What is Poly Network? Poly Network is a cross-chain support network, launched on August 18, 2020. Poly is backed by Neo and Ontology, two platforms that have taken the Crypto market by storm. So what is Poly Network? Let’s find out in this article!
To understand more about Crosschain, you can read the following articles at Weakhand Website:
- What is Celer Network (CELR)? Celer Network Cryptocurrency Overview
- Working Mechanism of LayerZero, a New Generation Multi-Chain Bridge
- What is Wormhole? Wormhole Cryptocurrency Overview
- Bridges: Design, Trade-offs, and Opportunities
- What is Axelar Network (AXL)? Axelar Network Cryptocurrency Overview
- What is LayerZero? LayerZero Cryptocurrency Overview
What is Poly Network?
Poly Network is a network designed to connect other Chains, helping Chains communicate with each other and people easily exchange assets. Because it was born early, Poly Network’s mechanism is a bit complicated and outdated. However, the project is still active and developing until today.
To solve the problem of connecting blockchains, Poly Network has introduced the definition of cross-chain interoperability. It is basically divided into two main operations: write and read operations. All high-level operations (such as transferring assets, exchanging assets, calling cross-chain contracts,…) are possible. is built using these two basic blocks.
Poly Network is not only a bridge for users to transfer Token assets between networks, but it also supports cross-chain NFT transfers. This helps create a flat world in the DeFi economy. Additionally, Poly also supports multi-chain governance and token issuance across multiple networks.
Poly Network is also a platform for building cross-chain interactive dApps. Although it has been around for a long time, the ecosystem is still underdeveloped. Some typical faces in the Poly Network ecosystem such as: ChainSwap, MDEX, Poly Bridge, Wing, Zil Bridge,…
Mechanism of Action
Structure of Poly Network
Poly Network is composed of 3 main parts SRC_Manager, Relayer, DST_Manager:
- SRC_Manager: Is a cross-chain management contract on the source chain. Is the point where messages are received and transmitted
- Poly Chain: Is the layer that authenticates messages and data according to the dynamic Pow mechanism.
- Relayer: Was a retweet on Poly’s active thread.
- DST_Manager: Is a cross-chain management contract on the target chain. Is the point where messages are received and transmitted.
Poly Network’s operating mechanism
The picture above is an example of cross-chain asset transfer, consisting of 7 steps and specifically taking place as follows:
- The user executes a command on the dApp, the dApp will transfer the command to the SRC Chain.
- At SRC Chain, assets will be locked and messages created.
- Then the Relayer in SRC Chain will support transferring messages to Poly Chain.
- SRC Chain sends proof to Relayer in DST Chain.
- After Poly Chain authenticates the message transferred from the Relayer at SRC Chain, it will transfer the message to the Relayer at DST Chain.
- The Relayer at DST Chain will authenticate the message and proof sent from SRC Chain to see if they match each other. If there is a match, the message will continue to be forwarded to the DST Chain.
- DST Chain executes messages.
Poly Chain authenticates according to the Pow consensus mechanism, so here the node that completes the validation first will receive the entire fee of the order.
The above is just the operating process simplified to the maximum. If you want to learn more details, you can read the 41-page Whitepaper of the project provided here!
Development Roadmap
This is the roadmap proposed in August 2021, so far the basic roadmap has been completed.
Core Team
Updating…
Investors
Updating…
Tokenomics
Updating…
Exchanges
Updating…
Poly Network’s Information Channel
- Website: https://poly.network/#/
- Twitter: https://twitter.com/PolyNetwork2
- Medium: https://medium.com/@polynetwork
- Discord:
Summary
Although the network has been around for a long time, being attacked by hackers has made both the project and the ecosystem unable to develop.
So I have clarified what PolyNetwork is? Poly Network cryptocurrency overview. Hope this article gives you knowledge and a different perspective on the project!
