Polygon Use Cases, Differentiators, and Competitors

Polygon Use Cases, Differentiators, and Competitors

What are the Polygon Use Cases, Differentiators, and competitors? Read on


Polygon is a decentralized blockchain, based on solutions. It is a Layer-2 blockchain network that instead of competing with Ethereum functions parallel to Ethereum and provides solutions to the issues that are faced on the Ethereum blockchain.

MATIC is the native token of Polygon and it was introduced in 2017. Polygon (MATIC) is based on a Proof of Stake consensus process thereby there is less energy consumption. Polygon in its official platform has stated itself as a carbon-neutral blockchain platform.

What are the Uses of Polygon and Use Cases of Polygon?

Polygon (MATIC) offers users a variety of features, making it an attractive option for users looking to invest in the world of cryptocurrencies. Polygon blockchain can be used in developing DeFi, Metaverse, NFT, and other blockchain dApps.

When it comes to the security of blockchain, Polygon provides Security as a Service either through Ethereum’s blockchain or through polygon’s own pool of professional validators.

Apart from this, Polygon also helps in minting NFTs and staking with the help of its native token Matic.

As we know Polygon work atop the Ethereum blockchain, therefore, one key use of Polygon is to provide Ethereum compatibility to other blockchains. However, this can be also a disadvantage because if the Ethereum blockchain ceases to exist, Polygon will also cease to exist.

Use Cases of Polygon

Polygon has one issue, the issue of adoption, and the reason behind this is that despite being an attractive blockchain, Polygon has failed to build consumer connections like other blockchains. Polygon networks can also be used to develop custom blockchains. However, many projects have been built on the Polygon blockchain. Some of those projects are:

Non-Fungible Token (NFT)

Polygon blockchain enables NFT trading. Due to its lower transaction cost, it becomes attractive for NFT developers. One of the biggest NFT platforms Opensea uses Polygon blockchain. Apart from it, the other NFT platform running on Polygon is Aavegotchi.

Defi

Polygon blockchain is gradually becoming popular even in the Defi sector and in this sector Polygon is mostly focused on allowing merchants to evaluate the credit ratings of the users signed up for using the platform.

Some of the Defi apps using Polygon are Compound, Aave, etc.

Gaming

Polygon has also ventured into the field of Gaming with its own platform called Polygon Studios. A polygon with this division helps in the transition of gaming from Web 2.0 to Web 3.0.

Digital Payment

Polygon Network is also used in the field of digital payments. Some of the payment app using Polygon blockchain are atomic swap, jelly swap, etc.

Read: Polygon Matic Price Prediction 2022, 2025, and 2030

How is Polygon Different from Others?

Polygon is a Layer-2 blockchain built on Ethereum which is a Layer-1 Blockchain. It distinguishes itself from Ethereum via improved speed and lowers costs. Polygon is not only competitive by itself, it also reduces the burden on Ethereum to become faster or cheaper.

Polygon network is well funded. Recently it has raised fresh capital this year that gives the founders the flexibility to build Polygon into a profitable blockchain that drives Matic Token demand even higher.

Polygon is faster and has a capacity of processing 7,000 transactions per second. Added to it Polygon is cheaper and the Gas fees charged is just a fraction of what is charged by Ethereum.

Polygon (MATIC) offers features like low transaction fees, high scalability, and the ability to offer a wide range of services to users.

Who are the Competitors of Polygon?

One issue with Polygon has been growing competition. Several new players are coming up and several new players already exist. Here are some competitors to Polygon network:

  • Solana Labs
  • SKALE Labs
  • Immutable
  • Dragonchain
  • Forte Labs
Subhash

Subhash

Subhash, Founder of Crowdwisdom360 is an MBA and a Trained Financial Advisor with an extensive background in Forecasting in Financial Services and Politics. He has appeared many times on National TV and has written for a variety of magazines on Wealth Management and Election Strategy.