The companies building in the blockchain field have to adjust themselves in or order to follow the market and become competitive. There is a saying that half a year in crypto is equivalent to more years in another tech world. Despite massive growth in the last ten years, this industry is still new, and some compare it to the internet in 1990s.
The IOI Corporation is aware that keeping pace with the development is key. There are a couple of protocols you can build on your application, but Ethereum is winning the first move, and currently, most decentralized apps use it.
The IOI Corporation team was in front of the decision dilemma on which protocol to choose Ethereum, Tron, or Layer Two solution Matic half a year ago. Fortunately, we have chosen the Polygon Network (previous Matic), and we will go through the key decision reasons why this protocol.
What is the Polygon Network?
Previously known as Matic Network, Polygon is a framework for building interconnected blockchain networks. It addresses some of Ethereum's major limitations, including its throughput, poor user experience (high speed and delayed transactions), and lack of community governance, using a novel sidechain solution.
Rather than being a simple scaling solution like its predecessor Matic Network which uses a technology known as Plasma to process transactions off-chain before finalizing them on the Ethereum main chain, Polygon is designed to be an entire platform designed for launching interoperable blockchains.
Through Polygon, developers can launch preset blockchain networks with attributes tailored to their needs.
Polygon Network is an Ethereum sidechain. The sidechain is a semi-independent blockchain that works in tandem with an associated main chain to improve its speed or capabilities.
What is happening at Polygon Network?
The Polygon team is working hard every day, and if you just look at their Twitter account, you will see how many new projects are onboarding on their network growing every day.
This reflects in the price and market cap development. The Polygon price went parabolic in the last half-year, increasing the price from $0,02 to $2 and market cap reaching $13 billion, becoming the Number 13 cryptocurrency per the Coingecko ranking.
The Quick Swap decentralized exchange running on the Polygon Network reached an all-time high of more than $1 Billion as total value locked provided as liquidity.
Recently, the ambitious Polygon announced the launch of Polygon SDK, an important milestone for Polygon and a major step towards Multi-chain Ethereum. Polygon SDK will effectively transform Ethereum into a full-fledged multi-chain system.
At the same time, it will further enable Polygon to become the leading scaling and infrastructure platform of Ethereum. Polygon SDK will help other great projects to build on Polygon, bringing more adaptability and interoperability and make Polygon and Ethereum stronger!
Why the IOI Corporation has decided to build on Polygon?
The IOI Corporation was discussing future cooperation already more than half a year ago, and we are happy that we made the right decision. The major factors we have decided for Polygon were obvious.
The first reason was the network fees on the Ethernet network. It was not cost-effective to run our Trade Race Manager NFT game from the players' point of view and for the company to mint the NFTs as well. The average fees on the Ethereum Network are $ 9 now compared to the $ cents amount for Polygon.
The other major feature we were evaluating is the community. It is a very significant variable since, without the community, any project can not survive. Polygon has a big community of supporters, developers, etc., which is a major advantage. Polygon is built by a decentralized team of contributors from all over the world.
As per the DefiPulse information shown below, the total value locked in Polygon has grown significantly and reached $7,5 billion.
New partnerships and collaborations
The rising community is in hand in hand with new partnerships and collaboration possibilities. As already mentioned the Polygon is onboarding new partners every day, including the very knowledgeable and key cryptocurrency players like Aave or RenProtocol recently. The gaming community is probably the fastest growing blockchain subindustry, and building on the same network is a big advantage for IOI Corporation, offering cross-chain NFT game utility.
Polygon network, built on Ethereum Plasma Chain, is a fast and low-cost platform that provides high scalability to blockchains during high load. Polygon Network is believed to process as much as 10,000 TPS on a single sidechain and is expected to achieve more when additional chains are added for horizontal scaling.
Moreover, the ZK roll-ups will be live as one of the options being developed for layer 2 construction that increases scalability through mass transfer processing rolled into a single transaction. Where Plasma creates one transaction per transfer, ZK-Rollups bundle hundreds of transfers into a single transaction.
The smart contract will deconstruct and verify all of the transfers held in a single transaction. This roll-up is not the only one, and also other technical updates increasing scalability are coming soon, as shown in the picture below.
Interoperability and security
The Interoperability is future for the mass adoption of blockchain platforms and cryptocurrencies. Polygon is interoperability and scaling framework for building Ethereum-compatible blockchains. Interoperability enables different blockchain systems to communicate and exchange usable data, enhancing security.
Polygon has a specialized, non-mandatory layer managing a set of validators that can periodically check the validity of any Polygon chain for a fee. The security layer is fully abstract and can have multiple instances, implemented by different entities and with different characteristics.
IOI Corporation enlarging cooperation with Polygon
The IOI Corporation team's ambitions are to raise the cooperation with Polygon to the next level. Related to Polygon's continuous success, we are proud to mention that soon there will be Central Europe Smart Contract Hub focused on Polygon chain supporting and promoting their business enlargement in Europe.
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