What are the advantages of polygon/MATIC bridge?

In this article, we will discuss what is polygon crypto and what is polygon MATIC token. We will also discuss the features of a MATIC token and its advantages.

What is polygon crypto?

Despite the many advancements and advantages that Ethereum has provided to the cryptocurrency space, such as high-interest being decentralised applications (DApps) and smart contracts, it faces three main challenges. These three challenges include limited options for developers, higher transaction fees, and low throughput.

To address these challenges, polygon was created. Polygon can be described as a decentralised solution that utilises Ethereum blockchain network. Polygon is often described as a scaling solution. Fundamentally, a scaling solution is a method of enabling a system’s expansion by either improving its output or efficiency without hurting the existing practises or operations. Polygon is called a scaling solution because it aims to enhance the speed and minimise the cost of utilising the Ethereum blockchain. The aim of the company is to bring new cost-conscious users into the Ethereum ecosystem, while retaining existing users.

The reason why polygon is able to tackle a number of problems that are regularly faced by the ETH network is that it utilises a side chain or a parallel blockchain that facilitates faster and cheaper transactions. This allows users and developers to create scalable, user-friendly and secure DApps.

What is the polygon MATIC token?

The native token of polygon network is known as MATIC. Since polygon is made on the Ethereum  blockchain, it can only be stored in Ethereum wallets like Eidoo and MetaMask. A surprising fact is that in 2022, polygon has outperformed other cryptocurrencies in the bear market. Another usage of MATIC token is to pay the transactional fees in polygon and participate in Proof-of-Stake (PoS) validation. It is an ERC-20 token, meaning that it is compatible with Ethereum-based digital currencies. By using a variety of decentralised exchange such as Uniswap and Sushishop, individuals can purchase these cryptocurrencies.

What is a polygon Bridge?

A polygon bridge is a medium that is utilised to exchange assets between polygon and Ethereum. It is a two way or a cross chain transaction channel that facilitates communication between two networks. As a result of the bridge, it helps users transfer ERC and NFT tokens to the polygon side, thereby leveraging smart contracts.

How does the polygon bridge work?

As mentioned above, the polygon network is a decentralised platform that provides appropriate infrastructure for scaling solutions related to Ethereum. The benefits of a polygon bridge is that it offers a lesser transaction fees and faster transaction speed.

There are two main methods through which bridging tokens from Ethereum to polygon is made simple. These include ERC20 Bridge and the native Bridge. The ERC20 Bridge is more popular, and allows users to transfer ERC20 tokens from Ethereum to polygon, where the process takes only a few minutes. The native Bridge is a comparatively new method, which allows you to transfer any type of token from Ethereum to polygon, however, the process is slightly more complicated.

Essentially, bridging tokens from Ethereum to polygon is a two-phase process, where you first need to have your tokens on Ethereum, and secondly, you need to utilise the bridge to shift them to polygon. Although there are many methods to do this, the most popular method is using the Ox protocols, which is an open source project that allows ERC20 token to be traded on the Ethereum blockchain. To utilise the Ox protocol, begin by creating an account on the portal and then deposit your ERC20 tokens into the account. Now you can trade your tokens with other users on the portal, and once you have traded your tokens, you can utilise the Ox Bridge to move them over to polygon. To use the Bridge, you must connect Ethereum wallet to the Ox portal. After that, all that is left is to select the number of tokens that you wish to transfer and confirm the transaction.

Another popular method is the MetaMask wallet, where you first need to create a wallet on the polygon network. This can be done by going to the website and clicking on the “create wallet” option. Once the wallet has been created, the user will be granted a mnemonic phrase which will be utilised as a password or a verification code. This is a critical information so, be sure to remember it. Next, it is necessary to add ether (ETH) to your wallet, and this can be done by selecting the “add ETH” option. Once the ETH has been added, you can see it in your polygon wallet.

Advantages of polygon Bridge

The biggest advantage of the polygon bridge is that it focuses on connecting different blockchain networks to provide better flexibility and asset transfers. It is the perfect option for transferring assets between networks through a compatible crypto-wallet. Additionally, it offers a comparatively lesser transaction fees and faster transaction speed. In fact, it only takes a few minutes to transfer tokens using the native bridge.

Conclusion

Polygon is a scalable option that addresses the three main challenges of Ethereum, namely, higher transaction fees, low throughput and limited options. The polygon Bridge is a channel to transfer tokens from Ethereum to polygon and is preferred because of its low transaction fees and faster transaction speed.