Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. Formerly known as Matic Network, Polygon was co-founded by three Indian software engineers in 2017. Polygon tries to solve pain points associated with blockchains such as scalability, high gas fees and slow speeds, without sacrificing security. Reducing fees is a key focal point the developers identified to allow everyday users to avail of blockchain technology (and DeFi as an extension of this). Although not specifically a DeFi project, Polygon’s functionalities lend itself as useful within the DeFi space as well as being involved in DApps (Decentrantralized Applications), DAO’s (Decentralized Autonomous Organisations) and NFTs (Non-Fungible Tokens).
Polygon’s native token $MATIC is a utility token on the Polygon network. This means it can be used as a form of payment between network users. It is also used as a method of incentive to users who wish to contribute computational resources and services related to proof publishing and block validation. Polygon operates on a Proof of Stake validation method. Users are rewarded for staking their tokens and for contributing to network security.
Funds can be sent between users on the Polygon network in a similar manner to Ethereum and other cryptocurrencies. Smart contracts are employed to carry out transactions. Low fees and high speeds are what differentiates this network from others.
Polygon’s success led to it’s co-founders Jaynti Kanani, Sandeep Nailwal and Anurag Arjun becoming India’s first crypto billionaires.
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