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What Is Polygon & How Does Matic Work?

Then , These proofs are forwarded together with the block header to the contract on the target chain ( namely “ Light client ”), The contract then verifies that an event is recorded , And perform an action after verification . Although users can “ Self relay ” transaction , But there is an activity Hypothesis , That is, the repeater will continue to forward data . After years of research & development, we are finally in a multi-chain market structure.

Advantages and disadvantages of blockchain bridges

While it is possible for a user to “self-relay” transactions, there does exist a liveness assumption that relayers will continuously forward data. This is akin to a peer-to-peer network where each node acts as a “router” that holds an “inventory” of assets of both the source and destination chain. These networks usually leverage the security of the underlying blockchain; through the use of locking and dispute mechanisms, users are guaranteed that routers cannot run away with user funds. Because of this, liquidity networks like Connext are likely a safer option for users who are transferring large amounts of value.

Statefulness : Ability to transfer specific assets 、 More complex states and / Or execute cross chain contract call . Furthermore, the best bridges will be the most secure, interconnected, fast, capital-efficient, cost-effective, and censorship-resistant. These are the properties that need to be maximized if we want to realize the vision of an “internet of blockchains”. Polygon could be one of the big winners in the cryptocurrency space as it improves on an already popular ecosystem. Running a “parallel chain” allows for faster transactions in a familiar setup. The Polygon network runs on top of Ethereum, so while this allows for many use cases, the reality is that Polygon is also held hostage to the success of Ethereum.

Bridge 101

This token is very popular as it is an ERC-20 token, meaning that the token is compatible with Ethereum. As there is the ability to mint new coins on the Polygon network, it should be no surprise that there are 31 coins as of May 2022. However, with the popularity of the Ethereum network and the ability to “bridge” coins onto the Polygon network, it makes sense to assume that there will be more over time.

Advantages and disadvantages of blockchain bridges

The Polygon network will allow you to do many of the same things that you can do on the Ethereum network, but with fees that are often just a fraction of a cent. There are decentralized exchanges, yield-generating lending, saving protocols, NFT markets, and prize games. Besides , The best bridge will be the safest 、 interconnection 、 Fast 、 High capital efficiency 、 Cost effective and censurable bridges . If we want to achieve “ Blockchain Internet ” Vision , These attributes need to be maximized .

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Polygon uses a proof-of-stake consensus mechanism to create new MATIC tokens and secure the network. The validators receive more MATIC cryptocurrency for their work, much like other PoS networks. To use the Polygon network, you need to send cryptocurrency to a compatible wallet, which can then “bridge” some of your crypto coins. Stablecoins are commonly used for this purpose, and you also need to bridge some MATIC to make transactions. Still, it’s worth noting that the meager transaction fees make just a dollar or two more than enough to deal with transaction fees. Because of this, the Polygon network is able to be “experimented with” by new users without a large commitment.

There are over 100 active public blockchains, many of which have their own unique applications, users, geographies, security models, and design trade-offs. Despite what individual communities believe, the reality is that the universe tends towards entropy, and the number of these networks will likely continue to increase into the future. The difference is that the Ethereum platform allows developers to unlock decentralized money and data via smart contracts. Polygon is an interoperability protocol and a framework that works on the Ethereum blockchain.

This type of market structure requires interoperability between these different networks . Many developers have realized this , The number of blockchain bridges surged last year , Trying to unify the increasingly scattered landscape . This type of market structure necessitates the need for interoperability between these distinct networks. Many developers have realized this, and the last year has seen an explosion in blockchain bridges that attempt to unify an increasingly fragmented landscape.

Advantages and disadvantages of blockchain bridges

There is usually a set of validators that monitor data on the source chain “ mailbox ” Address , And execute the operation on the target chain after reaching an agreement . Asset transfer is usually accomplished by locking assets in the mailbox and casting the same amount of assets on the target chain . Trusted : In case of system failure or malicious activity , Participants do not issue collateral , Users do not recover funds , Therefore, users mainly rely on the reputation of bridge operators .

Asset specific : The only purpose is to provide access to specific assets from the external chain . These assets are usually fully guaranteed by the underlying assets in custody or unmanaged “ packing ” assets .BTC Is the most common asset connected to other chains , Only in ETH There is 7 A different bridge . These bridges are the easiest to achieve , And enjoy mobility , But its function is limited , It needs to be re implemented on each destination chain . The information provided does not constitute, in any way, a solicitation or inducement to buy or sell cryptocurrencies, derivatives, foreign exchange products, CFDs, securities, and similar products. Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time.

Blockchain Bridges: Building Networks Of Cryptonetworks

External validators & federations generally excel with statefulness and connectivity because they could trigger transactions, store data, and allow interactions with that data on an arbitrary number of destination chains. This comes at the cost of security, however, since users are, by definition, relying on the security of the bridge rather than the source or destination chains. While most external validators today are trusted models, some are collateralized, of which a subset is used to insure end-users. Unfortunately, their insurance mechanisms are often reflexive; if a protocol token is used as collateral, there is an assumption that the dollar value of that token will be high enough to make users whole.

Insurance : Malicious actors can steal user funds , But for them , This may be unprofitable , Because they were asked to provide collateral , And be cut down in case of error or misconduct . Capital efficiency : Economics around the capital required to ensure system security and the transaction costs of transferred assets . While one of the most significant negatives of Polygon’s MATIC tokens is that they aren’t used for payment, the reality is that most crypto isn’t used in this fashion yet. The entire cryptocurrency sphere is still being sorted out, so you should balance your investments through diversification like anything else in this asset class.

As the Ethereum blockchain is home to an extensive range of economic activity, playing to its strengths of allowing for smart contracts, the popularity of the blockchain has caused transaction fees to skyrocket. After years of research and development , We have finally formed a Multi Chain Market Structure . There are currently more than 100 An active public blockchain , Many of them have their own unique applications 、 user 、 Location 、 Security models and design tradeoffs .

The foreign exchange market and derivatives such as CFDs , Non-Deliverable Bitcoin Settled Products and Short-Term Bitcoin Settled Contracts involve a high degree of risk. No trust : The security of the bridge is equal to the security of the underlying blockchain it bridges . In addition to the consensus level attack on the underlying blockchain , Users’ funds will not be lost or stolen . In other words , In fact, nothing is untrustworthy , Because all these systems in their economy 、 Project and password components There are trust assumptions in .

Moreover, they can not constitute a commitment or guarantee on the part of PrimeXBT. The recipient acknowledges and agrees that by their very nature any investment in a financial instrument is of a random nature and therefore any such investment constitutes a risky investment for which the recipient is solely responsible. It is specified that the past performance of a financial product does not prejudge in any way their future performance.

How Does Polygon Work?

For example Compound Chain and Thorchain, They build separate blockchains for cross chain lending and exchange . There is usually a group of validators that monitor a “mailbox” address on the source chain and, upon consensus, perform an action on the destination chain. An asset transfer is typically done by locking up the asset in the mailbox and minting the equivalent amount of that asset on the destination chain. Polygon is known as a “Layer 2” scaling solution, sometimes referred to as a “Sidechain.” It runs alongside the Ethereum blockchain, allowing quicker transactions and lower fees.

  • These networks usually leverage the security of the underlying blockchain; through the use of locking and dispute mechanisms, users are guaranteed that routers cannot run away with user funds.
  • This is similar to point-to-point networks , Each of these nodes acts as a “ Router ”, Holding assets in the source chain and destination chain “ detailed list ”.
  • Expand the liquidity of the liquidity network : These can be said to be the fastest bridges for asset transfer , There are interesting design tradeoffs between trust and mobility .
  • This is especially important for short-term trading as it can simplify the entire process.
  • Furthermore, if the collateral asset is different from the insured asset, there is also a dependency on an oracle price feed, so the security of the bridge could degrade to the security of the oracle.
  • If not trusted , These bridges are also the least capital efficient , Because they need to expand the scale of collateral in proportion to the economic throughput promoted .

Token network fund with the thesis of embedding cryptoeconomic incentives into everything; transactions, computation, storage, prediction, power. PrimeXBT products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. Investing in or trading gold or other metals can be risky and lead to a complete loss of capital. This guide should not be considered investment advice, and investing in gold CFDs is done at your own risk. Most major exchanges now carry MATIC, the cryptocurrency of the Polygon network.

What Is Polygon Matic?

It’s the brainchild of experienced Ethereum developers such as Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun from India. Monitor : There is usually one participant (“oracle”、“validator” or “relayer”) Monitor the status on the source chain .

Reduce the cost of header validation : Block header validation for light clients is expensive , Finding ways to reduce these costs can bring us closer to full commonality and trust free interoperability . By owning and staking MATIC, users can vote on network upgrades and changes, with each vote being directly proportional to the amount of MATIC staked. Furthermore, the supply of MATIC tokens is limited, as there will never be more than 10 billion MATIC coins in circulation. MATIC is the cryptocurrency native to Polygon, used to pay fees on the network for staking and governance.

They are also better than bonded / Insurance’s external verifier is more efficient , Because capital efficiency and transaction flow / Quantity is related to , Not about security . For example , If the flow between two chains is more or less equal , Plus a built-in rebalancing mechanism , Mobility networks can promote any large amount of economic throughput . What needs to be weighed is statefulness , Because although they can pass calldata, But they are limited in function . Actors monitor events on the source chain and generate cryptographic inclusion proofs about past events that were recorded on that chain. These proofs are then forwarded, along with the block headers, to contracts (i.e. the “light client”) on the destination chain, which then verifies that a certain event was recorded and executes an action after that verification. There is a requirement for some actor to “relay” the block headers and proofs.

Blockchain And Crypto Money

Relying on proof of fraud optimistic There are also significant speed defects in the model , This could increase 4 An hour’s delay . This is similar to point-to-point networks , Each of these nodes acts as a “ Router ”, Holding assets in the source chain and destination chain “ detailed list ”. These networks usually take advantage of the security of the underlying blockchain ; By using locking and dispute mechanisms , It can ensure that the router will not take away the user’s funds . Because of that , image Connext Such a mobile network may be a safer choice for users who transfer a lot of value . Besides , This type of bridge may be most suitable for cross chain asset transfer , Because the assets provided by the router are the native assets of the destination chain , Instead of derivative assets that cannot be completely replaced by each other . Participants monitor events on the source chain , And generate an encrypted inclusion certificate about past events recorded on the chain .

As the Ethereum network is so flexible, it makes sense to believe that Polygon will continue to expand on top of it. Polygon’s MATIC tokens are a popular way to play the Level 2 space, which is gaining increasing popularity. However, Polygon isn’t the only Level 2 network, and like the rest of crypto, it’s still a new technology and will have a lot of growing What is a Blockchain Bridge pains to deal with. Polygon, like other networks, will have significant strengths and weaknesses. You need to understand its advantages and disadvantages if you want to buy MATIC. Consensus : In some models , There is a need for consensus among participants in the monitoring source chain , In order to forward the information to the target chain .

Polygon is much faster than Ethereum, as it runs a parallel chain, making transaction speed and fees much smaller than the underlying Ethereum network. Switch from trusted mode to binding mode : Although the capital efficiency of binding validators is much lower , but “ Social contract ” Is a dangerous mechanism to secure billions of dollars in user funds . Besides , Fancy threshold signature schemes do not significantly reduce the trust of the system : Just because it is a group of signers does not rule out the fact that it is still a trusted third party . Without collateral , Users are actually handing over their assets to an external custodian . Specific chains : Bridge between two blockchains , It usually supports simple operations of locking and unlocking tokens on the source chain and creating any wrapped assets on the target chain . Due to limited complexity , These bridges can usually go public faster , But it’s not easy to expand to a wider ecosystem .

The Future Of Blockchain Bridges

Liquidity networks shine with speed and security because they are locally verified systems (i.e. do not require global consensus). They are also more capital efficient than bonded/insured external validators because capital efficiency is tied to transaction flow/volume rather than security. For example, given somewhat equal flows between two chains and a built-in rebalancing mechanism, liquidity networks could facilitate an arbitrarily large amount of economic throughput. The trade-off is with statefulness because while they can pass around calldata, they are limited in functionality.

📆 24 Ağustos 2022 Çarşamba 04:34   ·   💬 0 yorum   ·  
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