Updated: Mar 3, 2022
Polygon background and calling
Polygon, often referred as its ticker symbol MATIC, has enhanced Ethereum's capabilities and is charging into battle to save the high gas prices and slow transactions created by the influx of users on the Ethereum platform.
Ethereum can process roughly 15 transactions per second, and an influx of crypto traders and gamers using the Ethereum framework to enjoy their crypto experience has created a bottleneck situation in which the demand far outweighs Ethereum's capabilities. The standard of secure NFT trading and gaming has been set by the Ethereum network, people are swarming to discover and enjoy what "crypto" can allow in a hands-on experience, but Ethereum has gotten more expensive due to this rush of orders on the network with fees ranging from the $20 range to over $100 at times for a single transaction.
Put simply- the more users trying to use Ethereum at the same time-the more expensive the service becomes.
In Comes Polygon
Polygon is a sidechain that aims to take the workload off of Ethereum by pulling aside and handling the transactions at a much higher rate of speed, yet still finalizing the information from the smart contract on the security of the Ethereum blockchain network. Charging into battle refers to Polygon's ability to process 65,000 transactions per second with the intention of relieving the workload of Ethereum's 15.
If Polygon succeeds in its mission, then users on the Ethereum network will continue to flourish in the trading, NFT, and gaming world with relatively low gas fees and plenty of room for newcomers to join in well into the future.
Polygon has other 'real-life' capabilities
In the same way that Ethereum is becoming the standard blockchain platform for NFT trading and gaming, Polygon is becoming the standard for creating those Defi apps and games on the ETH platform for users to enjoy. Polygon boasts of a versatile and growing set of modules for developers who want to build their own custom blockchains. Often these NFT and game developers will utilize a Polygon NFT game development company to finalize their ideas.
"The framework also allows for the creation of globally available decentralized financial applications on a single foundational blockchain." (https://coinmarketcap.com/currencies/polygon/)
"It (Polygon) is unique in the market, in that it's the only scalability solution that supports the Ethereum Virtual Machine (EVM) and enables connected chains to retain self-sovereign security, while also ensuring interoperability between both one another and the Ethereum mainchain. "(https://coinmarketcap.com/alexandria/article/what-is-polygon-matic)
Charts and Trading
Daily chart Polygon (1:42 PM Eastern)