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What is Polygon? ($MATIC)

Jaiya Gill
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What is Polygon? ($MATIC)

Polygon is a high-throughput PoS blockchain that has become a popular destination for Ethereum builders.

What is Polygon ($MATIC)?

Polygon, formerly known as the Matic Network, is a ‘Layer 2’ / ‘sidechain’ scaling solution for the Ethereum blockchain that aims to make transactions as fast as possible and keep the gas fees as low as possible. Polygon is meant to complement the Ethereum blockchain rather than compete with it.

$MATIC is the network’s native cryptocurrency, which is used for paying fees on the Polygon network, staking for rewards, and contributing to the governance of the network. The project rebranded from Matic Network to Polygon in February 2021 but the native token continues to be named $MATIC.

History of Polygon

Polygon was created in India in 2017 and was originally called the Matic Network. It was the brainchild of experienced Ethereum developers—Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, as well as Mihailo Bjelic.

The Matic Network went live in What is Polygon ($MATIC)?

Polygon, formerly known as the Matic Network, is a ‘Layer 2’ / ‘sidechain’ scaling solution for the Ethereum blockchain that aims to make transactions as fast as possible and keep the gas fees as low as possible. Polygon is meant to complement the Ethereum blockchain rather than compete with it.

$MATIC is the network’s native cryptocurrency, which is used for paying fees on the Polygon network, staking for rewards, and contributing to the governance of the network. The project rebranded from Matic Network to Polygon in February 2021 but the native token continues to be named $MATIC.

History of Polygon

Polygon was created in India in 2017 and was originally called the Matic Network. It was the brainchild of experienced Ethereum developers—Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, as well as Mihailo Bjelic.

The Matic Network went live in 2020 and has attracted some of the top names in the world of decentralized finance, also known as DeFi, including Decentraland and MakerDAO. The Matic Network rebranded to Polygon in February 2021. In August of 2021, Polygon announced its acquisition of the Hermez Network for $250M, allowing polygon to gain a stakeholding in the future of ‘Zero Knowledge’ Ethereum scaling solutions.

How does Polygon work in a nutshell?

Polygon is a sidechain which supports a much higher transaction throughput than Ethereum, it’s most common use is complementary to Ethereum where in tandem with the Polygon bridge users can create transactions on an Ethereum Virtual Machine (EVM) compatible Commit chain. New chains can of course be created on new Commit chains for purpouse driven applications. These chains scale together, allowing potentially 1000’s of them to be created. Because of its high throughput (TPS), Polygon has become a popular destination for DeFi apps in search for a scaling solution.

What is Polygon used for?

Inbetween numerous high-profile collaborations and announcements such as the Reddit App, Rainbow, Starbucks Rewards and the RobinHood web3 app - the future of Polygon development looks bright. Builders are also experimenting with unique and novel applications for the Polygon chain which utilise it’s better UX and high TPS, such as the Lens protocol - which is attemting to build a new framework for a Web3 Social media experience.

Learn more about Polygon

2020 and has attracted some of the top names in the world of decentralized finance, also known as DeFi, including Decentraland and MakerDAO. The Matic Network rebranded to Polygon in February 2021. In August of 2021, Polygon announced its aquazition of the Hermez Network for $250M, allowing polygon to gain a stakeholding in the future of ‘Zero Knowledge’ Ethereum scaling solutions.

How does Polygon work in a nutshell?

Polygon is a sidechain which supports a much higher transaction throughput than Ethereum, it’s most common use is complementary to Ethereum where in tandem with the Polygon bridge users can create transactions on an Ethereum Virtual Machine (EVM) compatible Commit chain. New chains can of course be created on new Commit chains for purpouse driven applications. These chains scale together, allowing potentially 1000’s of them to be created. Because of its high throughput (TPS), Polygon has become a popular destination for DeFi apps in search for a scaling solution.

What is Polygon used for?

Inbetween numerous high-profile collaborations and announcements such as the Reddit App, Rainbow, Starbucks Rewards and the RobinHood web3 app - the future of Polygon’s development looks bright. Builders are also experimenting with unique and novel applications for the Polygon chain which utilise it’s better UX and high TPS, such as Lens protocol - which is attemting to build a new framework for a Web3 Social media experience.

Learn more about Polygon

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