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It’s common for traders to want to know the differences between Polygon (MATIC) vs Solana (SOL). Both of these projects provide developers with a flexible network to build on and both have their eyes on solving some of the key issues with Ethereum at the moment. As such, these protocols are often compared by traders. Here’s everything you need to know about Polygon (MATIC) vs Solana (SOL).
What is Polygon?
Polygon (MATIC) is a developer-centric blockchain that was designed to alleviate some of the biggest issues faced by that community today. The protocol was launched with the goal to one day function as Ethereum’s “Internet of blockchains.” The developers realized early on that there were to be thousands of Ethereum-based blockchains operating in the market.
Each of these networks operated in a singular fashion, which limits their capabilities and hinders developers’ operations. The system provides a reliable and secure infrastructure for creating Ethereum-based blockchains. The design also helps to connect these networks in a seamless manner.
Polygon is well recognized in the market at this time. The protocol has gained a significant following due to its zero-gas transactions model and scalability. The protocol also integrates Custom wasm execution environments and a variety of tools that developers can leverage to improve their productivity and final results.
What is Solana?
Solana is a third-generation blockchain that can support the latest DeFi features. The network provides high-performance via a secure and open infrastructure. The developers put special attention towards making the protocol scalable. The goal of the project was to improve the blockchain development process and eliminate the bottlenecks and other issues that Ethereum develops face daily.
Anatoly Yakovenko founded Solana in 2017 during the first crypto breakout. This year saw both Ethereum and Bitcoin suffer from crushing congestion that caused both networks to grind to a halt. There is no doubt that these scenarios helped to motivate Yakovenko and his team. Today, the protocol lists Greg Fitzgerald and Eric Williams as major components of the team.
What Problems was Polygon Built to Alleviate?
One of the premier problems that Polygon was designed to eliminate was slow transactions due to scalability concerns. The network tackles this problem through the introduction of a more efficient consensus algorithm. This scalable consensus system enables users to avoid the ridiculous gas fees found on Ethereum currently.
Another major issue that Polygon seeks to alleviate is developer onboarding. The network tackles the problems in multiple ways. For one, the protocol provides full interoperability with the Ethereum ecosystem. Develops can leverage all of their favorite tools. This way, developers never have to learn new code and can convert or expand their Ethereum-based Dapps to Polygon and provide a better UX for all.
Not Enough Flexibility
Ethereum has long been the go-to protocol for DeFi networks. However, it’s a second-generation blockchain that is limited in its scalability and capabilities. Developer restrictions such as a non-customizable tech stack have caused headaches for developers in the past. Polygon introduces a highly customizable protocol that is more cost-efficient than competitors.
What Problems was Solana Built to Alleviate?
Solana was designed to provide unmatched scalability to the market. The protocol leverages a proprietary architecture to make this possible. Notably, Solana is capable of 29,171 transactions per second. When compared to Ethereum’s 15 tps, it’s obvious why a developer would choose to migrate their protocols to Solana. Solana’s developers solve this problem by enabling transaction throughput to scale proportionally with network bandwidth.
Solana helps to provide more decentralization in the market. Unlike Polygon, Solana seeks to compete with Ethereum directly rather than enhance its ecosystem. This competition is needed to help keep innovation up and fees lower. Solana provides decentralization through the use of a custom-built blockchain.
How Does Polygon Work?
Polygon eliminates the technical barriers associated with blockchain creation on the Ethereum network. The protocol introduces One-click deployment which makes the entire process as simple as possible. The network also provides access to a growing number of modules that streamline development further.
These modules include the most important aspects of blockchain creation. For example, there are modules that cover consensus, staking, governance, EVM/Ewasm, execution environments, dispute resolvers, and much more. This plug-and-play style of blockchain development opens the door for large-scale adoption of the technology.
The network introduces the messaging system that enables Ethereum-based networks to communicate directly. The protocol leverages Polygon’s unique multi-layered structure. The network has four separate layers that work together to provide fast transactions and smart contract execution.
Notably, there is a layer that operates like Ethereum to provide a seamless conversion for developers. This layer handles staking and finality. It also is the main protocol responsible for inter-blockchain messaging. The security layer handles validation services and validators.
How Does Solana Work?
Solana also leverages a unique structure to provide secure and scalable decentralized services to the market. The protocol leverages a system called Turbine that operates as a broadcasting system. Solana also integrates parallel smart contracts on its proprietary Sealevel protocol. This structure enables the network to execute thousands of smart contracts at the same time which expands its scalability considerably.
Cloudbreak is the accounts database for the network. This system is more advanced than its predecessors in that it can read and write data at the same time. This strategy helps to eliminate congestion further and improves the network’s overall efficiency. Cloudbreak works with Archivers. Archivers are nodes that store the ledger. They also provide this information to the rest of the network when requested.
How to Buy Polygon (MATIC) and Solana (SOL)
Currently, Polygon (MATIC) and Solana (SOL) can each be purchased on the following exchanges.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is our most recommend exchange for USA residents. (Excluding New York & Washington state)
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from purchasing most tokens. Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
Polygon (MATIC) Vs. Solana (SOL) – Top Options for Developers
Polygon and Solana provide another layer of efficiency to the market. These protocols help to drive blockchain adoption by simplifying the creation of these networks. You can expect to hear a lot more from both of these systems as they have their respective niches in the market. As such, both may be wise to integrate into your crypto trading strategy moving forward.
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