Polygonmatic is an extension platform that allows Ethereum-enabled blockchains to communicate. It will also be used to create a new Ethereum blockchain for businesses and organizations that need a payment solution. The network is called “Ethereum’s Blockchain Internet” because one of its main roles is to support several chains of the Ethereum ecosystem.
Polygon, formerly known as Matic Network, was launched in India in October 2017 by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun.
Fun fact: the founder of Polygon is India’s first cryptocurrency billionaire.
With the Polygon whitepaper, they are the first to address the key issues with Ethereum: high oil prices and bottlenecks in the network. They have put together a team that believes in the success of Ethereum, creating a fluid, borderless world to explore.
How did Polygon start using Ethereum?
Polygon is an agile problem-solving solution. Ethereum has its own set of scalability and compensation issues, which can sometimes lead to a below-average user experience. With a large user base, Etherea networks are constantly hidden, making transactions costly for everyone.
With these Etherea problems and without a viable alternative, Polygon proved to be a hero. This Indian blockchain platform addresses these issues by implementing a new, unique Layer-2 solution that Polygon Ethereum can use to validate a transaction at a fraction of the cost.
With the Layer-2 solution, Polygon does not need its own primary blockchain to operate; instead, it operates through the Ethereum network. Polygon also uses sidebars that intelligently divert traffic and user transactions from the core network and free up computing power.
MATIC is the traditional token of the Polygon blockchain. MATIC is often used in blockchains as a staking token to validate transactions using Stack Proof (PoS). Miners can use these coins to invest capital (which grows over time) and to generate electricity (which can generate a stable income).
The design of the Polygon network aims to improve the performance and capabilities of Ethereum. The creators of Polygon launched MATIC-based operations in Mumbai. Once the platform was developed, it was able to provide solutions to Ethereum’s problems and use sidechains as assets. The network also bypasses proof-of-service (PoW) issues by establishing itself as one of the PoS-only blockchains for now.
Fast forward to 2021, Polygon resumed operations in February 2021 and changed all of its advertising positions. From there, it grew into a network that followed the interconnection and interconnection of blockchain and network, leveraging the security of Ethereum.
This rebranding is a game changer. And the ability to multi-step in and integrate can be a machine to solve the blockchain scalability problem.
According to one of the founders, Sandeep Nailwal, “For tokens in circulation, they represent 60% of the total proceeds and are worth around $14 billion. Aave is one of the biggest DeFi applications launched by Polygon with 26,000. We have over 30,000 users compared to Ethereum which has 1 user.”
“So in total, at Polygon, we are reaching 1 million unique locations, which is 30-50% of Ethereum today. Polygon is an ongoing platform that allows us to reach these new users. … We sell so you can use users on board,” he added.
Polygon (MATIC) newly developed
Polygon was one of the top climbers of 2021 when the price rose from $0.01 on January 1, 2021 to a high of $2.92 on December 27, 2021. Polygon became the main hot language in the crypto community, and there are many reasons for that.
Polygon launched a $200 million initiative with Alexis Ohanian in July to support work on social media and Web3 integration. DraftKings, the largest US-based sports betting company, has also announced plans to expand Polygon’s NFT business.
Additionally, the number of applications developed by Polygon has reached 3,000, a significant increase from just 30 years ago. Coinbase, one of the largest cryptocurrency exchanges in the world, has announced its intention to integrate Polygon PoS as its first solution.
The development team developed Polygon Studios, Web3 and the NFT distribution on the network. and OpenSea, the world’s largest NFT industry, recently joined Polygon.