Polygon vs IoTeX

Polygon, formerly Matic Network, is a blockchain platform designed to establish a multi-chain system compatible with Ethereum. It employs a proof-of-stake consensus mechanism similar to Ethereum for on-chain transactions, with its native token being POL. Functioning as a "layer two" or "sidechain" scaling solution alongside Ethereum, Polygon facilitates quicker transactions and lower fees. Its inception aimed to tackle Ethereum's major challenges, including high fees, subpar user experience, and limited transaction throughput, aspiring to create an "Ethereum's internet of blockchains" or a multi-chain ecosystem of Ethereum-compatible blockchains.

IoTeX is a blockchain platform designed specifically for the Internet of Things (IoT) industry. It aims to address the scalability, privacy, and security challenges associated with connecting billions of devices to the internet. IoTeX utilizes a unique architecture that combines blockchain, decentralized identity, and secure hardware to create a trusted and privacy-centric infrastructure for IoT applications. It offers lightweight and efficient consensus mechanisms, support for trusted computing environments, and privacy-preserving techniques such as zero-knowledge proofs.