Denominations | |
---|---|
Code | $MATIC |
Previous names | Matic Network |
Development | |
Original author(s) | Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, [1] Mihailo Bjelic [2] |
White paper | github |
Code repository | github |
Development status | Active |
Developer(s) | Polygon Technology |
Source model | Open source |
Ledger | |
Ledger start | June 1, 2020 |
Block time | 2.3 seconds |
Block explorer | polygonscan |
Website | |
Website | polygon |
Polygon (formerly Matic Network) is a blockchain platform which aims to create a multi-chain blockchain system compatible with Ethereum. As with Ethereum, it uses a proof-of-stake consensus mechanism for processing transactions on-chain. Polygon's native token is named MATIC. Matic is an ERC-20 token, allowing for compatibility with other Ethereum cryptocurrencies. It is operated by Polygon Labs.
Polygon is used in decentralized applications (dApps) such as Defi, DAOs, and NFTs.
The blockchain company Polygon was originally known as Matic Network. The Matic Network was launched in 2017 by four Mumbai-based software engineers: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. [3]
In February 2021, the MATIC Network underwent a significant rebranding to become Polygon Technology. [4] This strategic shift aimed to transform the project from a single Layer 2 scaling solution to a comprehensive platform capable of integrating multiple Layer 2 scaling solutions and standalone blockchains into a coherent and interoperable system. [5]
The rebranding to Polygon marked an expansion of the original vision. While MATIC Network was primarily focused on providing a singular scaling solution using Plasma chains, Polygon aimed to create an entire suite of Layer 2 scaling solutions. This included not only Plasma chains but also rollups (Optimistic Rollups and ZK-Rollups), sidechains, and other technologies designed to enhance Ethereum’s scalability and user experience. [6]
Polygon sought to develop a multi-chain ecosystem, akin to an "Internet of Blockchains." This approach allows different blockchains to interconnect and communicate seamlessly, fostering greater interoperability and collaboration across various blockchain networks. Polygon’s framework facilitates the creation of interconnected blockchain networks, each optimized for specific use cases.
The rebranding aimed to attract a broader developer community by providing more tools and resources. Polygon offers enhanced development capabilities, enabling developers to build decentralized applications (dApps) with improved scalability, lower transaction costs, and a better user experience.
With the rebranding, MATIC continued to serve as the native token, maintaining its critical roles in network governance, staking, and transaction fee payments. Token holders can participate in the decision-making process regarding network upgrades and changes, contributing to the platform's decentralized governance model. [7]
Polygon’s rebranding included efforts to forge new partnerships and expand its ecosystem. By collaborating with various projects and developers, Polygon aimed to accelerate the adoption of its scaling solutions and broaden its impact on the Ethereum ecosystem and beyond.
The rebranding to Polygon Technology has had a significant impact on the project's trajectory. It has positioned Polygon as a leading solution in the blockchain space for scalability and interoperability. The broader vision and expanded capabilities have attracted numerous projects and developers, solidifying Polygon’s role as a pivotal player in the development of scalable blockchain infrastructure.
Polygon’s rebranding has also led to increased market visibility and adoption of the MATIC token, as the platform continues to address key challenges in the blockchain industry, such as high transaction fees and network congestion on Ethereum.
In December 2021, Polygon acquired the Mir blockchain network for 250 million MATIC tokens, with the tokens having a value of around $400 million at the time of the deal. ZK-rollups were intended to offload data from Ethereum to reduce fees and speed-up the transaction process while maintaining security. [8] [9]
In December 2021, Polygon disclosed a security vulnerability that resulted in the theft of 801,601 MATIC tokens. [10]
Polygon uses a modified proof of stake consensus mechanism that enables a consensus to be achieved with every block. Achieving consensus using traditional proof of stake requires processing many blocks to achieve consensus. The proof of stake method requires network participants to stake—agree to not trade or sell—their MATIC tokens, in exchange for the right to validate Polygon network transactions. Successful validators in the Polygon network are rewarded with MATIC tokens.
The Polygon network aims to address problems within the Ethereum platform, namely high transaction fees and slow processing speeds.
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Web3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as "Big Tech". The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms. The concepts of Web3 were first represented in 2013.
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