Polygon Smart Contract – Overview

Polygon Smart Contract – Overview

Polygon Smart Contract – Overview

In 2021, Matic Networks, which was layer 2 of the Ethereum blockchain, announced its rebranding and is now known as Polygon.

Because of the total deployments on Ethereum due to the heavy traffic, a need for another solution arose. So, they created another layer to extend Ethereum’s scalability: Polygon is this exact solution.

Here we will explore Polygon Smart Contract, its functions, and what it wants to achieve.

What is Polygon? How does it Work?

Powered by Matic, Polygon is a cryptocurrency and a technology platform where blockchain networks and projects can interconnect. It’s the second layer running alongside the Ethereum blockchain. Thus, the Polygon technology platform uses the Ethereum blockchain for operating and network connection. And this function gives Polygon the safety and liquidity of Ethereum.

Developers can use Polygon for launching preset blockchain networks following their needs. Later they can be customized, as the platform offers a wide variety of modules. Polygon’s solutions provide different enhancements, including transaction costs, speed, and safety, compared with Ethereum. Fees, transactions, and staking are done with Matic, which is the network’s cryptocurrency.

The main chain of the Polygon platform is a PoS (Proof-of-Skate) sidechain. Polygon supports smart contracts, Ethereum consensus, and Matic token. Here Matic is used as a staking token for transactions validation and network upgrades vote.

Polygon’s Architecture

The structure and system of Polygon are composed of four key components:

  • The Ethereum Layer
  • Security Layer
  • Polygon Network Layer
  • Execution Layer

The first one is the Ethereum layer. It’s originally a set of smart contracts supplied on Ethereum. The main functions of these smart contracts are staking, transaction management, and communication between Polygon and Ethereum chains.

The next one is the security layer. It stays alongside Ethereum and provides an additional safety layer for chains. It’s important to note that these two layers are optional.

The remaining two layers are mandatory. The first one is the Polygon network layer. It serves as an ecosystem for blockchain networks to be built. And the last one is the execution layer. Its primary purpose is to execute smart contracts.

Chains based on the Polygon platform can easily communicate with each other due to the platform’s arbitrary message passing abilities.

How to Deploy Smart Contracts on the Polygon Network?

What are smart contracts used for, and what’s their function?

Smart contracts are mainly for eliminating third parties’ involvement in the platform. The primary functions are ensuring accuracy, transparency, and high speed of interaction between communities and a project. And If smart contracts are written correctly and accurately, they can provide complete safety of the transaction process.

Below, we will explore the steps you need to follow to successfully deploy smart contracts on the Polygon platform.

Connecting your MetaMask Wallet to the Polygon Mumbai Test Network

The first and most important thing is to connect your wallet to the Polygon Mumbai test network(Polygon Mumbai testnet is the name of Polygon Network).

Follow the steps below to make it done.

  1. Open your MetaMask
  2. Go to “Settings”
  3. Click the button “Add Network”
  4. Fill in the required information: Network name, URL address, Currency symbol, Chain ID, Block Explorer URL

Adding Tokens from Polygon to Your Wallet

As you are deploying your contract to Polygon Mumbai Testnet, you will need to pay related transaction fees with real tokens. As we already mentioned above, the Polygon network uses MATIC tokens for all transactions on the platform.

You can add tokens to your wallet in two ways.

  • Transfer the token to your wallet after purchasing $MATIC on an exchange.
  • Or you can use faucets and get real $MATIC tokens.

After completing these steps, your MetaMask wallet should already be connected to the Polygon network.

Creating a Polygon Node

You can create a Polygon node on Alchemy:

  1. Go to the dashboard on Alchemy;
  2. Click the button “Create app”;
  3. Enter a name and description;
  4. For the “Environment” field, choose “Production,” for “Chain,” select the option “Polygon,” and for “Network” – “Polygon Market”;
  5. Afterward, click the button “Create Polygon node.”

When the process is complete, you will be redirected to the Alchemy dashboard, where you will be able to see your newly created app.

Deploying Smart Contracts

We have already reached the most critical part: writing your contracts and deploying.

You can use Remix for writing Solidity contracts. Right after, you can already deploy them to the Polygon Network. For deploying, you can use truffle-config: for Mac users, it’s truffle-config.js, and for Windows users, it’s truffle.js.

Polygon: Strengths and Weaknesses

In case you are going to buy MATIC and use the platform of Polygon, it’s recommended to have a look at its advantages and disadvantages first.

So here are some of the strengths you included:

  • Quick Transactions: Fast transaction speed is one of the most vital points of Polygon Network. It uses a consensus mechanism that helps to complete transactions in a single block.
  • Low Transaction Fees: Gas fees on the Polygon platform are very low. The typical transaction fee on Polygon is $0,01. It’s cheaper compared with other competitors in the blockchain field.
  • Great Option for Decentralized Finance Apps: You can purchase Polygon (MATIC) on almost all major decentralized and centralized cryptocurrency exchanges, including Kraken, Uniswap, Coinbase, Bittrex, Binance Exchange, KuCoin, Huobi Global, and others.
  • Scaling and Staking Rewards Offers: Another benefit of the Polygon platform is the ability to stake Matic to earn rewards from securing the network.

Among the weaknesses you may need to consider are:

  • Polygon is not an Autonomous Blockchain: As you already know, Polygon is a Layer 2 solution that works in sync with Ethereum. So in case any severe incident connected with Ethereum happens, the Polygon Platform will likely lose its value.
  • Limited Use Options of MATIC: MATIC can be used only for specific transactions, unlike other cryptocurrencies. You can’t use it for everyday purchases.

Conclusion

In the last year, the Polygon Network has exploded as a possible solution for Ethereum. It caught the attention of many decentralized finance companies and users who wanted to build their networks on the blockchain platform. Due to low fees, developed safety and protection measures, and other advantages that Polygon offers, it has all the potential in the future to become one of the leading platforms in the financial field.