Thanks for your post. I have questions: 1) What you described is similar to what a lot of altcoins are doing. Where is the USP compared to other altcoins (comparing it to Bitcoin / Ethereum is misleading here in my view)? 2) I am not a fan of deflationary currencies unless they serve as store of value. But you describe here a deflationary currency (max supply + token burn) that is supposed to reduce scaling problems and high network costs. How does that fit together? 3) What about security? So far, no one has been able to solve the trilemma and highly scalable solutions usually have a security problem. After all, Polygon was already the victim of a major attack last year. 4) If I interpreted your post correctly, the primary goal is to scale Ethereum. I.e. without Ethereum, Polygon is useless. Why not invest in Ethereum right then? Analogy: no doubt Alphabet is a very good investment. However, if I had the opportunity to invest directly in the internet as a whole, I would clearly prefer that to an investment in Alphabet. thank you
•
11
•
@DonkeyInvestor
These are indeed very good and legitimate questions. I'll try to answer them from my point of view without doing any extra research: 1. I'll be honest: I haven't dealt with any altcoin as intensively as I have with Polygon, and it's quite possible that other altcoins cover the same use cases and do it similarly well (or maybe even better) than Polygon. However, the user growth, the growth in the number of dApps and the number of partnerships at Polygon rather shows me personally that Polygon probably does a lot better than the competition. Maybe the USP right now is really just doing use cases around Ethereum "most affordable" and fastest. In the future, however, Polygon's USP could be that it offers scaling options for every conceivable use case in the Web3 area (the developers keep emphasizing that they want to become the Amazon Web Services in the Web3 area). An overview of all the scaling options that already exist and are in development can be found on the homepage: https://polygon.technology. 2. In fact something I have not thought much about so far. Could of course become a problem in the future (so far everything seems to work out). The debate about inflationary and deflationary coins is just another thing in itself and I can not answer you now so conclusively. 3. Of course, the security issue plays a big role in all cryptocurrencies. I would like to tell you now that everything is bombproof with Polygon for the reasons x and y, but for that I have 1. not dealt enough with the topic of security in detail and 2. probably every system has its gaps and vulnerabilities somewhere. Polygon regularly organizes bug bounties [1], which means they really actively search for security holes and try to close them early. I think this is a very good approach to improve the security of the network in the long run. 4. Theoretically, Polygon could also transfer the applied PoS technique with the sidechains to other blockchains (Here: [2] also says that they want to do this in the future). Personally, I certainly don't think ETH is a bad investment either (no investment advice), but I just see more potential in Polygon (ETH currently has about 27 times the valuation of Polygon by market cap) [1] https://immunefi.com/bounty/polygon/ [2] https://docs.polygon.technology/docs/home/faq
These are indeed very good and legitimate questions. I'll try to answer them from my point of view without doing any extra research: 1. I'll be honest: I haven't dealt with any altcoin as intensively as I have with Polygon, and it's quite possible that other altcoins cover the same use cases and do it similarly well (or maybe even better) than Polygon. However, the user growth, the growth in the number of dApps and the number of partnerships at Polygon rather shows me personally that Polygon probably does a lot better than the competition. Maybe the USP right now is really just doing use cases around Ethereum "most affordable" and fastest. In the future, however, Polygon's USP could be that it offers scaling options for every conceivable use case in the Web3 area (the developers keep emphasizing that they want to become the Amazon Web Services in the Web3 area). An overview of all the scaling options that already exist and are in development can be found on the homepage: https://polygon.technology. 2. In fact something I have not thought much about so far. Could of course become a problem in the future (so far everything seems to work out). The debate about inflationary and deflationary coins is just another thing in itself and I can not answer you now so conclusively. 3. Of course, the security issue plays a big role in all cryptocurrencies. I would like to tell you now that everything is bombproof with Polygon for the reasons x and y, but for that I have 1. not dealt enough with the topic of security in detail and 2. probably every system has its gaps and vulnerabilities somewhere. Polygon regularly organizes bug bounties [1], which means they really actively search for security holes and try to close them early. I think this is a very good approach to improve the security of the network in the long run. 4. Theoretically, Polygon could also transfer the applied PoS technique with the sidechains to other blockchains (Here: [2] also says that they want to do this in the future). Personally, I certainly don't think ETH is a bad investment either (no investment advice), but I just see more potential in Polygon (ETH currently has about 27 times the valuation of Polygon by market cap) [1] https://immunefi.com/bounty/polygon/ [2] https://docs.polygon.technology/docs/home/faq
••
@Thomas97 Thanks for the answers from your perspective, by security I meant not so much bugs in the code but actually in relation to the blockchain trilemma.
••