Polygon is an l2 (Layer-two) scaling solution that provides a framework to build interconnected blockchain networks. 

The idea to develop Polygon came from the limitations existing in Ethereum as low throughput, governance, and poor user experience. 

In the early days, Polygon was addressed by Matic that run on plasma to perform transactions, the new solution is designed for launching interoperable blockchains. 

The polygon is inexpensive, fast, and secure for processing transactions, and general interactions.

Who runs Polygon?

The Polygon (or Matic in the early days) was a fragile idea that turned to be a fruitful idea by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.

Jaynti Kanani, CEO of the company, is a full-stack developer and blockchain engineer, Sandeep Nailwal, COO of the company, is a blockchain programmer and entrepreneur, Anurag Arjun, CPO of the company, is a project manager, and Mihailo Bjelic joined the Matic team as a co-founder and VP of engineering. 

How does polygon work?

Polygon is a four-layer consisting of Ethereum, Security, Polygon networks, and Execution layer.

Ethereum Layer

The word ‘Ethereum’ itself speaks of smart contracts. The primary role of smart contracts is in the transaction process, staking, and communication between Ethereum and polygon Chains.

Security Layer

This is an additional layer that acts as a validator as a service and runs side by side with Ethereum.

Polygon Networks Layer

Also known as the ecosystem of blockchain networks, the main role of this layer is handling local consensus and the production of blocks.

Execution Layer

This layer executes smart contracts through Ethereum Virtual Machine or EVM.

How does Polygon scaling works?

Polygon is not just limited to the development or scaling of the self product, but it aims for an open, borderless world to create a hub that different blockchains can easily plug into, while simultaneously overcoming some of their limitations such as high fees, poor scalability, and limited security.

The technologies that help with this expanded vision include: 

  • Proof-of-Stake Chain: Polygon’s main chain is an Ethereum sidechain known as the Matic POS Chain, which adds a proof-of-stake security layer to blockchains launched on Polygon.
  • Plasma Chains: Polygon makes use of a scaling technology known as Plasma to move assets between the root chain and child chains via Plasma bridges.
  • ZK-rollups: An alternative scaling solution used to bundle a large number of transfers off-chain into a single transaction, using zero-knowledge proofs for the final public record on the Ethereum main chain.
  • Optimistic rollups: A solution that runs on top of Ethereum to facilitate near-instant transactions through the use of fraud proofs.

The multiple scaling solutions are indeed a gamechanger for a reduction in transaction fees. 

What keeps Polygon Special?

Polygon has provided a benchmark in scalability with dedicated blockchains, scalable consensus algorithms, and custom Wasm execution environments.

The security is top-notch that is provided either by Ethereum or by a pool of professional validators. The user experience has been uplifted with zero-gas transactions running successfully.

A large chunk of projects has also launched in recent years, making their presence in the market. Some of them are: 

  1. Polymarket: One of the most popular Prediction Markets in the blockchain space has redefined the space with its smooth UX.
  2. SportX: Sports enthusiasts would surely love to Place bets on their favorite sporting events with SportX. It also hosts weekly contests for higher earnings on this popular sports betting platform.
  3. Easyfi: A fork of Compound that brings multiple DeFi products under one roof with lending, borrowing, staking, and more available in one Dapp.
  4. Aavegotchi: It is a Defi-based crypto-collectibles game where players stake NFT’s with interest generating tokens in the Aavegotchi Metaverse.

Frequently Asked Questions (FAQ)

What is Matic Token?

The MATIC token has an important role in the Polygon ecosystem, including participating in-network governance by voting on Polygon Improvement Proposals (PIPs), contributing to security through staking, as well as paying gas fees.

Where can I buy Matic Token?

Polygon is available on a variety of centralized exchanges (such as Binance, Coinbase) and decentralized exchanges (such as Uniswap).

What is the price of Matic Token?

As of July 6, 2021, the Matic token is trading at $1.1.

What is the total supply of Matic?

The total supply stands at 10 Billion Matic where 6.3 billion are already in circulation.

Sign Up today on The Blockchain School, to unlock more content on Blockchain.

Follow us on InstagramFacebook, and Twitter.

0

Write A Comment