Polygon Price (MATIC)
MATIC to USD
Polygon is a layer-2 network that operates on the Ethereum blockchain. Polygon aims to scale Ethereum protocols and advance Ethereum’s functionality via sidechains. MATIC is the Polygon network’s digital token.
Polygon’s creators developed it to address how the Ethereum network has struggled to scale as its popularity has grown. Namely, as more people have turned to Ethereum for transactions and all things decentralized applications (dapps), the network’s speeds have slowed and fees have risen. Polygon adds a second layer to the Ethereum network to enhance its security, efficiency, and overall operations.
Polygon was originally launched in India as the MATIC Network in 2017. The idea began with Jaynti Kanani, a former data scientist. Kanani then contacted blockchain developer Sandeep Nailwal and business consultant Anurag Arjun. In 2021, the MATIC network rebranded as Polygon, but kept MATIC as the token name.
The Polygon Network
Polygon aims to be the internet of blockchains for Ethereum. To accomplish this goal, the network seeks to create a framework that makes blockchain development easy and accessible for everyone. This way, even the most novice developers can deploy a blockchain.
Polygon uses a Proof-of-Stake (PoS) algorithm to verify the transactions on its network, whereas Bitcoin uses Proof-of-Work. Polygon has been a major benefit to the Ethereum ecosystem as the Ethereum community works on rolling out scaling solutions of its own.
When deploying a sidechain, Polygon offers two options to secure them. Networks can choose to be secured chains, using “security as a service.” With this method, a blockchain doesn’t have to establish its own pool of validators. Instead, Polygon connects the blockchain directly to Ethereum’s security protocol.
The blockchain can then take advantage of Ethereum’s established multi-billion dollar staking pool. Chains using this method often attain a high level of security but lack some flexibility and independence of other blockchains.
On the other hand, instead of connecting to Ethereum’s security services, a blockchain can choose to operate as a stand-alone chain. With this method, a blockchain is responsible for establishing its own validator pool and security protocol. Networks using this method obtain more independence and flexibility than secured chains. However, stand-alone chains often have fewer stakers in their pools, so their transactions can’t be verified as quickly.
Polygon Community and Culture
When Polygon’s founders, Kanani, Arjun, and Nailwal launched MATIC, there was limited knowledge about cryptocurrencies in India. Despite the lack of awareness in India, the three founders persevered. They’re helped put India on the map for blockchain development.
In some way, Polygon represents more than just another blockchain service. It also shows that the development and implementation of decentralized and web3 technologies is happening globally, which is an important step to make this kind of tech accessible and usable by more people.