What is Polygon?

Polygon (formerly Matic Network) is a layer-2 scaling solution for Ethereum that enables faster and cheaper transactions. It was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.

Polygon is built on top of the Ethereum blockchain, but it uses a different consensus mechanism called Plasma. This allows Polygon to process transactions off-chain, which results in much faster and cheaper transactions.

Polygon is a popular platform for creating and trading NFTs. It has been used to create NFTs for a variety of projects, including Gods Unchained, Decentraland, and Axie Infinity.

Here are some of the benefits of using Polygon:

  • Faster transactions: Polygon can process transactions up to 65,000 per second, which is much faster than the Ethereum blockchain.
  • Cheaper transactions: Polygon’s gas fees are much lower than the gas fees on the Ethereum blockchain. This makes it more affordable to create and trade NFTs on Polygon.
  • Scalability: Polygon is a scalable platform that can handle a large number of transactions. This makes it a good choice for creating and trading NFTs.

Of course, there are also some risks associated with using Polygon. These include:

  • Security: Polygon is a new platform, and there is always the risk of security vulnerabilities.
  • Complexity: Polygon is a complex platform, and it can be difficult to use for beginners.
  • Adoption: It is not yet clear how widely Polygon will be adopted by the NFT community.

Overall, Polygon is a promising platform for creating and trading NFTs. It offers a number of benefits over the Ethereum blockchain, including faster transactions, cheaper transactions, and scalability. However, it is important to be aware of the risks involved before using Polygon.