What is Polygon?
The crypto network, previously known as MATIC, was created in 2017, but the name was changed to Polygon in 2021. The rebranded Polygon network aims to help scale Ethereum by increasing its speed – without sacrificing security – by providing a full suite of Layer 2 scaling products. Layer 2 roll-ups such as Polygon are essential to assist Ethereum in scaling as it awaits its upgrade to Ethereum V2, promising higher scalability and lower gas fees. Polygon has seen promising adoption, as it is the seventh-largest chain by total value locked.
What are the core features of Polygon?
- High scalability: Polygon uses a combination of layer-2 scaling solutions, such as Plasma and Optimistic Rollups, which allow it to process thousands of transactions per second significantly faster than the Ethereum blockchain.
- Low transaction fees: Because of its scalable infrastructure, Polygon is able to offer low transaction fees, making it an attractive platform for developers and users.
- Ethereum compatibility: Polygon is built on top of the Ethereum network and supports all Ethereum-based assets and tools, making it easy for developers to migrate their dApps from Ethereum to Polygon.
- Interoperability: Polygon is designed to be interoperable with other blockchain networks, allowing for a seamless exchange of assets and data between different systems.
- Decentralization: Like other blockchain networks, Polygon is decentralized, meaning that no single entity has control over the network. This ensures the security and integrity of the network.
- Community-driven: Polygon has a strong and active community of developers, users, and stakeholders who contribute to the development and growth of the platform.
What is the native token of Polygon?
The native token of Polygon is MATIC. After the rebrand occurred, the original ticker symbol of MATIC was kept. Polygon and Matic are synonymous and can be used interchangeably. MATIC coin is needed to pay for gas fees for all transactions on the Polygon network.