Polygon, also known as MATIC, is a crypto project specifically designed to address the challenges Polygon (formerly Matic Network) is a protocol and framework for building and connecting Ethereum-compatible blockchain networks. Polygon is designed to scale Ethereum by enabling faster and cheaper transactions. Polygon uses a variety of scaling solutions, including sidechains, optimistic rollups, and ZK rollups.
Polygon is a popular choice for developers who want to build scalable and affordable Ethereum-based applications. Polygon is supported by a large community of developers and users, and it is backed by a number of major cryptocurrency exchanges.
Polygon is a rapidly growing platform, and it is likely to continue to gain popularity in the years to come.
Polygon is a platform designed to enhance and scale Ethereum and its infrastructure. Founded in October 2017 by Sandeep Nailwal, Anurag Arjun, and Jaynti Kanani, Polygon offers an easy-to-use and well-structured framework called Polygon SDK. This flexible and modular framework enables the development of various applications.
Polygon allows developers to create ZK-Rollup chains, stand-alone chains, Optimistic Rollup chains, and other necessary infrastructures. By providing a comprehensive multi-chain system, Polygon aims to transform Ethereum into the "Internet of Blockchains" while leveraging the openness, security, and vibrant ecosystem of Ethereum.
As of now, Polygon boasts more than 19,000 DApps and over130 million users, with a staggering 3 million daily transactions. Since its inception, Polygon has successfully processed over 3.4 billion transactions, achieving a significant milestone of crossing 150 million unique addresses.
Polygon offers developers a range of modules to configure and deploy customized blockchains. These modules include governance and consensus components, as well as various machine implementations and execution environments.
By utilizing Polygon's framework, the configured blockchain harnesses the advantages of the Proof of Stake (PoS) consensus mechanism. Validators within the PoS layer are required to stake MATIC tokens. This network of validators contributes to reducing transaction fees and improving transaction speeds.
In order to foster widespread adoption of decentralized applications (DApps), Polygon incorporates a Layer 2 scaling solution. MoreVP(More Viable Plasma) is the chosen implementation for Layer 2 on Polygon, with support from major crypto exchanges like Coinbase and Binance.
The primary objective of the Polygon project is to enable scaling across multiple blockchains, facilitating the widespread embrace of cryptocurrencies.
The Polygon platform supports various blockchain scaling mechanisms, including ZK-Rollups, Matic Plasma, Validium Chains, and Optimistic Rollups. These mechanisms enhance the transactional throughput of the Polygon blockchain, while ensuring optimal user experience and maintaining a high level of security.
MATIC is the native utility token of Polygon, a layer-2scaling solution for Ethereum. MATIC tokens are used to pay for transaction fees on the Polygon network, secure the network through staking, and participate in governance.
Transaction fees: MATIC tokens are used to pay for transaction fees on the Polygon network. This makes it possible to execute transactions on Ethereum at a fraction of the cost of using the Ethereum mainnet.
Staking: MATIC tokens can be staked to secure the Polygon network. Staking MATIC tokens helps to ensure the network's security and stability.
Governance: MATIC tokens can be used to participate in governance of the Polygon network. This means that MATIC holders have a sayin how the network is run.
MATIC tokens are available on popular crypto exchanges such as Huobi Global, Binance, Coinbase Pro, and KuCoin. The high liquid trading pairs of MATIC are MATIC/USDT, MATIC/BUSD, MATIC/USD, and MATIC/BTC.
In addition to its utility on the Polygon network, MATIC tokens can also be used to purchase goods and services from a growing number of merchants. As the Polygon network continues to grow, the demand for MATIC tokens is expected to increase. This could lead to an increase in the price of MATIC tokens.
Instagram NFT collectibles: Instagram is testing anew feature that will allow users to display and collect NFTs on the Polygon blockchain. This could make it easier for creators to sell their NFTs to a wider audience.
Stripe global payouts: Stripe is expanding its global payout services to include crypto. This will allow businesses to pay their employees and contractors in crypto, which could help to increase the adoption of cryptocurrency.
Decentralized finance (DeFi): Polygon is a popular platform for DeFi applications. This is because it offers low transaction fees and fast transaction speeds.
Gaming: Polygon is also a popular platform for gaming applications. This is because it offers the ability to create and trade in-game assets.
Metaverse: Polygon is also a popular platform for metaverse applications. An example is Decentraland. This is because it offers the ability to create and trade virtual assets.
Polygon is a versatile platform that can be used for a variety of purposes. It is likely to continue to grow in popularity as more businesses and developers adopt it.
Adidas Originals and Prada Launch NFT Project on Polygon: Adidas Originals and Prada, two of the world's leading fashion brands, have announced a collaboration to launch a new non-fungible token (NFT) project on Polygon. The project, called "adidas for Prada re-source," will allow users to contribute their own artwork to a large-scale digital collage. The final artwork will be auctioned off on SuperRare, with proceeds going to Slow Factory, a non-profit organization that works to create education to drive meaningful solutions and inclusive communities.
QuickSwap: QuickSwap is a decentralized exchange (DEX) that allows users to trade ERC-20 tokens on the Polygon network. QuickSwap is one of the most popular DEXes on Polygon, with over $1 billion in total value locked(TVL).
Aavegotchi: Aavegotchi is a play-to-earn game that allows users to collect, trade, and battle NFTs called Aavegotchis. Aavegotchis are stored on the Polygon network, which allows for low transaction fees and fast speeds.
Decentral Games: Decentral Games is a virtual world that allows users to play games, earn money, and socialize. Decentral Games is built on the Polygon layer 2 network, which allows for low transaction fees and fast speeds.
The Sandbox: The Sandbox is a virtual world that allows users to create, own, and monetize their own gaming experiences. The Sandbox is built on the Polygon network, which allows for low transaction fees and fast speeds.
Zed Run: Zed Run is a horse racing game that allows users to own, breed, and race digital horses. Zed Run is built on the Polygon network, which allows for low transaction fees and fast speeds.
These are just a few of the many major Polygon projects. Polygon is a rapidly growing platform, and it is likely that we will see many more exciting projects built on the network in the future.
In Conclusion
Polygon has emerged as a robust framework offering blockchain scaling solutions that are seamlessly compatible with Ethereum. Its ability to maintain EVM compatibility, low transaction costs, and fast transaction speeds has contributed to its widespread adoption through the Polygon Network and its Proof of Stake (PoS) sidechain.
Moving forward, Polygon has ambitious plans for additional scaling measures, including the integration of stand-alone blockchains, optimistic rollups, and ZK rollups. These strategic enhancements aim to foster a more interconnected and efficient Layer 2 Ethereum ecosystem, further bolstering its capabilities.
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