Polygon formerly known as Matic Network is the first well-structured and easy-to-use platform for Ethereum scaling and infrastructure development. The company aims to improve the functionality and convenience of today’s decentralized ecosystem. The crypto asset used in this ecosystem is called MATIC.
Matic Network was co-founded in October 2017 by three software engineers from India named Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Then, there is also Mihailo Bjelic from Serbia who was later added as one of the founders of the Matic Network. Then, in February 2021, the company changed its name to Polygon from Matic Network.
Polygon is a Layer 2 scaling solution that seeks to mass-scale crypto assets by solving multi-block blockchains. This means that the project does not seek to improve the current blockchain base layer in the near future, but focuses on reducing scalability and instantaneous blockchain transactions.
Ethereum, which is the base layer that Polygon uses, has come under a lot of criticism for having a high fee structure for transactions. Layer 2 scaling projects like Polygon help decentralized finance protocols (DeFi) bypass Ethereum’s high transaction fees, which could open up the platform to more users.
Polygon aims to solve blockchain-related problems such as high gas costs and slow speeds, without compromising security. Polygon offers up to 65,000 transactions per second on a single side chain, along with an ample block confirmation time of two seconds. The framework also supports the creation of globally available decentralized financial applications on a single underlying blockchain.
The crypto asset used in this ecosystem is called MATIC. MATIC helps the system and enables governance. MATIC is an ERC-20 token that runs on top of the Ethereum blockchain. This token is used for payment services in Polygon and as a settlement currency between users operating within the Polygon ecosystem. Transaction fees on Polygon side chains are also used in the MATIC token.