What is Polygon?

Polygon, formerly known as Matic Network, is a multi-chain scaling solution for Ethereum, designed to provide faster and more cost-effective transactions. Launched in October 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, Polygon addresses Ethereum's scalability issues without compromising security. It enables Ethereum-compatible blockchain networks to connect and scale effectively, fostering a multi-chain ecosystem. The native token, POL, is used for governance, staking, and transaction fees.

How is Polygon useful?

Polygon allows developers to build scalable decentralized applications (DApps) without the high costs and slow transaction speeds of Ethereum. It provides Layer 2 scaling solutions such as Plasma, zk-Rollups, and Optimistic Rollups, enabling off-chain computation while ensuring security through Ethereum. This enhances efficiency, lowers fees, and improves the user experience for various blockchain applications.

How does Polygon work?

Polygon employs a modified Proof of Stake (PoS) consensus mechanism to secure its network and manage sidechains. Developers can deploy custom blockchain networks with different basechain options and consensus models. The Polygon SDK offers a modular framework for building applications with seamless Ethereum compatibility.

Transactions on Polygon sidechains are batched, validated by network validators, and confirmed on the Ethereum main chain, reducing congestion and increasing throughput. Validators stake MATIC tokens, while token holders can delegate tokens to earn rewards and secure the network.

Polygon milestones

• Rebranding to Polygon: Transitioned from Matic Network in 2021, expanding to a multi-chain system.

• Polygon SDK Launch: Introduced in 2021, enabling easier development of Ethereum-compatible blockchains.

• zk-Rollups Integration: Acquired Hermez Network in 2021 to enhance transaction efficiency and privacy.

• Polygon 2.0 Upgrade: Announced in 2024, introducing POL token, improved scalability, and cross-chain features.

• 4 Billion Transactions Milestone: Surpassed 4 billion total transactions in mid-2024.

• Strategic Partnerships: Partnered with companies like Nike, Starbucks, and Google Cloud to expand real-world blockchain applications.

Polygon’s commitment to scalability and interoperability has solidified its role as a key player in Ethereum’s ecosystem, driving the development of a more efficient decentralized web.

Buy Polygon (MATIC) on BITmarkets.