Understanding the Polygon (Matic) Token In Less Than A Minute

Understanding the Polygon (Matic) Token In Less Than A Minute

By harshitahuja | harshitahuja | 3 Jun 2021


Three Indians, Jaynti Kanani, Sandeep Nailwal and Anurag Arjun launched Matic Network in Bengaluru, India in 2017, set out to solve Ethereum's scalability issues. It was later renamed as Polygon. Polygon is an open-source technology that gives developers the tools they need to create stand-alone networks or secure sidechain using smart contracts. Unlike Bitcoin and Ethereum, the Polygon Network is unaffected by high transaction fees.

Polygon is an Ethereum token that used to power Ethereum multi-chain scaling solution. Ethereum has certain limitations such as -

- low throughput

- poor user experience

- no sovereignty

4a2577b8058e789db1caf37e83e8cdd35ba8cd7c3fbafba9cc01c8fcc2cf044b.png

Source - Polygon Lightpaper

Other projects too are exploring Ethereum compatible blockchains to overcome these limitations still thriving on the Ethereum ecosystem. Polygon is a framework and protocol for building and connecting Ethereum compatible blockchain networks.

Polygon aims to improve the security and the interoperability protocol between Ethereum blockchain and other compatible networks.

6ea05e28c3b519f01d0cc0b3320272b86fe2998d6cb9fe6bdacffd15329e52ff.png

Source - Polygon Lightpaper

Polygon recently saw a surge in traffic and has made its way to the top 20 cryptocurrencies worldwide. Recently, Mark Cuban invested an undisclosed amount in the Indian cryptocurrency, further strengthening the trust people have in the Polygon Network.

Coinbase began trading the token in March this year. You can start trading the token instantly with Coinbase

 

How do you rate this article?


19

0

harshitahuja
harshitahuja

Computer Science Engineer Cryptocurrency Enthusiast


harshitahuja
harshitahuja

Everything about cryptocurrencies you need to know!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.