Polygon ($ MATIC) is a Layer 2 platform built into Ethereum for the purpose of fixing some of the most important barriers to Dapp adoption: speed, measurement, and usability. Polygon names itself the "Ethereum's Internet for blockchains" as users at Polygon can create transactions without a payment chain and smart contract collaboration. Polygon takes a unique approach to plasma-influenced L2 measurements, which is a proposed L2 scaling solution that involves creating a tree-like “kids block” set that uses the Ethereum blockchain as a basis for trust. Children's blockchains help reduce transaction costs by allowing multiple transactions to be integrated before being sent to the Ethereum blockchain.
Polygon (formerly known as Matic Network) was launched in October 2017. Polygon was co-founded by two experienced blockchain engineers-Jayanti Kanani, and Sandeep Nailwal, and a business consultant, Anurag Arjun.
Prior to moving to its network in 2019, the Polygon team made significant contributions to the Ethereum ecosystem. The team has worked on the use of Plasma MVP, Wallet Connect protocol, and Dagger event notification engine widely used in Ethereum.
The main problem which led to the idea of making Polygon was Ethereum's scalability issue. Jaynti Kanani identified this problem and sought to resolve the issue. He first became aware of the scalability problem and a large amount of congestion in the Ethereum network due to the then-popular NFT project, Crypto Kitties. Then by taking other co-founders, they resolved this issue in the form of Polygon.
MATIC has been able to provide Ethereum scaling solutions, primarily through the use of side chains and to ensure asset security through the Plasma framework and Proof-of-Stake. At the time, the Plasma framework was a popular practice among other projects however, MATIC stood out of the pack, defeating the competition to become one of the most popular crypto scaling solutions at the time.
Polygon works similarly to other Proof of Stake (PoS)principles in terms of network nodes, domains, caches, and other functions.
· Proof of Stake Consensus- The forum proposes Proof of Stake Consensus, which relies on a set of node credentials to verify and validate network performance blocks, instead of relying on traditional Proof of Work (PoW), which consumes a large amount of processing power to create new blocks.
· Polygon Bridge-The PoS Bridge is the backbone of the shift from Ethereum to Polygon and uses these funds to integrate applications and blockchains into the Polygon ecosystem. Users are required to pay a transaction fee on ETH, yes, it can be expensive, but once they have a Polygon network, transactions are much cheaper - less than a dollar.
· Polygon Protocol- Polygon Protocol connects all Polygon-based blockchains with each other and the Ethereum network. It also allows chains to enter Ethereum to gain its security model.
· Polygon’s Software Development Kit (SDK) - Polygon aims to give the ecosystem a boost with the Polygon SDK, based on three major concepts: Ethereum compatibility, modularity, and scalability making it a dynamic framework for developers willing to work on Ethereum standards and infrastructure solutions.
The major use cases of MATIC token are:
· Payments: The main use case for the MATIC token is to cover the cost of operating the network. The token is designed to be a utility token that serves as a payment unit and agreement between participants participating within the Polygon ecosystem.
· Staking: Matic Side chains implements agreement using the Proof of Stake (PoS) layer where network participants contact MATIC to participate as guarantors and receive significant rewards.
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Polygon is one of DeFi's most exciting projects available, with a promising future for the DeFi community in terms of blockchain security and collaboration.
And with its huge set of developer tools, its innovative approach and modules, and the full support of Ethereum Virtual Machine (EVM), we can soon see a huge inflow of flourishing projects into the Polygon ecosystem.