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by spapas82
1612 days ago
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As a tl;dr for people not familiar with web3. Doing things in the web3 that change the Blockchain (like buying nfts for example) has a large cost on "gas" (ie fees you pay for your transaction to be included in the Blockchain). These are more that $30 euros and may go up to $80 euros (depending on what you want to do). So if you want to buy an nft for like $30 you will pay $30 more for the ethereum fees. This makes web3 viable only for very expensive stuff, making it more or less non usable and defeating its whole purpose. The solution to that is stuff like polygon which is an ethereum compatible network ( meaning that smart contracts that run on ethereum can be also deployed to polygon without changes) and has minimum fees. The same thing that has $30 fees on ethereum will have line $0.01 in polygon. So polygon can be easily used for all kind of stuff without the need to pay the heavy gas premium. This is possible because polygon uses a different concencus model (proof of stake) than ethereum (proof of work). |
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Does this mean Polygon will become obsolete when Ethereum moves to PoS?