Polygon is a blockchain platform designed to enhance the scalability and efficiency of the Ethereum network. Previously known as Matic Network, Polygon functions as a “layer two” or “sidechain” solution that operates parallel to Ethereum’s main blockchain, enabling faster and lower-cost transactions.
How does Polygon work?
Polygon utilizes various technologies to create a high-speed parallel blockchain and connect it to Ethereum’s main blockchain. Its solutions include:
- Proof-of-Stake (PoS) Sidechain: A sidechain that processes transactions off the main chain, bundling multiple transactions before sending them back to Ethereum, increasing speed and reducing costs.
- zkEVM: A layer 2 network that provides a more cost-effective and faster alternative to Ethereum’s main network, using zero-knowledge proofs to verify transactions.
- Polygon SDK: A development kit that simplifies the creation of decentralized applications (dApps) within the Polygon ecosystem.
The MATIC Token
Polygon’s native token is MATIC, used to pay transaction fees on the network, participate in staking, and engage in governance, allowing holders to vote on network improvement proposals.
History and Development
Founded in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, Polygon was initially launched as Matic Network. In February 2021, the project was rebranded as Polygon Technology, reflecting its expansion beyond a simple Ethereum scalability solution.
Partnerships and Adoption
Polygon has attracted the attention of major companies and projects due to its ability to provide scalable and cost-effective solutions. In November 2022, JPMorgan Chase conducted its first live transaction on a public blockchain using the Polygon network.
Conclusion
Polygon has established itself as a vital solution to Ethereum’s scalability challenges, offering faster and more affordable transactions. With a constantly growing ecosystem and strategic partnerships, Polygon continues to play a crucial role in advancing blockchain technology.
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