In our previous blog we discussed G² as a BSC project and that a key factor in rebranding to GigaHashGaming was to migrate the contract to Polygon. So why did we think Polygon would be the perfect chain for GHG?
Here’s some technical analysis of Polygon:
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 19,000+ decentralized applications hosted, 1.6B+ total transactions processed, ~142M+ unique user addresses, and $5B+ in assets secured.
What is Polygon?
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting two major types of solutions:
Secured chains (aka Layer 2 chains): Scaling solutions that rely on Ethereum for security instead of establishing their own validator pool. Polygon will support other major Layer 2 solutions such as Optimistic Rollups, zkRollups, Validium, etc, thus basically becoming a one-of-a-kind “Layer 2 aggregator”.
Secured chains are a good fit for (1) applications that require the highest level of security and (2) startups, i.e. young projects and communities (unable to establish a sufficiently decentralized and secure validator pool.
Polygon has acquired Hermez, a decentralized zero-knowledge rollup that greatly scales and reduces the cost of payments and transfers on the Ethereum network, with a focus on supporting community-driven projects through its original Proof-of-Donation mechanism. The Polygon Hermez team will focus on developing an advanced version of its zkRollup for payments, as well as delivering a zkEVM: a fully compatible zero-knowledge Ethereum Virtual Machine.
Stand-alone chains (aka Sidechains): Sovereign Ethereum sidechains, normally are fully in charge of their own security, i.e. with their own validator pool. Stand-alone chains offer the highest level of independence and flexibility, with the tradeoff of a normally lower level of decentralization and security. These chains’ architecture can be adjusted so they at least partially inherit security from Ethereum. One good example of such architecture is the aforementioned Matic POS Chain which uses Ethereum for validator staking and periodical finality checkpoints.
Stand-alone chains are often a good fit for (1) enterprises, (2) projects that do not require the highest level of security, and (3) established projects with strong communities (capable of running a sufficiently decentralized and secure validator pool).
Additionally, Polygon SDK will support and offer a number of auxiliary solutions and products which will extend Polygon functionalities, improve the developer experience and introduce support for specific use cases. Examples of such solutions and products include:
Inter-chain messaging protocols and modules;
Data availability services;
Shared security services;
Adaptors for external blockchain networks;
Enterprise modules and products;
Premium products and solutions etc.
Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc, but with at least three major upsides:
It is able to fully benefit from Ethereum’s network effects. This is because it is built as an integral part of the Ethereum ecosystem, while the aforementioned projects are competing ecosystems built from scratch.
It is inherently more secure. Polygon uses Ethereum, the most secure and battle-tested programmable blockchain in the world, as the economic hub and source of security. In contrast, the competing projects use recently launched and less expressive chains for this purpose.
It is more open and powerful, primarily in terms of the architecture types it can support. This is because (1) Polygon is built on Ethereum, so it can trivially incorporate basically any scaling or infrastructure solution from the Ethereum ecosystem, and (2) we fully adopt Ethereum’s ethos of open innovation and we designed Polygon with it as one of the main design goals.
An important and little-known fact to note here is that Ethereum is already the biggest multi-chain system in the world. Its ecosystem organically developed and grew and it currently encompasses:
50+ EVM networks (source);
Hundreds of enterprise chains;
Dozens of Layer 2 implementations.
With Polygon, we are introducing structure to this organic ecosystem and providing a framework to grow it further and faster.
And What Happens To Matic?
Keeping everything above in mind, it is very important to stress that all the existing Matic solutions and implementations, primarily Matic PoS Chain will REMAIN FULLY FUNCTIONAL and will continue to be developed and grown as very important components of the Polygon ecosystem. These implementations will not be impacted or changed in any way, and NO ACTION IS REQUIRED from developers or end-users. With Polygon we are just expanding the suite of solutions we want to offer to the community, and all the existing solutions and implementations will continue to exist and operate as integral parts of this extended platform.
In this new paradigm, the $MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
The founders and the Polygon team will all continue to work in an unchanged way under the new brand. However, we are aware that in order to build Polygon and achieve its powerful vision we will need an even stronger team. We are actively hiring across different verticals including Growth & Tech (feel free to reach out to us!) and we will be introducing several great additions to the team in the coming period, so stay tuned!
As already stated above, we consider Polygon an integral and important part of the Ethereum ecosystem, and we will always strive to work in the best interest of Ethereum and its amazing community and users. In regard to this, we are excited and humbled to announce that some of the most prominent Ethereum community members have already recognized the potential of Polygon, joined us as advisors, and will be helping us with our efforts:
Hudson Jameson (Ethereum Foundation)
Ryan Sean Adams (Bankless)
Anthony Sassano (EthHub)
John Lilic (ex ConsenSys) and others.
Taking all that into account it is easy to see why the team chose to develop on Polygon. The super fast network and extremely low gas fees for transactions have enabled the lottery smart contract to be fully utilised with tens of thousands of purchases to date all at fees unimaginable on alternative chains.
Furthermore, as the development team roll out the gaming arcade, the ability to scale the project is limitless, especially as Polygon Network offer unrivaled support to projects on the chain.
About Polygon Studios
Polygon Studios is the Gaming and NFT arm of Polygon focused on growing the global Blockchain Gaming and NFT industry and bridging the gap between Web 2 and Web 3 through investment, marketing, and developer support. The Polygon Studios ecosystem comprises highly loved games and NFT projects like OpenSea, Upshot, Aavegotchi, Zed Run, Skyweaver by Horizon Games, Decentraland, Megacryptopolis, Neon District, Cometh, and Decentral Games. If you’re a game developer, builder or NFT creator looking to join the Polygon Studios ecosystem, get started here.
In conclusion, the Polygon migration was smooth for GigaHashGaming and there has been hugely positive benefits to the move. The welcome and support of Polygon’s teams, to the high speed, low cost transactions and the ability to scale the project easily means we would have no hesitation recommending Polygon to any projects considering launching on the blockchain.
Join us next week as we discuss the imminent launch of the Gaming Arcade and our vision for its development.