A polygon is defined as a plane figure with at least three straight sides and angles, and typically five or more. Its etymological root derives from the Greek word ‘polygon’, meaning many angles, and it is through these very multifaceted characteristics that Polygon presents itself: offering novel approaches to create direct, efficient and cost effective pathways for buyers and sellers.
Formerly known as “Matic Network” where it was founded in 2017, Polygon has captured the interest of the NFT world in the last two years. In January 2020, one MATIC — Polygon’s native token — was valued at £0.02; by December 2021, it hit a high of £2.18, which is a 10800% increase in just under a year.
What is Polygon exactly? And how does it work?
Polygon is a layer 2 scaling solution, meaning it is built using the foundations Ethereum’s infrastructure, borrowing advantageous feature such as hyper-security, but adding novel features that improve speed, cost, and scalability. Rather than being a simple scaling solution– like its predecessor Matic Network– Polygon has upgraded its design for launching interoperable blockchains. Polygonn takes processing and storage off the Ethereum main chain allowing cheaper and faster transactions, as opposed to deploying decentralized applications, also known as dapps, directly on the main network.
Polygon’s PoS, also know as Proof of Stake, consumes electricity energy far below PoW, also known as Proof of Work, as it does not require extra energy to prove trustworthiness. As well as being cheaper, and faster, Polygon also produces far fewer carbon emissions than other blockchains. Polygon cultivates sensitivities to the inclusion of a green future, alongside its promise for a digitalized future, both of which point in a direction where energy and physical resources can– and urgently must– be sufficiently reduced.
In addition to cost, speed and environmental effectiveness, Polygon, is also designed to create a future where distinct blockchains do not operate as proprietary communities, but rather as networks that fit into an interconnected and democratic landscape. Through the use of smart contracts, we see a reduction of enforcement costs, fraud losses, and most importantly, intermediators.
What does this mean for collecting NFTs that use Polygon as their infrastructure?
A boarderless exchange system means that users can interact with decentralized products and organizations, without being slowed down by all the middle men that guard them. Market places such as Uncontaminated that use Polygon, are working towards tailoring these smart contracts to allow for efficient and direct transaction between artist and collector, split payment, and avoidance of additional fees.
In a world where the space between artist and collector has for years been mediated by middlemen and decentralized institutions, these smart contracts offer a radical and egalitarian solution where artists and collectors can exchange directly, and democratically.
The multifaceted nature of Polygon brings with it remarkable opportunity, that will only continue to grow within the coming years. Marketplaces like Uncontaminated, and others that use Polygon and its smart contracts, are growing a more cost effective, efficient, and democratic future for both artists and collectors within the NFT world. Exchanges through Polygon are not only secure and user friendly, but are radically navigating new pathways within the wild web that is the digitalized art climate.
