What is PolyNetwork? Things to know about the Poly Network project

• What is PolyNetwork?
• Mechanism of action
• Structure of Poly Network
• How Poly Network works
• Development roadmap
• summary

What is PolyNetwork? 

Poly Network is a network used to connect other blockchains , making it possible for these chains to communicate with each other, and allowing people to exchange assets between these chains more easily. The mechanisms of Poly Network are a bit complicated and somewhat outdated because the project has been around for a long time. However, we cannot deny that the project still does a great job in meeting the needs of users. 

Poly Network was born to solve the problems of connecting blockchains by providing cross-chain interoperability. 

Basically, Poly Network has two main operations: write and read. These two activities are responsible for providing the foundation for Poly Network to build more high-level activities, such as asset transfer, asset exchange, cross-chain contract calling, etc.

Poly Network is not only a bridge to transfer assets that are cryptocurrency tokens, but also supports cross-chain NFT transfers, creating a flat world in the DeFi economy. In addition, Poly Network also supports multi-chain governance and token issuance on many different networks. 

Besides, Poly Network also provides developers with a platform to build cross-chain interactive Dapps. However, because Poly Network's technologies are complex and somewhat outdated, the ecosystem is still underdeveloped. Some typical projects in the Poly Network ecosystem include: ChainSwap, MDEX, Poly Bridge, Wing, Zil Bridge... 

Mechanism of action

Structure of Poly Network

Poly Network has 3 main components: SRC_Manager, Relayer, DST_Manager.

• SRC_Manager: This is the cross-chain management contract on the parent chain, where messages are received and transmitted.
• Relayer: The person who forwards messages on the Poly Network. 
• DST_Manager: A cross-chain management contract on the destination chain, where the message is received and transmitted. 

How Poly Network works

The figure above is an example of cross-chain asset transfer, consisting of 7 steps as follows: 

Step 1 : The user executes a transaction order on the Dapp and this Dapp is responsible for transferring the order to the SRC Chain.

Step 2 : At SRC Chain, assets will be locked and messages will be generated.  

Step 3 : Then Relayer at SRC Chain will have the task of transferring the message to Poly Chain. 

Step 4 : Next, SRC Chain will transfer proof to Relayer in DST Chain.

Step 5 : After Poly Chain authenticates the message, it will forward the message to the Relayer in DST Chain. 

Step 6 : Relayer at DST Chain will check the message and proof sent from SRC Chain to see if they match. If it matches then the message will continue to be forwarded to the DST Chain. 

Step 7 : Finally, the DST Chain will take over the task of executing the message. 

Poly Chain validates transactions according to the PoW consensus mechanism, so the node that completes the verification first will receive the entire transaction processing fee. 

Development roadmap

Below is the development roadmap set out in August 2021. Up to now, the basic roadmap of Poly Network has been completed. 

summary

Above is some basic information about the Poly Network project. Although the project has been launched for a long time, the information about the development team, investors, Tokenomics has not been announced by the project. TraderH4 team will update as soon as there is information from this network.

Poly Network was attacked by Hackers and since then the project, as well as the ecosystem, have not been able to develop. However, at present, Poly Network is still maintaining operations with the total transactions that the network handles is more than 965,000 transactions, the cumulative transaction volume is 16.6 billion USD, TVL is 359.6 million USD.

If you are interested in the Poly Network project, you can follow social networking sites such as:

Website | Twitter | Medium | Discord

• Poly Network was stolen more than 611 million USD by Hackers
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