On the 20th of November, Pryz will be launching on the Polygon/MATIC network, moving away from the Binance Smart Chain (BSC).
What is Polygon/MATIC?
Polygon, formerly known as the MATIC Network, is a layer 2 scaling solution that aims to provide multiple tools to improve the speed and reduce the cost of transactions on blockchain networks.
At the centre of Polygon’s vision is Ethereum, a platform that is home to a range of decentralised applications, ones where you can join virtual worlds, play games, buy art, and participate in a range of financial services.
However, this much activity on its blockchain has rendered Ethereum almost unusable, as the cost of transmission (GAS FEES) is rising and traffic is becoming clogged.
In a nutshell, Polygon bills itself as a layer-2 network, meaning it acts as an add-on layer to Ethereum that does not seek to change the original blockchain layer.
Polygon wants to help Ethereum expand in size, security, efficiency, and usefulness and seeks to spur developers to bring enticing products to market all the quicker.
How Does Polygon Work?
Polygon is a multi-level platform with the aim to scale Ethereum thanks to a plethora of side-chains, all of which aims to unclog with the main platform in an effective and cost-efficient manner.
Side-chains are unique blockchains that are bound to the main Ethereum blockchain and are effective in supporting many Decentralised Finance (DeFi) protocols available in Ethereum.