What is Polygon?
Polygon (MATIC) is an Ethereum token that is used to run the Polygon Network, an Ethereum multichain scaling solution. Polygon uses Layer 2 sidechains, which are blockchains that operate parallel the Ethereum main chain, to provide quicker and cheaper transactions on Ethereum.
Polygon uses a sidechain approach to solve several of Ethereum’s main shortcomings, such as throughput, low user interface (high speed and delayed transactions), and lack of group governance.
Polygon is planned to be a whole ecosystem for launching interoperable blockchains, rather than just a scaling approach like its predecessor Matic Network, which utilizes a technology called Plasma to process transactions off-chain before finalizing them on the Ethereum main chain.
How Does Polygon Work?
Developers may use Polygon to deploy pre-configured blockchain networks with features customized to their specific requirements. These can be customized further with an increasing number of plugins, allowing developers to build sovereign blockchains with more complex features.
The Ethereum layer, protection layer, Polygon network layer, and execution layer are the four layers that make up Polygon’s design.
The Ethereum layer is basically a set of Ethereum-based smart contracts. Transaction finality, staking, and coordination between Ethereum and the different Polygon chains are all handled by these smart contracts. The protection layer operates alongside Ethereum and serves as “validators as a commodity,” allowing chains to benefit from an extra layer of security. The Ethereum layer and the Security layer are also optional.
There are two obligatory layers after that. The first layer is the Polygon networks layer, which is the ecosystem of Polygon-based blockchain networks. – of these has its own culture, which is in charge of local agreement and block production. The second layer is the Execution layer, and is Polygon’s version of the Ethereum Virtual Machine (EVM), and is used to execute smart contracts.
What is the History of Polygon?
In October of 2017, Polygon (formerly Matic Network) was founded. Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, two accomplished blockchain developers and a company analyst, co-founded Polygon.
Polygon was a major donor to the Ethereum community until switching to its own network in 2019. The Plasma MVP, the WalletConnect protocol, and the commonly used Dagger event notification engine were all implemented on Ethereum by the team.
Jaynti Kanani, a co-founder of Polygon, was part of the project. Polygon is currently led by Jaynti, a full-stack creator and blockchain engineer.
Jaynti was instrumental in the Ethereum implementation of Web3, Plasma, and the WalletConnect protocol. Jaynti served as a computer scientist with Housing.com before becoming involved with blockchain.
How Do I Hold Polygon?
Any ERC-20 capable wallet, such as Metamask or MyEtherWallet, is able to hold MATIC and MATIC tokens.