With the piling gas fees of Ethereum, developers have been looking for an alternative that allows them to scale with the least amount of cost and in a faster time frame. With that, Polygon MATIC, using the proof-of-stake model, has just announced an update along with recommendations on how users should navigate through their system.
What is Polygon?
For those that don't know, Polygon is another blockchain that works similarly to Ethereum in a sense that it provides developers the ability to develop Dapps. Where it differs, however, is in its competitive advantage aiming to be scalable, and a better environment for developers.
As per Polygon's official website, the technology is said to be built by developers for developers. To add, Polygon, or MATIC, combines the best of Ethereum as well as other sovereign blockchains into what's known as a full-fledged multi-chain system.
The Solution Polygon MATIC is Working On
Polygon aims to solve the pain points that are associated with blockchains, including slow speeds and high gas fees, without having to sacrifice security. To add, this multi-chain system is similar to other ones, just like Polkadot, Cosmos, and more.
Polygon released a thread on Twitter tackling one particular feature that makes it different from Ethereum and other popular blockchains. With that, MATIC functions on proof of stake as opposed to the regular proof of work.
Polygon Update and Recommendations
The Polygon PoS is designed as a permissionless network and will be working as expected.
There is a currently high level of activity, mostly from different bot farming on some particular DeFi apps.
Transaction fees remain very low at the price of just $0.1 to $0.5.
Polygon teams are looking for a number of solutions to improve the capabilities of the platform itself.
EIP-559 is said to improve the fee market.
MATIC's PoS v3 introduces some significant improvements in architecture.
ZK0based solutions are increasing throughput.
The Polygon SDK is offering certain app-specific chains.
With Polygon announcing these updates, the blockchain has also paired it with recommendations for developers. In order to use Polygon to the maximum, dev's and users are advised the following.
Polygon Advice for Developers and Users:
Implement bot prevention in certain UIs or apps.
Users and developers are advised to run their very own node.
MATIC recommends using an RPC aggregator or other dedicated RCP accounts.
Users and devs are advised to use retry logic for certain transactions through services like Infura's own ITX.
1/3 A quick update and recommendations on the current state of Polygon PoS:
— Polygon | Aggregated (@0xPolygon) January 7, 2022
- Polygon PoS is a permissionless network and it is working as expected;
- There is high level of activity, mainly from bots farming on some DeFi apps;
- Transaction fees are still very low ($0.1-0.5)
Polygon to Remain Permissionless
To end the thread, Polygon released a statement to assure its community that the blockchain has not changed. With that, MATIC noted that Polygon is and always will remain permissionless and that the community should make an effort to use the blockchain responsibly.
Related Article: Taiwanese Company Unveils Its Motion Microchip and Semiconductor Dynamic Speakers at CES 2022 | Sounds Great Co. Not TSMC
This article is owned by Tech Times
Written by Urian B.
