Why is Polygon the most popular sidechain?

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Introduction

Cryptocurrency has paved the way for a plethora of platforms to capitalize on the unimaginable opportunities that have erupted with it. Blockchain has already established its dominance and poses threat for the conventional platforms as a disruptive technology. It will incredibly expedite the process of executing transactions and maintaining records with transparency. For more information visit the Quantum AI platform.

Sidechain is just another form of impenetrable security that Bitcoins bring forth which stores the data of different individuals safely. In order to understand the concept of Polygon, you must first acquaint yourself with the phenomenon that sidechain operates on. Sidechain is an extension to the blockchain that is linked to other blockchains in the network. They are the permanent solutions that are kind of difficult to greatly change once they are in place.

Layer-2 Solutions

Roll-ups and Channels are two other Layer 2 solutions that are not as permanent but can be changed quicker and easier. Sidechains can also be referred to as alternate blockchains closely linked to their parent chain. The core idea is to successfully run a bunch of other blockchains in correspondence to the regular main chain or parent chain.

The prospects of transferring the assets from one chain to the other become easier, once these two blockchains come in contact with each other. Furthermore, Polygon is being considered as the scaling solution that essentially facilitates the public blockchains. It provides a perfect medium that results in cheaper and faster transactions and it easily supports every Ethereum tooling in existence.

The increasing popularity of Polygon among other similar sidechains can be attributed to its user-friendly features.

Why stick to Polygon?

Polygon or the matic network is an Ethereum’s sidechain is roughly a sidechain for Ethereum. Now, Ethereum has been considerably backed up in the past couple of months which means, high transaction fees. Polygon, which was formerly known as Matic is a sidechain to Ethereum that allows you to perform almost the same interactions although tenths to hundredths to even to a thousand times cheaper.

Sidechains are separate blockchain that is attached to another blockchain by means of a two-way-peg to help process some of the data from the regular main blockchain. Layer-2 scaling solution is an important term in this ecosystem and provides significant relevance down the line. Practically speaking, main blockchains are considerably slow and if you want to speed them up, they either are not as secure or they are not as safe. Hence, it becomes extremely important to figure out a secondary method to make these slower blockchains faster. Now, these solutions are widely renowned as the Layer-2 scaling solutions. The increasing popularity of these solutions is attributed to their nature of expediting the process of blockchains.

Rise and rise of Sidechains

The side chain is one such solution as they attempt to take up some of the work that the regular main blockchain is supposed to do and do it for them. Most sidechains are a little more centralized as opposed to the regular main chain but this won’t be any problem because we trade-off security for speed, the only thing is that we don’t want to do that on the regular main chain. This is one of the most relevant points with regard to sidechains.

Variants of Sidechains

Validators or miners earn rewards for their work in a sidechain in the same manner that all other blockchains work. Another concept of sidechain which is getting considerable acknowledgment is called merger-mining. One of the best things about sidechains is that many of them allow merge mining.

Two-way-peg is also another important concept of the sidechain ecosystem and it is called two-way-peg because they are pegged moving on to the side chain and then pegged moving back to the regular main chain. We can call these two processes locking up and releasing.

Conclusion

The block time on Polygon is two seconds compared to Ethereum’s ten seconds. Using the Matic bridge, you can move assets from Ethereum to Polygon in less than an hour at any time that you want to and you can also move them back. Polygon is one of the most well-known sidechains due to its mass adoption and ability to interact with Ethereum.

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