Ethereum’s move to POS means a lot for Polygon. Know more👇
Ethereum shifted from a Proof of Work consensus algorithm toward a Proof of Stake protocol, becoming greener and more efficient in the event of being called Ethereum Merge. The Ethereum Merge news has taken over the crypto industry as it is considered to be one of the most significant events in crypto history 😵💫.
While Ethereum moves towards the proof of stake consensus algorithm, it will also affect other blockchain networks in the industry ⛓️️. Polygon, the Layer 2 scaling network for Ethereum, will be one of the blockchain networks most affected by this change. Let’s take a look at how Ethereum Merge will affect Polygon and the corresponding projects.
Polygon and Ethereum Merge
Initially, Ethereum utilized a Proof of Work consensus algorithm to secure the network, validate data and record it on the blockchain network. However, after the change, it will work on Proof of Stake, which is faster, greener and more efficient. Ethereum will become future-proof like Polygon and will cut back CO2 production tremendously.
Moreover, the Merge will lay the foundation for Ethereum’s next phase, The Surge, where it will unveil more upgrades such as sharding to increase the network capacity. This update will also help Polygon by making it the go-to transaction layer for the builders and users. Moreover, the future of Polygon and Ethereum is symbiotic and will benefit all the projects developed on the blockchain network.
However, Regardless of the Merge, Ethereum will be unable to compete with Polygon’s peak speeds and costs. Polygon is difficult to surpass in terms of speed and scalability, with up to 65,000 transactions per second and a significantly faster than average block confirmation time of less than two seconds. With high transaction speed, low fees and the security of Ethereum, Polygon has already cemented its position as “favourites” among developers.
Projects Developed On Polygon
As mentioned ealier, Polygon is already one of the go-to blockchain networks for projects such as AdLunam. The widely popular projects utilize fast, low-cost and scalable features of Polygon to develop an IDO launchpad based on a proof-of-attention allocation model.
Speculations are ripe about reliability surrounding the Merge. ETH 2.0 is projected to to have issues but Polygon is confident that it will have a limited effect till solutions are available. This is an excellent opportunity for Polygon-based projects to provide secure and profitable investment alternatives to new users while also expanding their customer base.
Speaking of AdLunam, it is an Engage to Earn project where the investors are allocated funds based on their activity with the project. This helps in creating a fair allocation environment while ensuring that the project builds an active community before the IDO itself. It is the industry’s first NFT-integrated Engage to Earn seed crowdfunding and IDO launchpad that uses a Proof of Attention model built on Polygon Network.
