Polygon (MATIC), previously known as MATIC network, is an interoperability layer-2 scale solution for Ethereum-compatible blockchains. Polygon’s native cryptocurrency, MATIC, is used for governance, staking and gas fees.
Polygon was developed to address Ethereum’s limitations, including throughput, transaction speed, and lack of community governance. By design, Polygon is a platform built for launching interoperable blockchains.
Polygon achieves this using Proof-of-Stake checkpoints built on the Ethereum mainchain and its More Viable Plasma, a variant of the Plasma Network.
People Also Ask: Other Questions About Polygon (MATIC)
What is MATIC Used For?
It is used for several functions within the Polygon ecosystem, including payment of transaction fees, staking and delegating, liquidity provision, and governance. As a payment method, it is used to pay for smart contract executions and transaction fees on the Polygon network. Staking and delegating MATIC helps secure the network and earn rewards.
How Do Network Consensus and Validation Work on Polygon?
Polygon achieves network consensus and validation through a proof-of-stake (PoS) consensus mechanism. Validators stake their MATIC tokens to validate transactions through block creation. The process is finalized with Checkpointing to secure the network. This ensures an efficient and secure network for users, with validators playing a crucial role in the process.
Who is the Polygon Founder?
Polygon, formerly known as Matic Network, was launched by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun in 2017.
What is the Maximum Token Supply of Polygon?
The maximum token supply of Polygon is 10 billion tokens (MATIC). This maximum supply was set at the time of the token's launch in April 2019. At the time of writing, the circulating supply is over 8 Billion.
What Makes Polygon Different From Others?
Polygon is designed to establish an internet of blockchains through which any platform — on-chain or off-chain — is able to interact with the Etheruem network.
Polygon’s scaling solution operates on a 2.1-second block time, which facilitates the execution of transactions at a speed and scale necessary to provide DApps suitable for widespread adoption. Additional initiatives by Polygon include the NFT and blockchain gaming subsidiary, Polygon Studios.