What is Polygon (MATIC)? Polygon (formerly Matic Network) is the first well-structured and easy-to-use platform for scaling and developing Ethereum infrastructure.
Its core component is Polygon SDK, a modular and flexible framework that supports the creation of multiple types of applications.
With Polygon, you can create optimistic rollup chains, ZK accumulated chains, standalone chains, or any other type of infrastructure required by the developer.
Polygon effectively transforms Ethereum into a complete multi-chain system (also known as the Internet of Blockchains).
This multi-chain system is similar to others such as Polkadot, Cosmos, Avalanche, etc., with the advantages of Ethereum's security, vibrant ecosystem and openness.
The $MATIC token will continue to exist and play an increasingly important role, securing the system and enabling governance.
Polygon (formerly Matic Network) is a Layer 2 scaling solution backed by Binance and Coinbase.
The project seeks to stimulate mass adoption of cryptocurrencies by solving scalability issues on many blockchains.
Polygon combines the Plasma framework and the proof-of-stake blockchain architecture.
The Plasma framework used by Polygon as proposed by Ethereum co-founder Vitalik Buterin enables easy execution of scalable, self-contained smart contracts.
Nothing will change for the existing ecosystem built on the Plasma-POS chain.
With Polygon, new features are being built around the existing proven technology to expand the ability to meet the diverse needs of the developer ecosystem.
Polygon will continue to develop the core technology so that it can scale to a larger ecosystem.
Polygon boasts up to 65,000 transactions per second on a single sidechain, along with a respectable block commit time of less than two seconds.
The framework also enables the creation of decentralised financial applications available globally on a single foundational blockchain.
The Plasma framework gives Polygon the potential to host an unlimited number of decentralised applications on its infrastructure without experiencing the normal drawbacks common to proof-of-work blockchains.
So far, Polygon has attracted more than 50 DApps to its PoS-protected Ethereum sidechain.
MATIC, Polygon's native tokens, are an ERC-20 token that runs on the Ethereum blockchain.
The tokens are used for payment services on Polygon and as a settlement currency between users operating within the Polygon ecosystem.
Transaction fees on Polygon's sidechains are also paid in MATIC tokens.
Polygon describes itself as a Layer 2 scaling solution, meaning that the project is not looking to upgrade its current core blockchain layer anytime soon.
The project focuses on reducing the complexity of scalability and instant blockchain transactions.
Polygon uses a customised version of the Plasma framework that relies on proof-of-stake checkpoints running across the Ethereum main chain.
This unique technology allows each part of Polygon to achieve up to 65,536 transactions per block.
Commercially, Polygon's sidechains are structurally designed to support a variety of decentralised finance (DeFi) protocols available in the Ethereum ecosystem.
While Polygon currently only supports Ethereum's basic Ethereum blockchain, the network intends to expand support for additional basic blockchains, based on community suggestions and consensus.
This would make Polygon a decentralised and interoperable Layer 2 blockchain platform.
