polygon network is a lot cheaper to use than the Ethereum network. This is mainly because of the number of people using the Ethereum network and its processing speeds which is around 30 transactions per second; there is a huge demand for those 30 transactions, so the fees paid per transaction tend to be high. In addition, Ethereum offers limited options for developers with all the projects encountering the same speed limitations. On the other hand, Polygon offers higher-speed transactions up to 65,000 transactions per second, inexpensive transaction fees, and user-friendly and flexible tools for developers. The main purpose of Polygon is the usage of decentralized finance (Defi) tools and applications, but for the end-user who is looking into NFTs, we can summarize the benefits of Polygon NFTs into one sentence: Polygon in Ethereum with cheaper gas prices. To mint Polygon NFTs within the Polygon network, you will need to acquire the native Polygon token called Matic.
How does Polygon NFT work?
Polygon is a layer 2 scaling solution to Ethereum that runs as a side chain of the Ethereum network using a proof-of-stake consensus mechanism. Layer two solutions are additional protocols and tools built on top of parent blockchain like Ethereum for a specific purpose, for example, increasing the rate of transactions per second. Polygon uses what is called an EVM or Ethereum virtual machine to validate and execute smart contracts and then sends the data back to its parent blockchain. Since the Polygon network runs on the same code as the Ethereum network, it makes it easier for developers to transfer their projects easily without having to make lots of changes.
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