Polygon (with ticker MATIC) is a complete multi-chained system, a framework as well as a protocol. It connects Ethereum-compatible blockchain networks and is built to solve the scalability issues on the current Ethereum network. It is a layer 2 solution, i.e it works on top of Ethereum’s primary blockchain.
What is Polygon?
Polygon is a framework designed to connect Ethereum-based networks using a wide range of assets, tokens, and protocols. The main goal is to simplify the use of Ethereum-based smart contract development. Polygon provides a simple interface that focuses on the core use cases such as crowdfunding, currency exchange, reputation systems, and any other programmable digital asset.
With a modular design, Polygon makes it easy to reuse and customize Polygon’s components to fit into any existing or new ecosystem.
What are the benefits of Polygon?
One of the benefits of Polygon is that it will solve one of the scalability issues with Ethereum. Ethereum is having some serious scaling issues, and Polygon solves it. It has been developed to be high-performance with high-traffic systems. Polygon’s platform enables Ethereum users to raise funds through DApp and exchange or trade other blockchains on its marketplace.
Also, Polygon’s architecture is secure and all the smart contracts that make up its platform are distributed across a network of nodes and nodes are globally available to make sure security. Also, its hardware design allows it to be built on embedded devices as well.
How does Polygon work?
Polygon is an Ethereum-based decentralized applications (DApp) on top of Ethereum mainnet. It allows one to deploy DApps without having to actually develop their own blockchain. This means, Polygon is a bridge between any two blockchain networks. It can operate in offline environments and will not run “centrally” on a computer or on any server. The DApp can be deployed and managed on Polygon-compatible blockchains.
Polygon-compatible blockchains are Ethereum-based cryptocurrencies, coins, or networks which are running on the Ethereum platform (currently there are about 50 such blockchains). The tokens of these networks (called polygonized currencies) are kept in a synchronized multi-chain based accounting ledger known as a Chain.
Who can use Polygon?
Any Blockchain-enabled application which has to query the Ethereum network about “who owns what?” The Polygon nodes run with the permission of the user who has given them control over the Ethereum network. Any user can place a server on a public internet location, connect it to Polygon’s network, and upload applications to it. Every application will run on its own separate blockchain, and users will be able to transfer assets to one and to another.
As long as the application is running, all users will be able to query “who owns what?” This is a very similar concept to Apple’s App Store. In essence, Polygon will give users more control over their personal data.
What are the MATIC Tokens used for?
The blockchain platform will be free for developers and provide them with many different options to enhance the system. The tokens of the Polygon project are in circulation. In the future, the company plans to issue other “permissioned” tokens. The MATIC token will be a utility token on the Polygon system. As of now, the sale started on October 22, 2018.
The MATIC tokens will be used to issue and buy services on the Polygon platform. The company raised $500,000 during the pre-sale of the tokens.
Who is behind MATIC?
Idrissa Diarra, the company’s CEO, is the co-founder and CTO of the BitBond crypto lending marketplace. Diarra’s team decided to develop the Polygon platform together with developers and consultants from BitBond, Digix and Molyneux Investments.