What is Polygon and how does Polygon work?

The Ethereum network, even though it is the most popular blockchain network out there today, has some serious problems facing it. Some of them include its poor user experience, Low throughput, high gas fees etc. A lot of projects are exploring ways to deal with these limitations on the Ethereum(ETH) ecosystem through Ethereum compatible blockchains. But no protocol is available to build or connect those blockchains, which could lead to the fragmentation of the system. That is where Polygon (MATIC) comes in. Polygon (MATIC) could as well be the best shot at eliminating these problems and improving the user experience on the Ethereum(ETH) blockchain. And all of this could be done without compromising or changing the integrity and security of the blockchain. Interesting enough? Let’s go ahead and explore more about this project, its objectives and its specifications. 

What is Polygon (MATIC)?

Polygon(MATIC), formerly known as MATIC network, is a platform that aims to build an ecosystem of blockchains that are Ethereum compatible. Their framework allows the developers to each build and launch DApps and Ethereum compatible blockchains with a single click. The platform is the first among its type and still is one of the most effective ones. 

Imagine a crypto world with lower gas fees and people being able to easily exchange information and value, without the divides that separate the blockchains today, that is the kind of world Polygon(MATIC) aims for. Polygon can create a multi-chain ecosystem like that of Cosmos, Avalanche etc., along with added advantages of openness, a vibrant ecosystem and Ethereum’s security.

Polygon is hosted on the Ethereum Blockchain. Like almost any other blockchain, Ethereum too has a major scalability issue. Scalability here refers to the ability of the blockchain and its algorithm to increase the number of transactions they can complete per second(TPS) when there is a rush of users. Being a much freer ecosystem than most blockchains, Ethereum is open to developers who are interested in coming up with ways to increase the scalability of the Ethereum blockchain. Polygon came out as an interesting project in this area, the team proposed a solution for Ethereum’s scalability issue by proposing to create a standalone ecosystem that can adapt to the needs of different protocols. Even though it is a relatively new project, the uniqueness in its methodology and ideas, Polygon(MATIC) rose to the top in no time. 

Who are the Founders of Polygon(MATIC)?

Polygon is based in India and was initially known as the Matic network. Initially Polygon or how it was called then, The Matic network came into business offering a Layer-2 scaling for Ethereum’s blockchain. Polygon was founded in October 2017. There are four co-founders of Polygon, Jaynti Kanani, Anurag Arjun, Sandeep Nailwal and Mihailo Bjelic. Jaynti Kanani, who is also an experienced blockchain developer, is now the CEO of Polygon(MATIC). Anurag Arjun is the non-programming co-founder of the network. Sandeep Nailwal is the Chief Operations Officer of Polygon and is also an entrepreneur and a blockchain developer. He also served as the Chief Executive Officer of Scopeweaver and also as the Chief Technical Officer of the Welspun Group. Recently, Mihailo Bjelic from Serbia was also added as one of the Co-founders of Polygon.

What makes Polygon(MATIC) Unique?

As already mentioned above, Matic Network was originally interested in increasing Ethereum’s scalability. But as it expanded its objective, it also rebranded itself as Polygon as we now know it. Polygon provides the developers with a variety of tools, with the help of which they can build blockchains that are capable of ultra scaling and high performance. It also allows them to build DApps also known as Decentralized Applications.

This function of Polygon (MATIC) makes it unique as none has managed to do so. On top of that, Polygon’s Scalability Solution supports EVM(Ethereum’s Virtual Machine). This solution enables the chains that are connected to Ethereum to interoperate with the EVM and with each other and also let them retain self-sovereign security. With Polygon any blockchain can cooperate with another without having to face any issues. 

How many Polygon(MATIC) tokens are there?

Polygon’s resource tokens otherwise known as MATIC are released on a monthly basis. The total supply of MATIC is 10 billion, which means 10000 million MATIC were already created. For MATIC the total supply and the maximum supply are the same which means that 10 billion MATIC  is the maximum supply of MATIC we will see in this lifetime of the cryptocurrency. 6.45 billion MATIC are currently circulating around the crypto world.

Polygon(MATIC) issued 3.8% of MATIC’s maximum supply in 2017 at its Initial Private Sale. Later 19% of the total supply was sold in 2019 at its launchpad sale where it generated 5 million dollars. Out of the remaining supply of the coins, 16% are the Team tokens, 4% are the Advisors tokens, 12% are the network operations tokens, 21.86% are the Foundation tokens and 23.33% are the Ecosystem tokens. According to the schedule of release, all the MATIC tokens will be released by December of 2022.

How does Polygon(MATIC) Work?

Polygon(MATIC) like they describe themselves as is a project “From Developers to Developers”. It is a framework to build and connect blockchain networks that are Ethereum compatible. Polygon allows anyone to easily build a blockchain network, with combined benefits of the best features of Ethereum and standalone blockchains. That way the blockchain network thus built would be having sovereignty, flexibility, scalability, interoperability and security, all in one. 

They provide infrastructure for the developers to build their own blockchains, customising them to how they want them to be. The modules that are provided by Polygon include the governance and consensus modules, virtual machine implementations and different execution environments. The blockchains thus formed can benefit from the proof of stake of MATIC and can make the transactions faster with minimum fees and later finalise everything on the Ethereum mainchain.

The platform can support a variety of blockchain scaling mechanisms like Optimistic rollups, Jk rollups, Matic Plasma and Validium chains which can multiply the throughput of the blockchains without putting the security or the user experience at stake. Polygon supports Matic plasma which offloads transactions from the Ethereum main chain to the Matic’s Proof of Stake chain thereby speeding up the process, before finalising them on the mainchain.

In Conclusion

Polygon though stepped foot very recently into the crypto space, has made major contributions to the crypto world by eliminating major problems that are facing Ethereum. It also gave the developers a chance at freely developing custom blockchains with added benefits. Their token MATIC is currently in the top twenty cryptocurrencies in the world.  Polygon proves to be peculiar in its nature as it can adapt to any mechanism or protocol in the Ethereum world and it is also one of the strengths of Polygon. To read more such articles visit Zeen.

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