Polkadot vs. Polygon: Understanding Two Prominent Second Layer Ethereum Blockchain Solutions

The meteoric rise of decentralized finance across 2020 exposed numerous vulnerabilities with the Ethereum network. While the Ethereum blockchain is one of the most secure and ‘battle-hardened’ infrastructures, high gas costs and scalability issues have led some projects to innovate instead of waiting for the long-desired Ethereum 2.0. Second-layer solutions have gained notoriety lately as companies endeavor to reduce gas fees and foster Ethereum scalability by shifting transactions to sidechains. Polygon, a recent rebrand of Matic Network, intends to build a “multi-chain system” utilizing solutions like Optimistic Rollups, xkRollups, and Validium. Some advisors describe Polygon’s approach as part of a strategy to function as a “Polkadot on Ethereum” and compete against the open-source project founded by the Web3 Foundation. A price surge in February 2021 drove Polkadot’s DOT token to sit as the fourth-largest by total market capitalization, according to CoinMarketCap. The surge began after Polkadot released a para chain…

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