Table of Content
- What Distinguishes Polygon?
- How Many Polygon (MATIC) Tokens Are There in the Market?
- MATIC Tokens
- How Is the Polygon Protected?
- Where Can I Purchase Polygon (MATIC)?
Polygon Cryptocurrency (formerly Matic Network) is the first well-structured, user-friendly Ethereum scaling and infrastructure development platform. Polygon SDK, a modular, adaptable framework that enables the development of many apps, is its main component. It also may be used to build optimistic rollup chains, ZK rollup chains, stand-alone chains, or any other kind of infra that the developer requires.
Polygon converts Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is similar to Polkadot, Cosmos, Avalanche, and others, but it benefits from Ethereum’s security and thriving ecosystem. The $MATIC token will play a growing role in protecting the system and allowing governance. Moreover, Polygon cryptocurrency is a Layer 2 scaling solution supported by Binance and Coinbase. The project’s goal is to boost bitcoin adoption by solving scalability problems on many blockchains.
Also important, Polygon is a blockchain architecture that combines the Plasma Framework with proof-of-stake. Polygon’s Plasma framework, introduced by Ethereum co-founder Vitalik Buterin, enables the simple execution of scalable and autonomous smart contracts. The current ecosystem based on the Plasma-POS chain will remain unchanged. Polygon is expanding its capacity to respond to different requirements from the developer community by building new features around currently established technologies. Polygon will continue to improve the basic technology for it to grow to a broader ecosystem.
All in all, Polygon can process up to 65,000 transactions per second on a single side chain and has a block confirmation time of fewer than two seconds. On top of that, the architecture enables the development of globally accessible decentralized financial apps on a single fundamental blockchain. Because of the Plasma framework, Polygon can host an infinite number of decentralized apps on its infrastructure, eliminating the usual disadvantages of proof-of-work blockchains. Polygon has attracted over 50 DApps to its PoS-secured Ethereum sidechain so far.
MATIC, Polygon’s native token, is an ERC-20 token that runs on the Ethereum network. Polygon tokens are used for payment services and as a settlement currency among Polygon ecosystem participants. On Polygon sidechains, transaction fees are likewise paid in MATIC tokens.
Polygon Cryptocurrency debuted in October 2017. Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun, two experienced blockchain engineers and a business consultant, co-founded Polygon. However, before launching its network in 2019, the Polygon team contributed to the Ethereum ecosystem. The team worked on Ethereum to develop the Plasma MVP, the WalletConnect protocol, and the widely used Dagger event notification engine.
Jaynti Kanani, a co-founder of Polygon, was part of the team. Polygon is presently led by Jaynti, a full-stack developer and blockchain engineer. Jaynti was instrumental in the Ethereum implementation of Web3, Plasma, and the WalletConnect protocol. Jaynti formerly worked as a data scientist for Housing.com before becoming involved with blockchain. Sandeep Nailwal, on the other hand, is Polygon’s co-founder and chief operations officer. Also a blockchain programmer and entrepreneur. Sandeep was the CEO of Scopeweaver and the chief technology officer of Welspun Group before co-founding Polygon (previously Matic). Finally, Polygon’s sole non-programming co-founder is Anurag Arjun. He has worked as a product manager at IRIS Business, SNL Financial, Dexter Consultancy, and Cognizant Technologies.
What Distinguishes Polygon from other Cryptocurrencies?
Polygon describes itself as a Layer 2 scaling solution, implying that the project has no plans to update its present basic blockchain layer anytime soon. The initiative aims to reduce the complexity of scaling and to enable quick blockchain transactions.
Polygon makes use of a modified version of the Plasma framework, which is based on proof-of-stake checkpoints that run across the Ethereum main chain. This one-of-a-kind technology enables each Polygon sidechain to process up to 65,536 transactions in each block.
Polygon’s sidechains are commercially intended to accommodate a wide range of decentralized finance (DeFi) protocols accessible in the Ethereum ecosystem.
While Polygon now only supports the Ethereum base chain, the network aims to expand other base chains depending on community recommendations and agreement. Polygon would then become an interoperable decentralized Layer 2 blockchain platform.
How Many Polygon (MATIC) Tokens Are There in the Market?
MATIC tokens are issued once a month. MATIC has a current circulating supply of 4,877,830,774 MATIC tokens and a maximum supply of 10,000,000,000 MATIC tokens.
In 2017, 3.8 percent of MATIC’s maximum supply was offered in its first private sale. Another 19% of the entire supply was sold for $0.00263 per token in the April 2019 launchpad sale, raising $5 million.
The Remaining MATIC Tokens are Allocated in the Following Manner:
- Team tokens account for 16% of the total supply.
- Advisor tokens account for 4% of the entire supply.
- Network Operations tokens account for 12% of the total supply.
- Foundation tokens account for 21.86 percent of the total supply.
- Ecosystem tokens account for 23.33 percent of the total supply.
- All tokens will be distributed by December 2022, according to the delivery timetable.
How Is the Polygon Protected?
Staking is an essential component of the Polygon ecosystem since it is a Layer 2 solution that uses a network of proof-of-stake validators for asset security. Validators on the web will invest their MATIC tokens as collateral to become a part of the network’s PoS consensus process in exchange for MATIC tokens.
Members of the network who do not want to become validators may delegate their MATIC tokens to another validator while still participating in the staking process and earning staking rewards.
Polygon Cryptocurrency utilizes block producers at the block producer layer in addition to proof-of-stake checkpointing to create a greater degree of decentralization. Using checkpoints and fraud-proof methods, these block producers provide finality to the major chains.
Where Can I Purchase Polygon (MATIC)?
MATIC is well-known among DeFi-focused online exchanges as one of the initiatives that made significant contributions to the growth of the Ethereum ecosystem. The following are the major exchanges where you can buy, sell, and trade MATIC at the moment:
|Coinbase Pro||Huobi Global||UniSwap|