What is Polygon (MATIC)?
Polygon (MATIC) is a cryptocurrency and also a technology platform that enables the blockchain network to connect and scale. Polygon was launched under the name Matic Network in 2017.
Polygon platform operates using the Ethereum blockchain and connects the Ethereum based projects. Using the polygon platform can increase the scalability, sovereignty and flexibility of a blockchain project while still affording the interoperability, structural benefits and security of the Ethereum blockchain.
KEY TAKEAWAYS
- The Polygon platform, powered by the MATIC token was launched to connect and scale Ethereum- compatible projects and blockchains.
- MATIC tokens are used to pay transaction fees and to govern and secure the Polygon network.
- Polygon uses a proof-of-stake consensus mechanism to efficiently operate the platform.
Understanding Polygon
Polygon uses a modified proof-of-stake consensus mechanism that enables the consensus to be achieved with every block. (Achieving consensus using traditional proof-of-stake requires processing many blocks to achieve consensus.) Proof-of-stake method requires network participants to stake – agree to not sell or trade- their MATIC, in exchange for the right to validate Polygon transactions. Successful validators in polygon network are rewarded with MATIC.
The polygon network, as a secondary scaling solution aims to address the limitations of Ethereum platform- namely high transaction fees and slow transaction processing speeds. Polygon can:
- Deploy existing blockchain networks and develop custom blockchains.
- Helps the existing blockchain network to become compatible with Ethereum
- Enable communication between Ethereum and other blockchain
Features of Polygon
Some of its key features include:
- Public sidechains: Unlike individual dApp chains, MATIC sidechains are permissionless, open to the public and capable of supporting numerous protocols.
- Availability: On polygon sidechain, transaction are quick, safe and low cost, with finality on the mainchain and Ethereum as the first suitable Layer 1 base chain.
- Security: Operators of the Polygon chains are also stakers in the PoS system.
Advantages of Polygon
You may be wondering about the major strengths of Polygon. Especially if you are thinking of buying MATIC, keep reading to know Polygon’s advantages.
Polygon’s strengths include:
- Transaction fees are consistently low: Polygon keeps its fees low to use the platform, with a typical transaction fees is around $0.01.
- Ability to process transactions quickly: By using a consensus mechanism that completes the transaction confirmation process in a single block, Polygon can maintain fast transaction processing speed. Polygon’s average block processing speed is 2.1 seconds.
Disadvantages of Polygon
You may be wondering about the major weaknesses of Polygon. Especially if you are thinking of buying MATIC, keep reading to understand Polygon’s disadvantages.
Polygon’s weaknesses include:
- Limited use cases for Matic: The MATIC token is designed to secure and govern the Polygon platform and pay transaction fees. Unlike some other digital currencies, MATIC is not generally used for daily purchases.
- Not an autonomous blockchain: Polygon is the Layer 2 solution that work over the Ethereum platform. If Ethereum platform experiences serious disruptions or ceases to exist, then Polygon would likely lose its value.
Future of Polygon
Polygon launched Polygon Studios, a subsidiary of Polygon that focuses on blockchain gaming and non-fungible tokens, in 2021. If Polygon studios was successful it could establish Polygon as the leading technology provider for gaming and NFTs. Polygon got a new chief executive officer (CEO) in January 2022. Ryan Watts has joined Polygon from YouTube, where Ryan was the head of gaming.
Frequently asked Questions (FAQ)s
Who owns Polygon (MATIC)?
The MATIC network is launched in 2017 by four software engineers: Jaynti Kanani, Sandeep Nailwa, Mihailo Bjelic and Anurag Arjun. In February 2021, the project rebranded into polygon technology and began describing itself as a Metaverse company and Web 3.0.
What businesses use Polygon?
Top 5 partnerships of Polygon with Global brands:
- Starbucks
- Meta
- Stripe
- Prada
- Adidas
What programming language does Polygon use?
The programming language used to develop the Polygon network are Vyper, Golang and Solidity.
Who are the competitors of Polygon?
Top 5 Polygon Competitors:
- Chia Network
- Dragonchain
- Forte Labs
- StarkWare
- Immutable
What country is Polygon MATIC from?
Polygon was invented in India in 2017 and was originally known as Matic network. It was the brainchild of experienced Software engineers-Sandeep Nailwal, Mihailo Bjelic, Jaynti Kanani, as well as Anurag Arjun.
Conclusion
By looking at the networks and potential of Polygon, it can be assumed that this platform has shown considerable success in solving the blockchain scalability issues. Moreover, different blockchain developers can enjoy building their own decentralized network in the wake of provided tools and features from the polygon platform which lets develop access customization options.