![]() ![]() To enable the mass adoption of DeFi, new blockchain infrastructure must be built in a decentralized, immutable, and trustless manner with high scalability and the ability to deliver cheap, fast transactions - a challenge that Polygon hopes to address. In the future, Polygon hopes to expand beyond Ethereum and be used for other blockchains that are creating their own decentralized finance (DeFi) ecosystems. The wallet also allows users to connect with various dApps, stake their MATIC tokens, and hold other ERC-20 tokens. The wallet is built to be lightning-fast and integrate with WalletConnect to ensure the safekeeping of a user’s private keys, and to provide access to other Polygon features. Matic Wallet is designed using Polygon’s MoreVP technology as an easy-to-use solution for MATIC token holders to securely and simply manage their crypto finances. MATIC can be stored in the Matic Wallet, instantly giving holders the option to stake their tokens and manage their own investments directly. This mechanism also allows software developers and ecosystem contributors to build dApps on Polygon by paying MATIC tokens to use the platform and its development framework. The Matic token (MATIC) is Polygon’s native token, and has several distinct uses, one of them being to power the protocol via a gas-based mechanism used to pay network fees accrued from the computational power the network exerts to transfer data. Īlthough entirely focused on Ethereum at present, Polygon plans to develop its scalability-focused product offering to support other blockchains, and to provide cross-chain interoperability between different protocols. Polygon currently only makes use of Commit Chain connectivity to improve transaction times, but will eventually make use of other Layer-2 scaling mechanisms such as Optimistic Rollups. Theoretically, Polygon will eventually have thousands of chains scaling together to increase throughput, with the potential to one day generate millions of transactions per second (TPS) when attached to a mainchain like Ethereum. The Commit chains bundle together batches of transactions and confirm them en masse before returning data to the main chain. Polygon functions primarily through Commit chains, which are transaction networks that operate adjacent to a main blockchain - in this case Ethereum. Polygon’s PoS blockchain serves as a Commit Chain to the Ethereum mainchain, attracting over 80 Ethereum dApps to its platform that transact without instances of the network congestion common to Ethereum and other Proof-of-Work (PoW) blockchains. Polygon achieves this in large part due to the underlying technical architecture of its Proof-of-Stake (PoS) Commit Chain and its More Viable Plasma (MoreVP) L2 scaling solution. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. The LOOM token is an ERC-20 token on the Ethereum network, it is a staking token that is used to secure the Basechain network, and is further used as the currency that dApp developers use to host their dapps on BaseChain.Īny LOOM holder can delegate their tokens on Basechain to help support validators and actively participate in securing the network.Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. Developers can deploy their dApp once to Basechain and gain access to the user base of multiple networks. Basechain is a Delegated Proof-of-Stake (DPoS) network that acts as an interconnected multi-chain platform supporting the Ethereum, Binance Chain, and TRON networks.īasechain allows developers to deploy highly-scalable games and user-facing dApps that interact with other major blockchains. Loom Network (also referred to as Loom) launched its mainnet, Basechain, in September 2018. ![]()
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