Formerly known as the Matic Network, Polygon is a protocol framework for building and connecting Ethereum-compatible blockchain networks by aggregating scalable solutions on the ecosystem.
Fully developed for public use in February 2021, Matic Network rebranded into Polygon with an aim to solve the existing limitations of the Ethereum platform. Some of these limitations developers and their dApps faces include high gas fees, low throughput, delayed PoW final, un-customizable tech stack, and governance dependence.
Polygon a solution through its two major materialized components. The polygon framework performs by deploying presets on the blockchain network that requires only a click, and allows for the growth of modules in the development of custom networks. While the Polygon protocol works by allowing the multi-chain system to offer an interoperability protocol for exchanging arbitrary messages with Ethereum and other blockchain networks. It also offers a non-mandatory, modular security service provided by Ethereum directly or by a dedicated set of validators.
Polygon was rebranded into a technology tagged Plasma, a technology for processing transactions of the blockchain before concluding them on the main Ethereum blockchain network. This double transactional feature gives Polygon an edge over its predecessor’s simple or unitary scaling solution.
Although it is similar to multi-chain systems like Polkadot and Cosmos, it has three advantages compared to these platforms. These upsides are the extra security it provides, the openness and strength, and its ability to allow developers to earn the full benefits of the Ethereum network.
The interoperability of Polygon is in 4 stages and includes the Ethereum layer, security layer, the Polygon networks layer, and execution layer.
The optional or Ethereum layer comprises several implemented smart contracts that handle digital transactions like staking and also serve as a communicant between the Ethereum blockchain and there are different Polygon chains. Also included is the security layer that serves as a validator and provides extra security for the other Polygon chains.
The mandatory or Polygon network layer serves as the backbone of the system on which Polygon was built. The layer houses different Polygon networks and their communities, these networks handle consensus and produce new blocks. Alongside the mandatory Polygon layer is the execution layer that functions as the Polygon’s Ethereum Virtual Machine and executes the already implemented smart contract.
Polygon aims to be an open, borderless platform in which people and machines collaborate and exchange digital value globally without the actions of middlemen or intermediaries.
To achieve this aim, Polygon has created a variety of developing technologies that will support two major types of Ethereum compatible polygon blockchains.
The secured chains include blockchain networks that use the ‘security as a service’ method rather than establishing their own validator pool. The secured chains offer high-level security with a tradeoff of sacrificing a portion of independence and flexibility.
This chain type will include 4 different implementations, although only one is in active use. The four implementations include Matic Pasma (the live one), zk rollups, optimistic rollups, and validium chains.
The stand-alone chains offer the highest level of independence and flexibility, with the tradeoff of sometimes challenging the establishing validator pool. It is perfect for fully sovereign Ethereum-compatible blockchain networks that are fully in charge of their own security.
Additionally, the core team comprises two major materialized components; the polygon network and polygon protocol
Who Are the Founders of Polygon (MATIC)?
The polygon network is founded by a group of Indian developers named Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun who are from Dehli, Mumbai, and Ahmedabad. Their aim was to solve the problem of Ethereum transaction speed and fee.
The core team comprises three aforementioned co-founders and Mihalio Bjelic while the advisory board has 5 personnel from different cryptocurrency foundations ranging from Coinbase, Bankless, and even the Ethereum foundation.
What is Polygon (MATIC) Used For?
Through polygon, users can easily access components and tools to join the new, borderless economy and society. Projects can be set up easily on a blockchain network and developers can also combine all the existing best features of the Ethereum platform and stand-alone blockchains.
These blockchains are also compatible with all the existing Ethereum tools like Metamask, Mycrypto, and remix and easily exchange data and information among themselves with the Ethereum platform.
It has provided developers a platform to create decentralized applications that will include features like extra security and performance and also easy-to-understand user experience and interaction for the intending users.
It allows for the simple transaction of over 80 Ethereum-based dApps without the occurrence of traffic congestion, which is common to PoW related blockchains.
The official utility token of the Polygon network is the MATIC coin that serves as the powerhouse of any financial transaction on the Polygon platform. The token can also be easily incorporated into polygon-based dApps as an exchange.
The lightning-fast MaticWallet allows users to hold their coins or invest them for more gains. The wallet is designed with Polygon’s MoreVP technology and integrated with WalletConnect to ensure the safekeeping of the user’s coins.
What Is the Unique Point of the Polygon (MATIC)?
It operates on a 2-layer scaling process to help publicize the utilization of the Ethereum platform in the development of dApps and smart contracts.
It also uses its own Proof of Stake (PoS) and Commit Chain connectivity to help increase Ethereum scalability and the overall speed of its transaction.
The Commit or Transactional chains that operate next to the main blockchain bundle all financial transactions together before sending them all to the key chain.
How Many Polygon (MATIC) is in Circulation?
There are approximately 6.5 Billion MATIC tokens in circulation out of its maximum supply of 10 billion.
Is Polygon (MATIC) Network Secured?
The Polygon network is very secured as the technology incorporates the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system. Before the polygon network can be hacked successfully; such a person or group of people must possess 51% mining power. Despite the possession of over half of the mining power, the remaining 49% can choose to accept or reject the false blocks and successfully fork into a new chain.
These in-built, in-safe precautions save the socio-economic activities that go on the platform, and the users intending to hack lose all their blocks of worth.
How Do I Buy Polygon (MATIC)?
Polygon (MATIC) is a very popular project and has been existing for over 5 years. They are listed on several exchange platforms for sale and exchange. All you have to do is to sign up a member by providing necessary details such as your name, email, SSN, licensed document, and profile. This information should be inputted carefully and correctly with the aid of a stable internet supply.
Once you have signed up successfully, you will receive a designated public wallet from the exchanger. These wallets are not 100% safe and coins kept there are liable to be hacked.
These platforms offer versatile modes of payment which may include your debit or credit card or other financial apps like Paypal or Payoneer. Type in the number of MATIC tokens you need, the platform will direct you to an already linked payment platform.
After linking up the payment method, or inputting your debit or credit card details, confirm the transactions from both parties: your bank or financial app and the exchanger, withdraw the purchased tokens to your own wallet. Ensure you have your own personalized wallet asides from the one provided by the exchanger, it is recommended you get your own hot or cold external to avoid theft.
Which Cryptocurrency Wallet Supports Polygon (MATIC)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Polygon (MATIC) tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main Polygon wallet as it offers a simple and interactive interface, making it easy to navigate its system.