Polygon Network Fun Fact:
Polygon scales the entire chain infrastructure by transacting 65,000 TPS via a side chain.
Ethereum’s “Internet of Blockchain,” Polygon (Matic), has been the talk of the crypto (blockchain networks) town of late. Projects joining its ecosystem are soaring, thanks to its acclaimed Layer 2 security protocol. Users and developers are increasingly voicing their Polygon acceptance and inclinations, respectively. Developers are confidently embracing the enabling dApps development environment of Polygon (boosting the network’s strategic prospects).
What’s New in the Polygon Network for the Users?
Polygon & Coinbase
Polygon Network users have a lot to bank upon, be proud of, and rejoice. Several exciting launches and partnerships are en route for the Polygon Network. The Layer 2 protocol recently partnered with the acclaimed Coinbase wallet. Access to the decentralized applications on the Polygon Network is now available via the Coinbase wallet. Users will now be able to enjoy reduced transaction fees via the Coinbase wallet. The high transaction fees issues users were subjected to in decentralized apps (e.g. UniSwap, Aave, and Compound) will now be passé.
Up until now, low-budget (transaction) users were getting locked out due to high gas fees and longer confirmation times. These issues resulted in the marginalization of a majority of small monetary appetite users out of the crypto and decentralized finance (DeFi) world. The Polygon Network comes as a boon for users.
Polygon & the Graph
The Graph (GRT), an indexing protocol for querying networks’ data (e.g. IPFS or Ethereum), has chosen the Polygon Network for its new billing system. The Polygon’s MATIC (POS) ecosystem will be used by the Graph as a highly-scalable billing network for Subgraph Studio. The Graph essentially offers “APIs for a vibrant decentralized future.”
Polygon: Rising Crypto Wallets Support
Binance’s own TrustWallet has recently announced support for Polygon Network. The acclaimed MyEtherWallet (MEW) has also added to its platform support for Polygon (via its version 6 release). Polygon’s native MATIC token holders can now initiate direct withdrawals of MATIC tokens on Binance. e-Money is set to strike a partnership (integration) with the Polygon Network in Q3 2021 to deliver dynamic scalability. The European users will now be able to access, on the Polygon Network, e-Money-issued (compliant) European stablecoins. Instead of USD-denominated stablecoins, European users will now access eEUR, eCHF, eSEK, eNOK & eDKK on the Polygon Network (via e-Money). So, e-Money will now directly access and deal in the real-world economies and DeFi applications.
Polygon & Huobi Wallet
The upgraded multi-chain Huobi Wallet is now offering access to dApps on the Polygon Network. Users can now register or import their Polygon addresses via the Huobi Wallet and dApps. Expedited and affordable transactions will now be a reality via the Huobi Wallet with Polygon’s support.
Polygon & Orbs (Hybrid Blockchain)
Orbs (Digital Trust at Scale) and Polygon (Ethereum’s Internet of Blockchains) have inked integration. The aim is to reinforce trust as a competitive strategy for businesses via a robust public blockchain infrastructure. Users can now swiftly transition their ERC20 tokens on to Polygon.
Launching the Polygon Studios: An NFT & Games’ Ecosystem
Polygon’s newest unit, Polygon Studios, is poised to tap on the booming gaming and NFT ecosystem. Support and infrastructure for blockchain game builders will be made available via the new unit. The initiative is set to attract artists and investors to the Polygon Studios’ NFT ecosystem. The Polygon Network believes this development would “bridge the gap between Web 2 and Web 3 gaming.” In the Polygon Studios, Polygon Gaming Studio and Polygon NFT Studio will be the respective distinct divisions.
Polygon’s Thoughtful Spoiler
Polygon claims to be hosting over 100,000 gamers and 500+ decentralized apps.
What’s Next for the Polygon Network: Challenges & Prospects?
Mass Adoption & Security: Is the Polygon Network Ready?
“With great power comes great responsibility,” the Peter Parker principle is confronting the Polygon Network. Teams are reportedly in the process of launching prediction markets and binary options on the Polygon network. FX industry veterans are well-aware of the nuances accompanying binary options, which also damaged the once rich FX market reputation. Binary options’ dynamics are seemingly bracing to pose standard challenges for the Polygon Network. In Binary options markets, users predict the probability of one among the two possibilities of an instrument or a market. If the placed bet is right, the user wins, or else, they lose.
As a result, instances of unfair practices on the sides of the users and brokers are possible. Often these unregulated activities end up making amateur investors and traders lose their money (if scammed). Reports indicate binary options services are in the process of being developed on the Polygon Network (blockchain). Blockchain networks must act cautiously when permitting such speculative trading (regulated or unregulated) options to use their platform.
While sceptics might argue that the (transactional) gas fees on the Polygon Network also tend to rise vis-à-vis the native MATIC token price (plus its increased usage). These fees are still too low compared to that of the Ethereum network. Soaring traffic volumes do pose a great responsibility on Polygon’s shoulders, so also does managing the congestion plus the rising fees. Still, to appeal to the masses, the Polygon Network will need to ace the customer support segment (w/ swift responsiveness). The mammoth task confronting the Polygon Network will be competing head-on with the forthcoming Ethereum 2.0.
Polygon’s Food for Thought:
Polygon’s native MATIC token’s price rose by over 13,000% to start 2021 (DYOR. NFA).
Concluding the Polygon Network’s Inquest
The Polygon Network’s scalable infrastructure facilitates the development of top-level (critical) projects and concepts. This augments broader (mainstream) blockchain technology adoption. As discussed above, wallet support for the Polygon Network is rising fast. Wallets are vital gateways and fundamental (foundational) infrastructure for the crypto industry.
The Polygon Network is for sure committed to offer solutions for the scalability and usability issues facing the crypto (blockchain) world. It’ll do this alongside keeping leverage and decentralization as the foundations for the incumbent developer community-powered ecosystems. If Web 3.0 is the third Internet generation. Polygon Network will be the engine of these open, trustless and permissionless web environments (decentralizing processes and transactions).