Polygon, formerly the Matic network, is an innovative protocol and development tool that merges the best elements of the Ethereum blockchain and sovereign blockchains into a full-fledged multi-chain system. With the same security and interoperability as the Ethereum blockchain, at the same time, Polygon is cheaper and faster to use.
The current generation of Play-To-Earn games is plagued by high fuel costs and slow transaction speeds, making for a lacklustre gaming experience that can be improved. An ERC20 transaction can take anywhere from five minutes to four hours.
As a popular chain with low fees and fast transaction speed, Polygon is proving to be one of the most promising solutions for Move and Earn and Web3 applications and can handle up to 65,000 transactions per second, compared to Ethereum's 30 transactions per second.
Polygon became carbon neutral with the aim to lead the Web3 ecosystem in becoming the first carbon positive in 2022.
The Polygon network announced on April 19 of 2022, its commitment to become carbon-neutral and climate positive by releasing its Green Manifesto: A Smart Contract with Planet Earth. It also committed $20 million to offset its carbon footprint and purchase additional credits to become carbon neutral.
This means that every transaction, NFT that is minted, DeFi trade, token connected to the network, among others, will be accounted for and rewarded for its environmental impact. Polygon plans to become the first blockchain to be climate positive.