What Is Polygon Network
Launched in Oct 2017, Polygon is a blockchain scalability platform that extends Ethereum, creates new liquidity channels, and relieves network congestion to support the continued development and proliferation of the Ethereum blockchain.
Previously MATIC network, the blockchain scalability solutions project has rebranded to Polygon. Polygon effectively transforms Ethereum into a multi-chain system. Polygon supports building multiple types of Layer 2 solutions, such as optimistic rollup chains and ZK rollup chains (zero-knowledge rollup chains) to utilize and enhance the Ethereum main chain.
Of the several scalability solutions that have arisen for the Ethereum ecosystem, MATIC / Polygon is renowned within the industry for the easy-to-use platform and flexible framework of the second layer blockchain's software developer kit.
The Polygon SDK was built by MATIC developers from scratch to feature a developer-friendly plug-in system with a library of standard, extensible core components (libp2p, gRPC, etc.) and easy-to-build node extensions and auxiliary solutions. As such, the kit affords blockchain engineers a high degree of pluggability and extensibility, while the core layers of the software architecture are as reliably performant as possible.
Polygon is also designed with a high degree of supported integration with the Ethereum blockchain, allowing developers to code in their favorite smart contract programming languages like Solidity and Vyper with all the benefits, opportunities, and security of the Ethereum ecosystem.
Polygon price (formerly MATIC price) is a function of supply/demand economics, the overall health and business of its ecosystem and the broader Ethereum ecosystem, the general momentum of cryptocurrency markets, and strategic global macro factors. If you are interested in purchasing Polygon MATIC, go ahead and check out our article on how to buy Polygon.
Polygon Network Founders
Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, two software developers with plenty of experience in blockchain engineering and a businessman with consulting experience. A fourth co-founder was Mihailo Bjelic, an Ethereum developer.
Polygon Engineering Company is a registered Private Limited firm based in New Mumbai, India. Jaynti Kanani, a full-stack developer and blockchain engineer is currently serving as the CEO of Polygon. Kanani was a key player in the team that implemented Web3, the Plasma framework and Plasma PoS chain, and Ethereum's WalletConnect protocol.
Before working in the cryptocurrency industry, Kanani served in a data science role working for Housing.com. Nailwal serves as the chief operations officer (COO) of Polygon, bringing a background in blockchain programming and entrepreneurship to the role.
Before founding Polygon with the others, Nailwal was the CEO of Scopeweaver, India's largest digital marketplace for professional services, and the chief technical officer (CTO) for Welspun Group, an Indian multinational conglomerate with operations in the textiles, steel, and energy business.
The Polygon team was a major Ethereum ecosystem contributor before launching MATIC in 2017. The team worked on the implementation of the popular Dagger event notification engine on Ethereum as well as the Plasma MVP and WalletConnect Protocol.
Plasma solutions served as the core technology behind MATIC, enabling infrastructure development to relieve network congestion on the Ethereum main chain with a super-efficient second layer solution.
How Does Polygon Work
The vision behind Polygon is to operate a Layer 2 Ethereum scaling solution. That means it doesn't have a native blockchain of its own but lives on top of the Ethereum chain, existing proven technology that owes network congestion to its high degree of success and popularity.
Not only does the existing ecosystem built by MATIC engineers help speed traffic along on the Ethereum chain and lower transaction fees by reducing the load of requests to the main chain– but it also creates a vibrant ecosystem, serving diverse needs and interests of all the blockchain's many users, and enabling governance in a distributed manner that reflects the decentralized ethos of the industry.
The MATIC network is a tailored implementation of Plasma's framework, built on a proof of stake (PoS) consensus mechanism. MATIC price is the current market exchange rate between Polygon tokens and the US dollar. The MATIC price had seen modest increases until the 2020-21 crypto bull market, when the Polygon price rose to an all-time high of $2.45 in May 2021.
Since the bubble collapsed in May, it's still trading well above its pre-bull run price, at 24x to 33x the pre-bubble market price for most of the summer of 2021. Polygon price could see an increase, all other things being equal if the company moves forwards with plans to support integrations with other base chains, making it an interoperable second layer blockchain solution.
Polygon Network Security
Polygon tokens are ERC-20 standard tokens written to the Ethereum ERC-20 standard. The ownership of Polygon tokens is validated, maintained, secured, and transacted on the Ethereum blockchain.
Ownership of the tokens via the private keys to spend them, or transact business in some way and record the result on the blockchain, is secured by the state-of-the-art cryptographic protocols and consensus mechanisms of the Ethereum blockchain.
Ethereum is the world's most popular decentralized application (dApp) blockchain platform by daily volume of computations, token utilization, and Ether trades on liquid exchange markets like Coinbase and Huobi Global.
First in class among cryptocurrencies by daily volume and usage to make computations and record information to an immutable blockchain ledger, Ethereum offers world-class digital security for blockchain assets.
While the tokens used to build and utilize second layer applications are secured by Ethereum, the Polygon blockchain itself uses a network of proof of stake validating nodes to secure on-chain assets. When validators stake coins, the protocol enables them to maintain the blockchain in exchange for staking rewards when they do work to maintain the blockchain in accordance with the network protocol.
Where Can You Buy Matic
Check our step by step guide on how to buy matic.
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