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.
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.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.