Polygon, formerly known as Matic Network, is a layer 2 scaling solution for Ethereum that aims to enhance scalability and usability while maintaining compatibility with the Ethereum ecosystem. It was launched in 2017 to address the limitations of Ethereum's network, including high gas fees and slower transaction speeds. Polygon achieves this by utilizing sidechains, also known as "Polygon chains," which are connected to the Ethereum mainnet.
Polygon offers a range of solutions and tools to developers, allowing them to create and deploy scalable decentralized applications (dApps) with reduced transaction costs. It provides a framework for building and connecting multiple chains, enabling faster and more cost-effective transactions. The network also supports Ethereum-compatible smart contracts, making it easy to port existing Ethereum projects to the Polygon ecosystem.
The native cryptocurrency of Polygon is called MATIC. MATIC serves as the fuel for transactions, staking, and participating in the network's governance. It is used for paying gas fees, securing the network, and participating in the Proof of Stake (PoS) consensus mechanism.
Polygon has gained significant traction and adoption within the crypto community, with numerous projects and decentralized exchanges (DEXs) integrating with its network. Its scalability solutions have helped alleviate congestion on the Ethereum network and improve the overall user experience. With its focus on interoperability and scalability, Polygon is positioning itself as a vital infrastructure layer for the broader blockchain ecosystem.