Why I believe in Polygon for decentralized creativity
When it comes to building, creating, and managing a digital economy, the Polygon network and its native currency, MATIC, offer enormous potential as the underlying infrastructure. We are in a build phase in the creative ecosystems, where a gasless infrastructure is a key to unlocking massive value when micro to nano transactions are the norm. Polygon is one of the few projects that have both the technology and team in place to make those transactions economically and technically feasible.
MATIC is a Layer 2 scaling solution for Ethereum. It’s also a platform for building and linking with Ethereum-compatible blockchain networks. Founded in 2019, “Matic Network” was a blockchain startup with the primary goal of expanding Ethereum. In 2021, the protocol was renamed “Polygon,” and its aim was expanded to include not only scalability but also interoperability with other blockchains.
Polygon’s scalability offers a solution for simplifying the management of transactions on the blockchain, as well as reducing storage requirements, allowing txns to be processed more efficiently. Together, these solutions allow for increased transaction throughput and reduced latency, while limiting the txn fees paid through the network.
This would allow for the development of an ecosystem in which artists, creators, musicians, businesses, and users could freely interact with one another without worrying about the underlying infrastructure.
Here are some of the reasons why:
- The Polygon network is built on Ethereum, which is the most widely-used and well-established blockchain platform; this gives the Polygon network a degree of credibility and security.
- The Polygon network has a very active and engaged community, which is always working to improve the network and add new features. In a decentralized ecosystem, the community is what keeps a network alive and healthy.
- MATIC is a utility token that has a variety of uses on the Polygon network. As a currency, it can be used to pay for transaction fees; as a utility token, it can be used to access certain features and services on the network and to unlock staking and other DeFi use-cases.
- The Polygon network is constantly growing, with new projects being launched on a regular basis. This offers investors a lot of potential for growth.
- The team behind the Polygon network is highly experienced and very dedicated to their project. They have a clear roadmap and are able to address issues quickly and transparently.
- Most importantly, the limited gas fees, while still operating on Ethereum as a base, create an environment where processing micro-transactions becomes more secure, more stable, and more viable, allowing the sale and trade of goods and services to be conducted without high transaction costs. This is a big deal for the creative industries, which have been struggling with high gas fees and with the onboarding challenge of educating new users.
I believe that the Polygon network and MATIC are both excellent long-term buildable foundations. The network has potential and is constantly growing. I am philosophically biased towards the possibility of a truly decentralized economy in which multiple blockchains can peacefully coexist. But each network will have alternative use-cases and strengths; For both indie and small-scale DeFi and decentralized creativity, I’m betting on Polygon.
The recent MATIC disruption, caused by issues and bugs surrounding an upgrade to the Heimdall node, has shown that the network is not above issues of instability; the 11-hour outage is a major point of concern, but the team has responded quickly and thoroughly to the incident. The selling points of Polygon are no less attractive, and network errors are an acceptable risk factor in DeFi.