What Is Polygon (MATIC)?
Polygon is the first easy-to use, well-structured platform for Ethereum infrastructure and scaling. Polygon SDK is its core component, a flexible, modular framework that allows for the creation of multiple types applications.For more information about this project, please visit our Polygon Matic deep dive.Polygon allows you to create rollup chains that are optimistic, rollup chain, stand-alone chains, or any other type of infra needed by the developer.Polygon transforms Ethereum to a multi-chain system that is fully functional (aka Internet of Blockchains). This multi-chain is similar to others such as Polkadot Cosmos Avalanche, etc. With the benefits of Ethereum's openness, security and vibrant ecosystem.The $MATIC token is still going to exist, and it will continue playing an important role in securing and enabling the governance of the system.Polygon, formerly Matic Network, is a layer 2 scaling technology backed by Binance & Coinbase. The project aims to encourage mass adoption of cryptocurrency by solving the problem of scalability across many blockchains.Polygon combines both the Plasma Framework with the Proof-of-Stake Blockchain Architecture. The Plasma Framework used by Polygon, as proposed by Vitalik Buterin the co-founder Ethereum, allows for easy execution of autonomous and scalable smart contracts.The existing Plasma-POS ecosystem will not change. Polygon is building new features around existing technology that has been proven to be effective in meeting the needs of the developer community. Polygon will develop its core technology to scale across a wider ecosystem.Polygon can perform up to 65,000 transactions a second on a side chain. It also boasts a block confirmation time that is less than 2 seconds. The framework allows the creation of global decentralized financial apps on a single blockchain foundation.Plasma allows Polygon to host an unlimited number decentralized applications without the usual drawbacks of proof-ofwork blockchains. Polygon's PoS-secured Ethereum Ethereum sidechain has already attracted over 50 DApps.MATIC is the native token of Polygon. It's an ERC-20 running on the Ethereum Blockchain. The tokens can be used to pay for services on Polygon as well as settle disputes between users within the Polygon eco-system. MATIC tokens are used to pay transaction fees for Polygon and sidechains.
How to Buy Polygon (MATIC)?
You can buy Polygon (MATIC) with USDT here on Toobit. Read our guide on
How to Buy Crypto on Toobit for more information. In addition, you can use the official Polygon Bridge to exchange assets between Ethereum and Polygon.
How to Sell Polygon (MATIC)?
You can sell MATIC to USDT here on Toobit. Read our guide on
How to Trade Spot on Toobit for more information.
Who is the Polygon (MATIC) Founder?
Polygon (formerly Matic Network), was launched in October 2017. Polygon was founded by Jaynti Kanni, Sandeep Nilwal, and Anurag Arun, three experienced blockchain developers, including a business consultant.Polygon was an important contributor to the Ethereum ecosystem before moving its network. The team was responsible for implementing the Plasma MVP on Ethereum, as well as the WalletConnect protocol.Jaynti, the co-founder and CEO of Polygon was also part of the team. Jaynti Kanani, a full stack developer and blockchain engineer, is currently the CEO of Polygon.Jaynti was instrumental in the implementation of Web3, Plasma, and the WalletConnect Protocol on Ethereum. Jaynti was a data scientist at Housing.com before he became involved in blockchain.Sandeep Nailwal, co-founder of Polygon and its chief operations officer, is a blockchain programmer. He's also an entrepreneur. Sandeep Nailwal was the CEO of Scopeweaver and chief technical officer at Welspun Group before he co-founded Polygon.Anurag Arjun, the only co-founder who is not a programmer, founded Polygon. He has worked as a product management at IRIS Business and SNL Financial.
What is MATIC Used For?
The Polygon ecosystem uses it for many functions, such as the payment of transaction fees and for staking, delegating and liquidity provision. It is used as a method of payment to pay for the execution of smart contracts and transaction fees in the Polygon network. By staking MATIC and delegating it, users can help secure the network while earning rewards.
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How does Polygon Work?
Polygon is a hybrid of the Plasma Framework with the proof-of stake blockchain to solve scalability problems and facilitate the use cryptocurrency. The Plasma framework proposed by Ethereum cofounder Vitalik Buterin allows for easy execution of scalable smart contract. Polygon can process many transactions in a second, on a side chain. The block confirmation time is less than 2 seconds. Polygon can host an unlimited number decentralized apps without the usual drawbacks of proof-of work blockchains. To participate in Polygon, you'll need a multichain wallet such as Coinbase Wallet. Using Coinbase Wallet you can view the Polygon Bridge and exchange Ethereum assets. You can also monitor your balances on different networks. Users can deposit Ethereum Tokens into a Polygon Smart Contract, interact with the tokens within Polygon and later withdraw them to the Ethereum mainchain.
What are Polygon Potential Use Cases?
Matic Network Pte. Ltd. (The Governing body) is committed to provide a scalable and user- friendly ecosystem for third party Decentralized applications to thrive on. The governing body, like Ethereum and other platform foundations, will promote various Base chain DApps (like DApps built on Ethereum currently, and NEO, EOS in future) to build and migrate their user facing applications / transactions on the Matic Network. It will also award grants and funding to third party app developers to build various use cases on top of the Matic Network like: payments, Atomic Swaps, Liquidity providers, Decentralized Exchange (DEX) and Marketplace support, Lending & Credit Scoring platform, Infrastructure, Matic Wallet etc.
How does Polygon enhance Ethereum's capabilities?
Polygon, formerly known as Matic Network (Matic Network), aims to improve Ethereum by addressing the scalability issues. This is done by processing transactions in a separate Ethereum compatible blockchain, and then returning them to the main Ethereum Blockchain after processing. This approach aims to improve transaction efficiency while reducing transaction costs. Polygon is a framework that allows new and existing projects to build their blockchains on Ethereum, with the goal of reducing concerns about scaling issues. Users can interact with any DApp to alleviate concerns about network congestion. Polygon's solutions for scalability aim to improve user experience, manage transactional throughput and address network congestion. This approach is designed to encourage interaction with decentralized apps and engagement with platform.
What role does the MATIC token play within the Polygon network?
The MATIC token, the native currency in the Polygon ecosystem allows users to interact with a variety of services.Decentralized applications (dApps) MATIC is also a token that can be used to conduct transactions.This fee is charged for transactions or applications that are built on the Polygon Network. This fee is a non-monetary reward for validators are used to verify and process transactions. MATIC is also important in network support. Polygon uses a proof of stake is a consensus mechanism that uses staked MATIC tokens. By staking MATIC users can support the Polygon network by contributing to it and receiving non-monetary rewards. Validators, they have certain responsibilities for the Polygorn Network. They implement Polygon Improvement Contribute to the decentralization of the network by submitting proposals (PIPs).
How does Polygon aim to achieve interoperability with other blockkchains?
Polygon aims to achieve interoperability between other blockchains through a framework that allows for the construction and maintenance of blockchains.It is a protocol for connecting Ethereum-compatible networks. It uses a setof protocols to address Ethereum's shortcomings.Scalability problems can be solved by processing transactions in a separate Ethereum compatible blockchain and returning them back to the main Ethereum blockchain will be processed. This method reduces the load on the Ethereum network.Polygon is designed to speed up transactions and reduce transaction costs.Solutions include plasma sidechains and a Proof-of-Stake (PoS), a blockchain bridge with zk rollups or optimistic rollups.These solutions allow developers to choose a suitable scaling option for their applications, with the goal of improving interoperability. Polygon is developing an infrastructure that will support the adoption of a wide range of technologies.Ethereum could increase Polygon's dependency on Ethereum rather than the opposite.
