Polygon, previously known as Matic Network, was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. The project officially launched in 2019 with the aim of providing a more efficient and faster blockchain network through the use of a Layer 2 scaling solution for Ethereum.
Polygon's primary objective is to reduce network congestion and lower transaction fees by processing transactions off the main Ethereum chain using sidechains. However, Polygon is not a company but rather an open-source blockchain network that provides a high-performance, scalable, and secure infrastructure for building and deploying decentralized applications (dApps) and blockchain solutions.
Polygon was rebranded in February 2021 to better reflect its goal of becoming a multi-chain network for the Ethereum ecosystem. The network aims to address some of the challenges faced by decentralized applications, such as slow transaction times and high gas fees.
The Polygon community is composed of over 150 members spread across different parts of the world, including India, the United States, and Europe. The team comprises experienced blockchain developers, entrepreneurs, and researchers who are passionate about creating a decentralized and scalable blockchain infrastructure.
As of February 2022, the net worth of Polygon is estimated to be around $11 billion, based on the market capitalization of its native token, MATIC. However, it's important to note that cryptocurrency market capitalization can be highly volatile and subject to change based on market conditions.
Polygon has gained popularity among developers and users due to its low transaction fees, fast confirmation times, and compatibility with the Ethereum ecosystem. The network has also attracted several high-profile projects and partnerships, including the decentralized exchange SushiSwap and the NFT platform OpenSea.
Overall, Polygon's innovative solution and commitment to providing a scalable and decentralized infrastructure have placed it among the top blockchain networks in the industry.
Polygon offers a range of products, including:
- Polygon SDK: A software development kit that allows developers to create their own Ethereum-compatible sidechains.
- Polygon POS Chain: A Proof-of-Stake (POS) blockchain that serves as the main chain of the Polygon network.
- Polygon Plasma Chain: A Plasma-based blockchain that offers fast and secure transactions.
- Polygon Bridge: A bridge that allows users to transfer assets between the Ethereum network and the Polygon network.
As of October 2021, the current price of Polygon (MATIC) is around $1.80 USD, with a market capitalization of over $11 billion USD.
Polygon (MATIC) is currently listed on various cryptocurrency exchanges, including Binance, Coinbase, Kraken, and Huobi, among others.
Polygon Web3 is an open-source software development kit (SDK) for building decentralized applications (dApps) on the Polygon network. It provides developers with the tools and resources needed to build and deploy their own dApps on the Polygon network.
Advantages of Polygon:
Fast and efficient: Polygon uses sidechains to process transactions, which results in faster and more efficient network transactions.
- Low transaction fees: With Polygon, users can enjoy low transaction fees due to the network's scalability and efficient processing.
- Interoperability: Polygon supports interoperability between different blockchains, allowing for the seamless transfer of assets between different networks.
- Ethereum compatibility: Polygon is fully compatible with Ethereum, which makes it easier for developers to migrate their dApps from Ethereum to Polygon.
- User-friendly: Polygon offers a user-friendly experience for developers and users, with easy-to-use tools and resources.
- Decentralized: The Polygon network is decentralized, which ensures that there is no single point of failure.
- Security: Polygon uses various security measures to ensure the safety of the network and its users.
- Ecosystem: Polygon has a growing ecosystem of dApps and services, making it easier for developers to build on the network.
- Community-driven: The Polygon network is community-driven, with active participation from developers and users.
- Scalability: Polygon is designed to be highly scalable, allowing for the growth of the network without sacrificing performance.
Polygon Web3 is a scaling and infrastructure development platform that aims to provide a seamless experience for developers building decentralized applications (dApps) and enabling them to create and connect with other blockchain networks.
Polygon Web3 works by providing developers with a set of tools and services that help them build, test, and deploy their dApps on the Polygon network. It provides a multi-chain system that allows developers to choose which blockchain to use for their specific use case, depending on their needs for security, scalability, and decentralization.
The use cases for Polygon Web3 are varied and include gaming, decentralized finance (DeFi), non-fungible tokens (NFTs), and supply chain management. It allows developers to create more efficient and cost-effective dApps by leveraging the benefits of the Polygon network, such as fast and cheap transactions, interoperability, and compatibility with Ethereum.
Polygon Web3 also enables the creation of bridges between different blockchain networks, allowing for seamless interoperability and transfer of assets between them. This can help to facilitate cross-chain communication and enhance the overall functionality of the blockchain ecosystem.
Overall, Polygon Web3 aims to provide a more user-friendly and accessible experience for developers looking to build and scale dApps on the blockchain, while also promoting greater adoption of decentralized technologies.
