We spoke with the CEO of DTRACER, Ruben C. We talked polygon about why they chose this blockchain network.
Polygon (MATIC) seeks to correct the main errors of the Ethereum network, currently the Etherum blockchain presents the main scalability problem, which should be solved with Ethereum 2.0
Polygon formerly known as (Red Matic), wants to help in the scalability of Ethereum and also the interoperability between different blockchains.
What is Polygon or MATIC?
It is a project that seeks to correct the problems of the processing capacity of Ethereum’s transactions per second.
Polygon also wants to offer a solution that allows communication between different blockchains, the whole goal is to improve the capabilities with ETH.
What Polygon proposes is a solution to this problem by adding layer 2 elements, this is generated through an implementation that allows computation and transactions in sidechains.
Not only does it offer a proposal to solve scalability, Polygon also works on usability improvements without compromising decentralization.
They also seek to take advantage of the community of developers to collaborate in improving the functionality of the DApp and in improving the user experience.
Polygon Features
The Polygon (MATIC) project proposes the following:
- A security enhancement by moving to Proof-of-Stake (PoS) consensus
- Improve the user experience through a much more intuitive interface. It also seeks to offer native mobile applications and a software development kit that is compatible with WalletConnect
- Blockchain that can support different types of protocols and consensus
- Solve the problem of scalability, adding more capacity to process transactions per second, reducing their commissions and guaranteeing security
- Implement interoperability between sidechains by allowing the exchange of data and assets between different blockchains
What are its potential uses?
The elements that make up Polygon offer us these uses today:
- Payments: The MATIC token can be used to make payments for different goods and services. Through the payment APIs and the DApps SDK, interfaces for transferring ether and ERC-20 tokens could be created easily.
- Atomic Swap: They allow the exchange of tokens and cryptocurrencies from different blockchains quickly and easily.
- Digital identity: One of the potential uses is the development of mechanisms of a digital identity for access to different services on the web. Currently we can register and access different websites with centralized digital identities controlled by Google, Twitter, Facebook, etc. What is intended is for this to pass to a decentralized system that collects a limited or no amount of personal information from the individual and guarantees privacy, security and that the data is not used by third parties to enrich themselves.
- Loans: Issuance of tokenized debt based on a user’s transaction history. This mechanism allows the loan issuer to know the creditworthiness of the applicant and their ability to repay the loan. Everything in a simple and fast way, without paperwork and without the need to know the identity of the parties.
- DeFi: The new decentralized finances require a large transaction processing capacity per second. Polygon offers scalability and a network capable of processing a huge volume of transactions per second.
- Games: An ecosystem of video games based on or interacting with blockchain technology is beginning to develop.
- Hermione: One of the proposals is the development of a data processing mechanism for Ethereum.
Final summary on why Dtracer uses Polygon
Like many other projects, we are still scratching the surface of what Polygon and its proposal can become.
It is intended that in the future we stop needing centralized platforms to acquire cryptocurrencies that are in different blockchains that normally cannot interact.
Polygon also offers a complete set of solutions that give users an extremely high degree of flexibility in real time.
At the same time, its highly developed messaging protocol makes cross-chain communication extremely easy and hassle-free for users.
Polygon is one of the most exciting DeFi projects out there, with a promising future for the DeFi community in terms of blockchain scalability and interoperability.
And with its rich set of developer tools, innovative mechanisms and modules, and full support for the Ethereum Virtual Machine (EVM), we could soon see a huge influx of projects thriving in the Polygon ecosystem.