What is Polygon (MATIC)?
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| Polygon (MATIC) |
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| Polygon (MATIC) |
What is Polygon (MATIC)?
Polygon (formerly Matic Network) is the first well-structured and easy-to-use platform for Ethereum scaling and infrastructure development. The core component is the Polygon SDK, a flexible modular framework that supports building multiple applications.
Using Polygon, we can create optimistic rollup chains , ZK roll-ups, stand-alone chains or any other type of infra. that developers want
Polygon efficiently converts Ethereum into a fully multi-chain system. (Otherwise known as the Internet of Blockchains) systems, multi-chain is similar to other systems such as Polkadot, Cosmos, Avalanche, etc. The advantages of security Ethereum ecosystem vitality. and openness
The $MATIC token will continue to exist and will play an increasingly important role. in system security and regulatory activation
Polygon (formerly Matic Network) solution is a scalable Layer 2, which is supported by Binance and Coinbase project seeks to stimulate adoption. cryptocurrencies by solving the scalability problem on many blockchains.
Polygon combines the Plasma Framework and a proof-of-stakeholder blockchain architecture. The Plasma framework used by Polygon as proposed by Ethereum co-founder Vitalik Buterin makes it easy to execute scalable and autonomous smart contracts.
Nothing will change for the existing ecosystem built on the Plasma-POS chain. With Polygon, new features will be built on existing proven technologies. To expand its ability to meet the diverse needs of the developer ecosystem, Polygon will continue to develop its core technologies to enable it to expand into larger ecosystems.
Polygon has a maximum of 65,000 transactions per second on a single-sided chain. along with a respectable block confirmation time of less than two seconds. This framework also enables the creation of globally decentralized financial applications on a single underlying blockchain.
The Plasma framework gives Polygon the potential to support an unlimited number of decentralized applications on their infrastructure. Without experiencing the usual downsides in the proof-of-work blockchain, Polygon so far has attracted more than 50 DApps to the Ethereum sidechain with PoS security.
Polygon's native token, MATIC, is an ERC-20 token that operates on the Ethereum blockchain. The token will be used for payment services on Polygon and as a currency for payments between users operated within the Ethereum ecosystem. Polygon Transaction fees on Polygon sidechains are also paid in MATIC tokens.
Who is the founder of Polygon ?
Polygon (formerly Matic Network) was launched in October 2017. Polygon was founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, two experienced blockchain developers and business consultants.
Prior to moving to the network in 2019, the Polygon team is a major contributor to the Ethereum ecosystem. The team implemented the Plasma MVP, WalletConnect protocol. and the most widely used Dagger event notification tool on Ethereum.
The team includes Jaynti Kanani, co-founder of Polygon. Jaynti, a full-stack developer and blockchain engineer, currently serves as the CEO of Polygon.
Jaynti has played a key role in the deployment of Web3, Plasma and WalletConnect protocols on Ethereum. Prior to blockchain involvement, Jaynti worked as a data scientist with Housing.com.
Sandeep Nailwal, Polygon's co-founder and chief operating officer, is a blockchain programmer and entrepreneur. Prior to joining Polygon (formerly Matic), Sandeep was CEO of Scopeweaver and Chief Technical Officer of Welspun Group.
Anurag Arjun is the only non-programming co-founder of Polygon. as a product manager He has worked with IRIS Business, SNL Financial, Dexter Consultancy and Cognizant Technologies.
What makes Polygon unique?
Polygon describes itself as a Layer 2 scalability solution, meaning the project is not trying to upgrade the current blockchain base layer anytime soon. The project focuses on simplifying its scalability. and instant blockchain transactions
Polygon uses a custom version of the Plasma framework built on check point Prove your stake Running through the Ethereum core network, this unique technology allows each sidechain on Polygon to achieve 65,536 transactions per block.
Commercially, Polygon's sidechains are structured to support the wide variety of decentralized financial ( DeFi ) protocols available in the Ethereum ecosystem.
Although Polygon currently supports only the Ethereum basechain, the network intends to expand support for additional basechains, based on community recommendations and consensus. This will make Polygon a decentralized, interoperable, layer 2 blockchain platform.
How many Polygon (MATIC) tokens are in circulation?
MATIC tokens are issued monthly. Currently, MATIC has a circulating supply. 4,877,830,774 MATIC tokens and maximum supply 10,000,000,000 MATIC tokens
In the first private sale in 2017, 3.8 percent of MATIC peak supply was issued in the Launchpad sale in April 2019. Another 19 percent of total supply was sold at $0.00263 per token to generate $5 million.
The remaining MATIC tokens are distributed as follows:
- Team tokens: 16 percent of the total supply.
- Advisor tokens: 4% of the total supply.
- Network Operations Tokens: 12 percent of total supply.
- Foundation tokens : 21.86 percent of the total supply.
- Ecosystem tokens: 23.33 percent of the total supply.
according to the release schedule All tokens will be issued in December 2022.
How safe is Polygon?
As A Layer 2 solution that uses a network of proof of interest checkers for asset security. Staking is an important part of the Polygon ecosystem. Authenticators on the network will bet their MATIC tokens as collateral as part of the network's PoS consensus mechanism and earn tokens. MATIC in return
Members of the network who do not want to be an authenticator can assign their MATIC tokens to another validator. but will continue to participate in the staking process and earn staking rewards.
In addition to the stakeholder proof checkpoints, Polygon uses a block generator at the block generator layer to achieve a higher level of decentralization. These block makers provide endpoints to the main chain using checkpoints and fraud prevention mechanisms.
Where can you buy Polygon (MATIC)?
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