Polygon is a layer 2 blockchain solution, a framework and a protocol for building and connecting ETH compatible blockchain networks. It was previously known as Matic Network. It should not to be confused with Polygon.com, which is a gaming website.
Polygon (Matic Network) Details
What is Polygon Network?
Polygon (previously known as MATIC Network) is a well-structured protocol for scaling Ethereum as well as infrastructure development. It is also a framework for building and connecting Ethereum compatible networks of Blockchain. It aims to provide aggregations of measurable solutions on Ethereum supporting a multi-chain of Ethereum Ecosystem.
In simpler terms, Polygon is similar to what PayTM is for banks, just like how PayTM takes off the load from banks by processing transactions faster and cheaper, Polygon reduces the load on the Ethereum blockchain by aiding in faster procession of transactions in a cost-effective way.
What does Polygon do?
When Ethereum gets congested, this leads to high network fees which takes a long time to process the transaction. Polygon resolves this issue by offering a layer 2 solution. They are backed by Coinbase Ventures and Binance.
Polygon wishes to induce a mass adoption of cryptocurrencies by solving problems related to scalability on blockchain networks. The platform’s network fees is very economical.
Matic Network was started in the year 2017 with an objective to enable Ethereum infrastructure for mass adoption. To achieve this mission the platform implemented two popular architectures of scaling:
- MATIC Proof-Of-Stake(POS) Chains
- Plasma Chains — this was proposed by co-founder of Ethereum, Vitalik Buterin. It allows easy implementation and execution of autonomous and scalable smart contacts.
Matic to Polygon: The Journey
MATIC Network expanded their vision by re-branding to Polygon in early 2021.
Polygon combines these two scaling architectures, nothing will be changed from MATIC’s existing ecosystem. New features have been built around the already existing technology which has been proven, catering to the ever-growing needs of the developer ecosystem.
What are the use cases of Polygon?
Besides the above stated scalings of architecture, Polygon introduced other scales of architecture to increase the scalability such as:
- ZK Roll-ups
- Optimistic Roll-ups
- Inter-chain Communication Protocol
- Data Availability Solutions and more
Polygon prides themselves with 65,000 transactions processed per second on a single side chain, with a respectable block duration which is lesser than two seconds. Creation of decentralized financial applications that are globally available on a single foundational blockchain is also allowed by the framework.
Polygon transforms Ethereum into an Internet of Blockchains that is a full-fledged multi-chain system on the Ethereum blockchain.
Polygon can shelter unlimited number of decentralized applications(dApps) without experiencing any usual drawbacks due to its underlying plasma framework. Over 50+ dApps have been attracted to the platform.
MATIC tokens, the native tokens of Polygon continue to exist. It is an ERC-20 token run on the Ethereum blockchain. These tokens can be utilized as a currency for settlement between users that operate in the Polygon ecosystem. They can also be used for payment services on Polygon.
What are the challenges Polygon solves?
Ethereum is a popular blockchain development platform, but it has some limitations.
- The throughput is low.
- High gas fees
- Congestion of the network
- Delayed Proof-of-work finality
- Poor User Experience
- Lack of sovereignty (shared throughput/clogging risk, non-customizable tech stack , governance dependence)
Polygon intends to solve the issues that Etherum faces.
Polygon is built by developers and is made for developers. As stated in the “What does polygon do” above, it provides a layer 2 network for building compatible blockchain networks with Ethereum.
Layer 2 scaling solutions are off-chain solutions which increases the computing power on the main chain across the network.
Features and Benefits of Polygon Network
- It is compatible with Ethereum.
- Polygon is used to extend the architecture scalability for infrastructure development.
- It provides “Security-as-a-service” which is provided by Ethereum or a group of professional validators.
- Sovereign governance and a fully customizable tech stack is one Polygon’s highlights.
- The user experience provides zero-gas transactions and instant finality of transactions.
- Zero protocol knowledge is required, no token deposits, fees or permissions, in general, the Developer Experience is great because it is made for developers, by developers.
- The modularity is stretched across customization, extensibility, upgrade ability, collaboration of the community and more.
4 layers of Polygon’s architecture
- Ethereum Layer : It is a series of smart contracts responsible for various functions such as resolution of disputes, relaying messages, check-pointing and staking.
- Security Layer : it is a specialized layer which is not compulsory and manages a set of validators that periodically checks the validity of a Polygon chain for any fees. The layer’s functions consists of managing the validators, registration, rewards and validation of the Polygon chain.
- Polygon Networks Layer : This layer works to serve Polygon’s community and user base.
- Execution Layer : This layer is used for interpreting and executing the transactions which have been agreed upon by any Blockchain network in the Polygon network.
Polygon supports two main types of Ethereum compatible blockchain networks.
- Stand-alone chains: These chains are completely autonomous, responsible for their own validators and security. They offer the best levels of independence and flexibility.
- Secured chains (Security-as-a-service): This is achieved through Ethereum’s fraud-proof mechanisms. Using this chain leads to a compromise on autonomy and flexibility.
Know the Founders: Who is in the Polygon Team?
The Polygon team includes Jaynti Kanani who is a full-stack developer and blockchain engineer. He is the current Chief Executive Officer(CEO) of Polygon. Previously, he worked as a data scientist at Housing.com.
Sandeep Nailwal is the Chief Operations Officer(COO) of Polygon. He is a blockchain entrepreneur and programmer. His prior work profile includes serving as the CEO of Scopeweaver, and the Chief Technical Officer(CTO) of Welspun Group.
Anurag Arjun is a business consultant. His work profile consists of companies such as IRIS Business, SNL Financial, Dexter Consultancy and Cognizant Technologies.
How is Polygon secured?
Staking is a significant part of Polygon’s ecosystem. The validators monitor the MATIC tokens as they are part of the proof-of-stake process ensuring asset security.
Block producers from the block producing layer who help polygon achieve a high level of decentralization by providing finality to the main chains by implementing fraud-proof mechanisms as well as checkpoints.
Is Matic Network a Scam?
Matic can be anything, but a scam. I have known the founders and can definitely vouch for them. It however, reduces the ETH like decentralisation. Where in ETH, it is more decentralised, more number of verifications take place which makes the network slow. Matic decreases the validation to only a handful numbers, which makes it superfast and cheap.
Matic is not a scam. There has been been questions time and again on Matic network on who holds the key to mutisign wallets and how many of approval is needed out of all the holders. The answer is not in the public domain yet, may be for the sake of security.
How can you buy MATIC Coin (Polygon)?
MATIC tokens can be bought with INR, USD, Euro, BTC etc.
Let us have a look at the best Indian Crypto Exchanges where you can buy Matic with INR.
You can use the following exchanges to buy MATIC with BTC, USDT, Euro and USD
|Buy MATIC with
Is Matic Coin a good investment?
Matic is India’s best performing crypto till date. Matic is the first Unicorn blockchain company from India. The founders are real, respected and well known in the Indian community. Polygon solves real problem. Until ETH 2.0 is launched Matic is going to fly. Once ETH 2.0 is launched, it will continue to co-exist. It will be interesting to see, what change do we see in the price of Matic. However, there is time. Matic keeps improving. Matic is definitely one of the best altcoins to have and hold.