Polygon (MATIC) (1 Part) We've previously written about sever | Crypto Great | Bitcoin | DeFi

Polygon (MATIC) (1 Part)

We've previously written about several projects attempting to offer fast, low-cost crypto transactions – like model portfolio holdings Cosmos (ATOM), Harmony, Binance Coin (BNB), and DigiByte. Polkadot (DOT) – a top ve crypto by market cap – is also working to offer fast, low-cost transactions.

But as Ethereum fees have increased, we've also seen users and projects begin migrating to other blockchains known as "Layer 2" solutions.

If you think of the Ethereum network itself as the base layer, or "Layer 1," then Layer 2 are simpler, more lightweight solutions that run on top of that base layer. It sounds great, but it's becoming increasingly clear that there will not always be a Layer 2 solution that scales Ethereum... and that there will be no single blockchain for everything.

So, we live in a multichain world where Layer 1 blockchains like Ethereum, bitcoin, Polkadot, and Cosmos must coexist with Layer 2 solutions.

Virtually all of the complaints about Ethereum are that it is too expensive to use and transactions take too long. Some take so long to complete that they end up failing, even after a user pays fees. It only makes sense that the dozens of projects working on Layer 2 solutions for ETH are focusing on either lower fees, faster transactions, or both.

The thousands of blockchains (and the blockchains that run on top of them) can be confusing and overwhelming not just for users like us, but for developers as well. A huge number of sidechains are being developed, and they all have fancy, sci- sounding names:
Proof-of-stake chains
Plasma
Zk-Rollups
Optimistic Rollups
All of these scaling solutions for Ethereum come with unique benets and trade-offs. And the simple fact is that what works for one project might not work for another. That makes the landscape of scaling solutions a mess to navigate.

Polygon hopes to streamline and interconnect all of Ethereum's Layer 2 solutions. We believe it could become a key building block for the entire ecosystem. Here's what has us so excited about it...

Polygon is the "Swiss Army Knife" of scaling solutions on top of Ethereum. Developers can go to Polygon and pick whichever solution works for them. That will eventually include all of the leading scaling solutions today, as well as sidechains and custom solutions for unique situations.

There is already a wide range of scaling solutions live or in development now. The most common are sidechains, or blockchains that are compatible with Ethereum but have their own tokens and security models. Polygon's Matic blockchain is a good example of that.