What are the drawbacks of using Polygon in the cryptocurrency industry?

3 answers

• Dec 27, 2021 · 3 years ago
  One of the drawbacks of using Polygon in the cryptocurrency industry is the potential for centralization. As more projects and users flock to Polygon, the network may become more centralized, which goes against the decentralized nature of blockchain technology. This concentration of power in a few hands could lead to issues such as censorship and control over the network. However, Polygon is actively working on mitigating this concern by introducing mechanisms like PoS checkpoints and decentralized governance.
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• Dec 27, 2021 · 3 years ago
  Another drawback of using Polygon is the reliance on Ethereum as the underlying blockchain. Since Polygon is built as a layer 2 solution on top of Ethereum, any scalability or security issues on the Ethereum network can directly impact Polygon. This interdependence can create vulnerabilities and potential bottlenecks, especially during periods of high network congestion on Ethereum. However, Polygon's team is continuously working on improving the network's resilience and exploring interoperability with other blockchains to address this limitation.
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• Dec 27, 2021 · 3 years ago
  From BYDFi's perspective, one potential drawback of using Polygon in the cryptocurrency industry is the limited number of supported assets. While Polygon offers compatibility with a wide range of Ethereum-based tokens and assets, it may not support all cryptocurrencies available in the market. This could restrict the choices available to traders and investors who rely on a diverse portfolio. However, it's worth noting that Polygon's ecosystem is rapidly expanding, and more assets are being added regularly to address this limitation.
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