Overview
The Polygon Network was initially developed to scale Ethereum, and its investors include billionaire Mark Cuban. Polygon has additionally entered Web3, with a blockchain-based video game and plans to launch a mobile phone operating system.
You may be familiar with Polygon (MATIC), the cryptocurrency, but what about the Polygon Network? Polygon is a decentralized Ethereum scaling platform. Its creators developed it to address Ethereum scaling issues, which include slow transaction speeds and high transaction costs.
Below we dive into ten fast facts about the Polygon network you should know:
- The first crypto billionaires in India founded Polygon: In October 2017, Jaynti Kanani, Sandeep Nailwal and Anurag Arjun developed Polygon. It was initially called the MATIC Network and later referred to as Polygon.
- Mark Cuban is an investor: Mark Cuban, billionaire and owner of the NBA team Dallas Mavericks, is one of the investors in the network. Partners include Chainlink and Decentraland.
- Polygon aims to transform Ethereum: Polygon was developed to turn Ethereum into a comprehensive, interoperable multi-chain ecosystem, similar to Polkadot or Cosmos. Ethereum's robust security and protocol only add to its prowess.
- The Network is developing solutions to scale Ethereum for mass adoption: Polygon offers scaling infrastructure for Ethereum to allow it to support the building of decentralized apps (dApps), mass transaction processing into a single transaction (for efficiency), and proof of stake (PoS) solutions to improve transaction speed and lower transaction costs.
- Polygon is setting out to change blockchain: Polygon wants to enable a genuinely decentralized world, with borderless transactions, third-party intermediaries and gatekeepers. Its interoperability is intended to create a global ecosystem without technological divides, promoting the scaling and adoption of blockchain.
- Polygon is a part of Web3: Polygon’s network is involved in Web3 since it improves transaction times, which interests NFT enthusiasts. In August 2022, it launched the Web3 gaming system, GameSwift, allowing users to play blockchain-based games.
- Polygon intends to launch a mobile phone operating system: In July 2022, Polygon announced that it partnered with mobile phone maker, Nothing, to offer Web3 technology to mobile phone users. Polygon NFTs will be used to fund the phone's manufacturing, and members will receive early access to products and events.
- Polygon has established multiple funds to help develop DeFi and Web3: Polygon has established funds to support the building of dApps on Ethereum, the metaverse and gaming. The company wants these solutions to come to fruition to expand the Polygon, Web3 and DeFi ecosystems.
- Disney selected Polygon as one of six companies for its accelerator program: In July 2022, Disney chose Polygon to be a part of Disney’s 2022 Accelerator. Companies receive guidance from Disney’s senior leadership and a dedicated mentor in its business development program. It was the only blockchain company chosen.
- You can buy Polygon (MATIC) with cash: At Coinme-enabled Coinstar kiosks, you can now purchase Polygon (MATIC) with cash at 10,000 grocery stores across the U.S.! To find a location, visit coinme.com/locations.
We hope you learned some interesting facts about Polygon! To learn more about the cryptocurrency Polygon (MATIC), check out the video below.
