Discover Resources: What is Polygon & How is Cyberpong Utilizing It?
Why we are using Polygon versus competing blockchains
As it is planned to have more in-game blockchain developments, which require faster and cheaper transactions taking place in real-time, the core layer of Ethereum is not a viable gateway at this point in time. The developing team opted for Polygon.
While leveraging Ethereum’s network, Polygon, a PoS (Proof of Stake) blockchain enables faster and more cost-efficient transactions that go beyond the standard second layer protocol. All of Polygon’s validator and staking logic for the PoS blockchain are deployed as smart contracts on Ethereum. This provides two key benefits: it utilizes Ethereum-based finality to the Polygon’s blockchain and it can aid in the recovery of said blockchain in the case of a Black Swan event. Secondly, it supports the Ethereum network by paying Ethereum’s gas fees in order to acquire larger blockspace and to secure contracts on-chain.
Should Ethereum cease to exist, Polygon would follow. Polygon allows its contracts to be upgraded with multisignature (multi-sig) capabilities. Multisig permissions grant essential rights to the signatories making changes to the protocol. In recent times, a development bug that prevents the fork of a business model remains a common dilemma seen throughout the DeFi industry. As of now, Polygon’s multi-sig relies on a 5 out of 8 signatory consensus, which is far from decentralized, but this announcement by the official team aims to improve this in the near future.
The History of Polygon
Polygon was started in 2017 by three founders based in India. The goal was to solve Ethereum scaling problems. The team designed two main solutions: Plasma, a layer two scaling solution based on former implementations, and a Proof of Stake side chain for Ethereum. The increasing gas fees on Ethereum helped put on display an urgent need for a robust scaling solution
How Does Polygon Work?
Polygon supports two types of Ethereum compatible blockchain networks: standalone network and secure chain, which are networks which leverage security as a service model. Standalone chains rely on their own security and can have their own consensus models, be that proof of stake or delegated proof of stake.
