Polygon Network Sures Ethereum in of Active s 4r2c6o Technology News

Last weekend, the Polygon blockchain added over 500,000 new s, making for an 18 percent monthly growth in the -base. 2w651y

By Radhika Parashar | Updated: 8 October 2021 13:51 IST

Polygon Network Sures Ethereum in of Active s

Polygon blockchain helps Ethereum-based interfaces to work in sync 731q2b

Highlights

The Polygon network has more s than Ethereum blockchain
The spike in Polygon -base is driven by popularity of NFTs
The Polygon network however, is not very secure in itself

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With fresh additions of over 566,500 s, the Polygon blockchain network has witnessed a significant growth of 18 percent in the last one month, a research report by Polygonscan revealed recently. The network has now sured the popular Ethereum blockchain network – in of -base. Ethereum is the second most-valued blockchain in the world after Bitcoin. This is the first time ever that the number of s of the Polygon network has exceeded that of Ethereum, which only recorded a 0.6 percent increase in its -base in recent days.

Ethereum is an open source public blockchain network that allows people to send cryptocurrency to anyone for a minor fee. The network powers a bunch of applications that can be used by everyone and cannot be taken down by anybody. This programmable blockchain allows people to transact in digital money without the involvement of banks or brokers. It also serves as a marketplace for financial services, games, and apps without censoring them, as per Ethereum.org.

The Polygon network, on the other hand is a framework that is used for developing such blockchain networks that can be interlinked with the Ethereum network. With the Polygon blockchain, full-fledged multi-chain systems can be created that can work in sync with other interfaces built on Ethereum. As per Polygon.technology, the network maintains better security while resolving issues associated with blockchains – like slow speeds and high transaction fees.

Russia Working on Crypto Law to Safeguard ‘Non-Professional’ Investors

The native coin of Polygon has also been performing well in recent days despite major market instability caused due to China's crypto crackdown. As of Friday, September 8, Polygon (MATIC) gained value by 3.59 percent and is trading at $1.36 (roughly Rs. 102). In a report, Cryptopolitan.com had claimed that investors view Polygon as a safe and stable crypto-investment option.

It's however noteworthy that the Polygon network is not as “secure” in itself as it needs to be. In August, for instance, the Polygon network was hacked and the attackers reportedly stole $600 million (roughly Rs. 60 crores) worth of crypto assets.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More