The difference between Polygon and other cryptocurrencies like Bitcoin or Litecoin is that instead of using Proof-Of-Work (POW) to confirm transactions, it uses - polygon ethereum
delegated proof-of-stake . DPOS allows anyone with enough stake in the network to vote on who will be chosen as block producers or validators. The more coins you hold within Polygon networks, the greater chance you have of being selected as the next block candidate during POS voting rounds. If you are selected as the winner then the transaction fees will be paid out into your account as rewards. This allows the producers to have greater control over how much power they have over the network.
Although, unlike the Ethereum network which is more private and secure, Polygon is more decentralized. However, this gives it better scalability than Ethereum because Polygon counterbalances lesser security with its flexibility. This does not mean that the polygon network is entirely unsafe, just that it is not as secure as its layer1 blockchain .Many people do not understand Ethereum and what it does, but Polygon should be a good way for them to get into blockchain.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mastercard Taps Polygon to Empower Emerging Artists in Web3 Tech – Blockchain Bitcoin NewsThe Mastercard artist accelerator program will use the Polygon network to teach the selected artists how to perform a series of activities that will allow them to cut the middleman with Web3 tech.
Read more »
Man Pleads Guilty to Stealing Bitcoin 'Seized' by US Government – Featured Bitcoin NewsA man has pleaded guilty to stealing over 712 bitcoin that was 'seized' by the U.S. government in another criminal case. $BTC cryptocurrency
Read more »
DOJ Asks Victims of Sam Bankman-Fried's Fraud to Come Forward – Featured Bitcoin NewsThe U.S. Department of Justice (DOJ) has asked victims of former FTX CEO Sam Bankman-Fried's fraud to come forward. SBF crypto cryptocurrency
Read more »
Billionaire Mark Cuban Warns of Next Crypto Implosion Coming From Wash Trades – Featured Bitcoin NewsBillionaire Mark Cuban has warned that the next crypto implosion could come from 'the discovery and removal of wash trades' on exchanges.
Read more »
Report: Federal Prosecutors in New York Probe Digital Currency Group and Subsidiary Genesis – Bitcoin NewsA report alleges that federal prosecutors are scrutinizing transfers between the crypto firms Digital Currency Group and its subsidiary, Genesis.
Read more »
Wyre Announces Modification of Withdrawal Policy, Pushing Topps to Temporarily Suspend NFT Marketplace Transactions – Bitcoin NewsWyre has now announced that it is 'modifying' its withdrawal policy, citing the crypto industry downturn and the 'macroeconomic climate.'
Read more »