After conducting an end-to-end research on all the leading chains in the market, we opted to build UBQFIT’s web3 features on Polygon because we wanted reliable and robust technology for our move & earn product while providing a great experience to UBQFIT members. Below are the major reasons for why we chose Polygon.
Polygon can process “batches” of transactions quickly as a PoS sidechain, which results in low gas costs. The typical cost to make a trade on Polygon is less than one penny. We chose Polygon as the underlying network because it will let members carry out any game transactions such as exchanging, buying, and selling NFTs without having to fork over a lot of money for gas.
Polygon offers more transactions per second speed than the Ethereum main chain. According to Polygon, it can process 7,000 transactions per second. It will allow members to execute app-related transactions at a fast speed and provide them with a seamless gaming experience.
In PoW (Proof-of-work) blockchains, mining transactions and blocks on the blockchain require a staggering amount of processing power. For example, Bitcoin based on POW consensus has high energy consumption.
The Cambridge Center for Alternative Finance (CCAF) estimates that Bitcoin now uses about 110 Terawatt Hours annually, or about 0.55% of the world’s electrical production or about as much energy as tiny nations like Malaysia or Sweden use in a year.
A consensus can be reached on the Polygon blockchain without the usage of mining equipment because of its Proof-of-Stake (PoS) architecture. It chooses stakers at random to validate new network transactions, using 0.00079TWh of electricity annually. So, Polygon is environmentally friendly.
The network has already achieved a number of highlights in the DeFi and GameFi ecosystem thanks to Polygon’s blisteringly fast speed and almost negligible gas prices. A Cointelegraph report recently published in August 2022 has revealed that 37k+ dApps launched on Polygon. In September 2022, it had 170 million+ unique wallets and an active user base of 2.7 million.
Excellent infrastructure is available for Polygon, including the block explorer Polyscan and the liquidity providers Uniswap and 0x. In addition, there are lending mechanisms, onramps, price oracles, indexing, and development tools. It ensures that customers on Polygon have the greatest experience possible utilizing their favorite Dapps, whether it be trading, selling, and purchasing NFTs or playing their favorite game.
The network would be future-proof because of Polygon’s comprehensive approach to scaling solutions in the era of rapid technological innovation. Due to the variety of scaling strategies it offers, Polygon does not run the risk of becoming obsolete.
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