What’s the difference between Ethereum and Polygon? 

The purpose of the polygon blockchain network is to help scale Ethereum faster and at a cheaper rate. It is a layer-2 scaling solution for the Ethereum mainchain. It supports native software development kit SDK specifically built to provide value to Dapp’s developers. The polygon blockchain network is a combination of plasma chain and proof-of-stake. Such combination reduces gas fees and boot the transaction processing capability of the polygon asset chain.  

The Polygon blockchain supports interoperability. It is interoperable and compatible to all the architectural version of Ethereum. The crypto polygon network is designed to deliver higher performance. For the transaction speed standards, the polygon blockchain can process 65,000 transaction per second. Additionally, polygon blockchain offer multi-chain architecture enabling developer to scale rapidly based on demand. The network validates polygon assets promptly and securely at scale. The polygon multisig and blockchain architecture is built to process increasing volume of transactions. 

The crypto polygon blockchain supports bridge which help users transfer polygon asset between polygon and Ethereum. Just because you have common wallet address that doesn’t mean your NFTs and token will appear either in your Ethereum wallet or polygon staking wallet. To transfer and access polygon asset, user require a bridge which incurs gas fees and half an hour.  

The Ethereum blockchain is the network on which smart contracts are deployed. Most dapps, NFTs, and smart contracts are built for Ethereum network. The Ethereum and polygon staking wallet let users to interact with the network activity. Ethereum virtual machine compiles the smart contract code developed by developer and enables users to interact with the decentralized application. In fact, the polygon multisig contract and decentralized application also runs on Ethereum virtual machine. Just like polygon asset matic, the Ethereum supports their own native tokens ETH to pay transaction gas fees and to trade token for digital goods. In fact, network participants get rewarded in ETH which they can later liquidate on a crypto-exchange. Unlike polygon blockchain, Ethereum blockchain also allow clients to build democratic independent decision-making – such as DAO with absolute transparency. Such DAO usually don’t have a single centralized governing body. The biggest drawback of the Ethereum blockchain is transaction processing speed and cost.  

About Liminal: 

Liminal simplifies the complex world of digital assets and cryptocurrencies through innovative software, expert consulting services, and high-quality training. The web3.0 solutions such as multisig wallet offered by Liminal provides you and your organization the edge in automation, operational effectiveness and cost. 

Liminal has built the entire web3 blockchain-based digital asset custodian platform services including hot wallet and cold storage wallet with a security-first approach – so that you can sleep peacefully without worrying about the security of your digital assets and funds.  

Being one of the best cryptocurrency wallets, Liminal offers digital wallet infrastructure solution for a diverse range of business organization from Lending desks, Market Makers/ Prop traders, banks/ Neo banks, corporate treasuries, Defi Token companies, Hedge/ Algorithm-trading funds, OTC/ brokerages, Payment gateways, to crypto-exchanges.