What is Polygon?
Polygon, formerly known as Matic, is a framework for building blockchain networks compatible with Ethereum. To describe Polygon’s functionality, their white paper uses a term that perfectly sums up the quality of the project – “Built by developers, for developers”. Now the question is, what problem does Polygon solve. Let’s explore the answer.
Originally known as the Matic Network, the company rebranded itself as Polygon as the scope of the project increased. Matic Network was limited to being a simple scaling solution, but Polygon is much more than that. Polygon is an ecosystem of collaborative blockchains that are massively scalable and also retain their autonomy.
What problem does Polygon aim to solve?
There is no doubt that Ethereum has become a go-to blockchain platform for building blockchain applications. But there are integral issues with the Ethereum blockchain that prevent it from realizing its true potential. All three issues are weak overall, poor user experience due to high gasoline costs, delays in transactions, and lack of community governance.
To address the current challenges of using the Ethereum blockchain, many new projects are exploring the Ethereum-compatible blockchain. There is another benefit to using the Ethereum compatible blockchain. It will also allow developers to access the Ethereum ecosystem. So there is a solution to the current problems that developers face with the Ethereum blockchain – Create an Ethereum compatible blockchain. But there was another problem that prevented opting for this solution. Prior to the launch of Polygon (formerly Matic Network), there was no framework to create an Ethereum compatible blockchain. In addition, no protocol can connect the newly created side chains to the Ethereum blockchain. This is where Polygon brings value to the developer community.
Polygon is both a framework and a protocol using which a developer can create an Ethereum compatible blockchain and connect them. It is also easy to deploy as it offers one-click deployment and offers modules to develop your custom blockchain networks. This feature is very beneficial for developers. It’s also just as easy to exchange messages between the Ethereum blockchain and other networks via Polygon’s interoperability protocol. Polygon also offers adapter modules to enable interoperability in existing blockchain networks.
History of the polygon
As we said at the beginning, Polygon started out as the Matic Network, but they were renamed Polygon as their project scale increased. Initially, Matic Network was just a Layer 2 scaling solution, but later they evolved into an ecosystem of stand-alone, collaborative, and interactive Ethereum blockchains.
Launched in October 2017, Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. Jaynti Kanani, CEO of Polygon, is a blockchain engineer and full-stack developer. Before founding Polygon, he worked with Housing.com as a Data Scientist. He started his career as a senior software engineer at Persistent Systems. Regarding his education, Jaynti holds a bachelor’s degree in Information Engineering and Technology from Dharmsinh Desai Institute of Technology.
Polygon moved to their network later in 2019, but before that they were active contributors to the Ethereum network. In fact, Jaynti and his team at Polygon, known as the Matic Network, played a key role in the implementation of Plasma and the WalletConnect protocol on the Ethereum network.
Another co-founder, Sandeep Nailwal, is also a blockchain programmer. He holds a Masters of Business Administration in Technology, Finance and Supply Chain Management from the National Institute of Industrial Engineering. Prior to co-founding Polygon, he worked as CEO and co-founder of Scopeweaver. He also worked at Welspun Group, Deloitte and Computer Sciences Corporation.
Polygon’s third co-founder is Anurag Arjun, who currently works as Chief Product Officer. He holds a bachelor’s degree in computer engineering from the Nirma Institute of Technology. Before co-founding Polygon, he was at IRIS Business Services Limited as AVP Product Management. Anurag has also worked with Cognizant, Dexter Consultancy Private Limited and SNL Financial.
How does the polygon work?
To understand how Polygon works, we need to think of it as a four-layer architecture or system where the first layer is the Ethereum layer. The next layer is the security layer, the third is the Polygon networks layer and the last is the execution layer. Each layer here plays a different role in how Ethereum works. The first two layers – the Ethereum layer and the security layer, are optional.
The first layer, AKA the Ethereum layer, handles communication with various polygon chains and is also responsible for the finality of the transaction and the staking process. Next is the security layer, which runs alongside the Ethereum layer offering “validators as a service”. It also acts as an additional layer of security.
Network layers handle block production, local consensus, and assembly transactions. It is made up of many independent blockchain networks, and those networks are for its user base and community. The last layer is the execution layer which manages the interpretation and execution of transactions within the existing blockchains in the Polygon network. The execution layer has two layers, the execution environment and the execution logic. The runtime environment is a kind of plug-in-play virtual machine implementation. Execution logic, on the other hand, is written into Ethereum smart contracts for Polygon’s networks.
There are two types of polygonal chains, stand-alone chains and secure chains. Let’s understand a little more about them.
As the name suggests, these channels are independent and are responsible for their security. This means that they have their own set of validators, unlike Polygon Chains’ secure chain. By opting for stand-alone chains, your project will benefit from a high degree of independence and flexibility of operations. Autonomous chains are more suited to corporate projects and large projects with strong communities.
Secure chains rely on security as a service through proof of fraud or validity for blockchain network validations instead of setting up their validator pool. A project that wants to go for secure chains can also use a credible validator pool like Polkadot’s shared security features. With this chain, your project will benefit from better security, but it also means reduced flexibility and autonomy. Secure channels are more suitable for startups and projects that place more importance on security.
The initial outstanding MATIC token supply was 3,230,085,551 and the issue price was $ 0.00263. As for the total supply of MATIC tokens, it is 10 billion. Even after Matic Network renamed itself Polygon, they continued with MATIC tokens. They made no changes to its delivery. As for the allocation of MATIC tokens, they allocated 3.80% of their total offer to private sale. Then they set aside 2.09% of their total supply for seed allocation. Matic Network has raised $ 5 million in BNB through a public sale.
16% of MATIC’s total supply was reserved for the team, while 4% of its supply was for advisors. In total, 12% of the MATIC token offering was for network operations. The foundation’s share in the total MATIC token supply is 21.86% of the total MATIC supply, while 23.33% goes to the Matic ecosystem, now Polygon.
How to buy a polygon (MATIC)
Kraken – It’s the best option for US residents.
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Polygon – The solution to the problems of decentralized applications
The global financial industry is restarting from DeFi and the cryptocurrency industry as a whole. But there are some bottlenecks preventing the crypto industry from realizing its true potential. The main culprits here are high gas costs and slow transaction speed, as these issues are responsible for poor user experience. So why is it crucial to find a solution to these problems? If we don’t fix these issues, there won’t be significant growth in terms of DeFi and crypto adoption rate. To increase the adoption rate of decentralized apps and cryptocurrencies, the user experience needs to be improved.
Polygon aims to solve both of these problems by tackling high gas costs and slow transactions. Solving these challenges is the equivalent of winning half the game. So far, Polygon has played all of its cards well and sees a tremendous response from the crypto industry. It also got investments from Mark Cuban, one of the biggest proponents of cryptocurrencies, which shows its high upside potential. After all, Polygon has proven over time that this is indeed the “Ethereum Blockchain Internet”.