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Polygon

Last Updated: January 29, 2024

Polygon, formally the Matic Network, is an Ethereum-based scaling solution allowing developers to move computation and data storage off Ethereum into a low-fee and high-speed environment.

Background

The Matic Network was co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun to combat blockchain scaling and usability issues. In February 2021, Matic rebranded to Polygon to provide developers a suite of scaling solutions beyond its existing proof of stake (PoS) chain.

Launch

Polygon launched in 2017 as the Matic Network. with its native currency, MATIC subsequently launched in 2019, via an “initial exchange offering.” The mainnet launched with core contracts on Ethereum in 2020.

How does it work?

Polygon lives on top of Ethereum as a layer 2 blockchain. Polygon aims to bridge many different blockchain projects on Ethereum, which all boast different features, but aren’t necessarily interoperable. 

Polygon leverages staked Matic tokens to reach consensus and help secure the network. MATIC tokens exist on multiple blockchains.

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