Polygon is a well-structured and easy-to-use platform for infrastructure development and Ethereum scaling. At its core, the company aims to provide quick and affordable transactions on Ethereum using its Full-Stack scaling solution. However, the full scope of the company exceeds the ideology of increased network efficiency.
Any developer can use Polygon to combine the best features of blockchains (scalability, flexibility, and sovereignty) with Ethereum and create a unique dedicated blockchain network. The company offers a framework to interconnect different blockchain networks.
The core component of Polygon is Polygon SDK which is a modular flexible framework. This framework can build and connect secured chains (Plasma, Optimistic Rollups, zkRollups, etc.) and stand-alone chains (Matic POS). The company's scaling solutions have seen widespread adoption.
Ethereum Network's Drawbacks
While the Ethereum Network is the base for most DeFi products, it poses a few problems that are adding to its ineffectiveness. More and more people are looking for alternative solutions that can solve the major pain points of the Ethereum Network.
- Network Congestion
- High Transaction Costs
Polygon uses a Full-Stack scaling solution to create an alternate faster and cheaper platform for DeFi apps. It helps solve the significant drawbacks of the Ethereum Network while retaining its plus points.
How does Polygon Integrate Projects on its Ecosystem?
Polygon integrates blockchains on its ecosystem using a PoS (Proof of Stake) bridge. The entire Ethereum network operates on PoS protocol, and this bridge is a set of smart contracts that facilitate the movement of assets from the root chain to the child chain.
Polygon primarily uses two bridges to move assets between Ethereum and its ecosystem - Plasma Bridge and PoS Bridge. While Plasma Bridge has increased security, there are several restrictions on the child token, making it ineffective compared to the PoS bridge.
Polygon, by using PoS bridge, provides flexibility to the users and dApps while making the withdrawals faster.
Steps for using the PoS Bridge
- The first step is to map the Root Token and Child Token on the PoS bridge, which establishes a connection between the intelligent contracts of the two tokens.
- After the mapping, users can use Polygon SDK to interact with the contracts in a user-friendly way and facilitate seamless integration.
- After the bridge is created, the assets will be transferred from Ethereum to Polygon according to this method.
- The owner of the ERC20, ERC721, ERC1155 asset tokens needs to approve a contract on the bridge to allow the transfer. This specific contract is known as Predicate Contract, and it locks the amount of token to be deposited.
- On approval, users can begin to deposit assets by making a function call on the RootChainManager contract. This call will simultaneously trigger the ChildChainManager contract on the Polygon chain.
- The ChildChainManager will then call on the internal deposit function so that the asset tokens are transferred to the user's account.
- Once the user receives the token, they can instantly share using Polygon’s scaling solution with negligible fees.
Integrating blockchain and DeFi projects on Polygon is a simple task. Several platforms, such as PhoenixDAO, have established their dApps on the Polygon Network and provide a simple solution for all the problems that the ticketing and event marketplace industry faces.
PhoenixDAO as a Solution
- Duplicate and counterfeit tickets
- Bulk purchasing
- Privacy invasion
As PhoenixDAO is built on Polygon Network, it can process all the transactions faster and more securely. It uses blockchain-based solutions to eliminate counterfeit and duplicate tickets and provides a secure transaction medium to its users.
PhoenixDAO integrates NFTs with tickets to stop resale and bulk purchasing of tickets. Also, PhoenixDAO's marketplace can be used to transfer and eGift tickets to friends and family safely and securely. In addition to the advantages mentioned, since the tickets are minted NFT’s on the blockchain, they hold the potential of becoming the best proof-of-attendance
Polygon Network works on a unique PoS (Proof of Stake) protocol that runs on a side chain from Ethereum Network and amps up its benefits to provide a unique platform for Blockchain and DeFi projects.
Polygon has an impressive suite of tools custom-designed for the Ethereum Blockchain. It helps in alleviating the pain points of the Ethereum Network and facilitates blockchain interoperability. It allows platforms such as PhoenixDAO to revolutionize their respective industry and form a community of highly satisfied users.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.