The upcoming upgrade to the Ethereum Network, dubbed 'Eth2', will brings changes to the network that improves scalability, transaction speed and network congestion.
But the Polygon network also brings these benefits.
So will Polygon become useless after Eth2?
🚫 NO!
Polygon plans to stay relevant and already have ambitious plans in the works.
What will Eth2 do?
The upcoming Eth2 upgrade will make the network:
- 🔒more secure
- 💨faster
- 🪙cheaper transactions
- 🌐better scale
Enter Polygon
To get around network congestion, users and devs have relied on the Polygon network.
Polygon is a 'Layer-2' solution that sits atop the Ethereum blockchain.
Layer-2 solutions are separate blockchain networks.
Because they have a smaller load of transactions to process (since they're not the main chain), they can usually process transactions faster and cheaper. Then they record these changes in the 'main chain' (in Polygons case, Ethereum)
Transactions on Polygon are
- 🪙cheaper
- 💨faster
But with Eth2 providing all these same benefits as well, will there be a place for Polygon in a post-Eth2 world?
To answer this, let's go over exactly what it is that Polygon does.
What does Polygon do?
Polygon is an interoperable scaling solution for Ethereum.
This means it can talk to multiple other blockchains, relieving network congestion.
It allows Dapps to process transactions much faster!
It does this by employing 2 scaling solutions
- Rollups: Sits atop the blockchain, transactions are bundled together before being processed as one transaction in the main chain
- Sidechains: Clones of the Ethereum main chain, assets can be moved into and out of the sidechain
Polygon's version of these solutions is called:
- Plasma rollups; which rely on the security of the network
- Matic Proof-of-Stake; implements its own security method
Will Polygon be relevant
Polygon has an ambitious roadmap to stay relevant after the Eth2 upgrade:
- ZK-rollups (bundle transactions off-chain, use ZK-proofs for final record on ETH)
- Validum chains (ZK-proofs, store final data off-chain)
- Optimistic rollups ('fraud proofs', operators can dispute a claim within a challenging period)
Polygon has plans to stay well relevant and perhaps even necessary after the completion of Eth2
Making Ethereum more affordable
The fees for performing a trade on uniswap on different networks:
- Polygon: $0.0001
- Binance Smart Chain: $0.20
- Ethereum:$7
💰Transactions are orders of magnitudes less, something that might not be seen even after Eth2 comes out.
What do you think?
Will Polygon stay relevant in the near future?
I'd like to hear your thoughts below.
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