![]() From there, you can use the tokens (POS-ETH) to play games in the arcade. You give the arcade employee (bridge contract) your money (ETH) and in turn, they create tokens (POS-WETH, Proof of Stake Wrapped ETH) to use within the arcade (Polygon PoS). This is a little like using tokens in an arcade. This is a contract that will take custody of your assets on the Ethereum side and, after around 7-8 minutes, create a wrapped version of that asset on the Polygon side. To transfer assets from Ethereum to Polygon PoS you will need to interact with the Polygon Bridge. Polygon PoS also has much lower gas fees than Ethereum. Compared to Ethereum’s current 15 transactions per section, that’s a massive difference in speed. Polygon PoS is also fast: It has a theoretical maximum of 65,000 transactions per second. This means you can deploy the same contracts on the Polygon PoS as you do on Ethereum. While this sounds similar to an optimistic rollup since it adds transactions checkpoints to the main chain, it’s essential to understand that Polygon PoS is a separate chain with its own security and trust guarantees. While it provides some of the main benefits of a layer 2, it is in fact a side chain that adds an additional feature: The ability to create checkpoints on the Ethereum main chain. Often, people refer to Polygon PoS as a layer-2 chain. A remnant of this name change is the token used within the Polygon PoS Chain: MATIC. ![]() For instance, Polygon Hermez is a ZK rollup currently live for payments.Īdditionally, Polygon was previously called Matic. Developers are working to expand Polygon to become more than just the Polygon PoS chain, aiming to turn it into a protocol and framework for building and connecting Ethereum-compatible blockchain networks. References to “Polygon” often refer to the Polygon PoS chain, but Polygon is bigger than the chain on which we will be focusing. #Erc 20 tokens how toLet’s look at Polygon, why you might want to use it, and how to get started. To avoid these issues, developers can deploy their dApps to scaling solutions like the Polygon PoS Network. Building on PolygonĪs networks like Ethereum become busier, gas prices increase and transactions take longer. This contrasts with non-fungible tokens (NFTs), which are unique and therefore not interchangeable: You care about which token you own, not necessarily how many. They are fungible, which means they are interchangeable: You don’t care which token you have since they’re all the same, just how many tokens you have. ![]() What Are ERC-20 Tokens?ĮRC-20 tokens are representations of “something” on a blockchain. In this tutorial, you’ll learn how to create an ERC-20 token on Polygon, a layer-2 EVM blockchain that’s lower cost than deploying directly on Ethereum mainnet. ![]() ERC-20 tokens are a key part of transacting on EVM-compatible blockchains and layer 2s. ![]()
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