Indigena Market now offers Multi-blockchain support across the Ethereum, Polygon, Binance blockchains. This guide briefly explains the differences between them.
Official Website: ethereum.org
Ethereum is a decentralized, open-source blockchain with smart contract functionality launched in 2015.
Ether is the native currency of the Ethereum network and it’s commonly abbreviated to ETH, which is its ticker symbol. Ethereum, like Bitcoin, currently uses a proof-of-work mining model. In proof-of-work, miners are decentralized computers that use their computing power to process and confirm transactions. In Ethereum, new transactions get added in “blocks” every 15 seconds. Miners are a built-in mechanism of the Ethereum blockchain and get paid in ETH.
ETH is used to pay transaction fees (known as gas fees) on the Ethereum blockchain. Indigena Market has no say in setting gas fees – they are determined by supply/demand and fluctuate according to network usage.
Official Website: polygon.technology
Polygon (previously known as the Matic Network) is a separate blockchain that provides scalable, secure and instant transactions with Ethereum currencies like ETH, USDC and DAI.
As one of the first scaling solutions for Ethereum, cryptocurrencies must be “bridged” from Ethereum’s blockchain to Polygon. Think of Polygon as a sibling to Ethereum, the currencies are similar, but the two blockchains have slight differences.
Beginning in July 2021, users can use Polygon to create, buy and sell NFTs without paying transaction fees, essentially creating a gas-free marketplace.
Official Website: https://www.binance.com/en
Launched in July 2017, Binance is the biggest cryptocurrency exchange
globally based on daily trading volume. Binance aims to bring
cryptocurrency exchanges to the forefront of financial activity globally.
The idea behind Binance’s name is to show this new paradigm in global
finance — Binary Finance, or Binance.
Aside from being the largest cryptocurrency exchange globally,
Binance has launched a whole ecosystem of functionalities for its users.
The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet and Research projects,
which all employ the powers of blockchain technology to bring new-age finance to the world.
BNB is an integral part of the successful functioning of many of the Binance sub-projects.
Future Blockchains to be Implemented to Indigena Market