Polygon (blockchain platform)
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| MATIC | |
|---|---|
| Ticker symbol | MATIC |
| Development | |
| White paper | https://whitepaper.io/coin/polygon |
| Initial release | 2017 |
| Code repository | https://github.com/maticnetwork/ |
| Development status | Active |
| Website | Official website |
| Block explorer | https://polygonscan.com/ |
Search Polygon (blockchain platform) on Amazon.
Polygon (formerly MATIC Network) is a decentralized Ethereum scaling platform for building dApps. Polygon uses MATIC as its native token as a means to secure its system and for its governance. In 2022, MATIC is in the Top 20 coin market capitalization.[1]
Polygon addresses the challenges faced by Ethereum such as high fees, low transactions per second (TPS) and poor user experience. It aims to create a multi-chain blockchain ecosystem compatible with Ethereum. Polygon is involved in DeFi, DApp, DAO and NFT.[2][3]
History[edit]
The MATIC Network project was launched in 2017 by four software engineers, Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic, who founded a start-up based in Mumbai.
MATIC had an IEO on Binance in 2019. However, in December 2019, the MATIC token experienced a 70% crack that prompted Binance boss Changpeng Zhao to post on twitter to reassure the platform's users.[4]
In January 2021, the Associated Press international news agency launches an NFT marketplace on Polygon.[5]
In February 2021, MATIC was rebranded to Polygon, while its perimeter was extended to the metaverse.[2]
In May of 2021, Mark Cuban invested in the platform and the market capitalization of the token exceeded $10 billion USB for the first time.[6]
In December 2021, Polygon bought the start-up Predicate Labs, which developed the MIR Blockchain in order to access a technology called "zero-knowledge rollups" that offloads data from Ethereum to reduce fees and speed the transaction process.[7][8]
In February of 2022, Polygon raised $450 million USD through sale of MATIC in a funding round led by Sequoia Capital India.[9][10]
In April 2022, Financial solutions firm Stripe choose Polygon for crypto payments for its “low gas fees, high speed, broad wallet compatibility, and integration with Ethereum.” Twitter will be the first recipient of the Polygon-powered service.[11][12]
In July 2022 Polygon was selected to participate in Disney's 2022 Accelerator Program to grow in the areas of augmented reality, NFT and AI experiences. This program is designed to push the growth of innovative companies.[13]
Design[edit]
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Polygon supports two types of Ethereum-compatible blockchain networks, stand-alone chains, intended for Enterprise networks and more established projects and secured chains, intended for start-ups and more security-focused projects. Polygon operates on a Proof of stake protocol.[14]
The Polygon architecture consists of four layers, with only the latter two being mandatory:[14]
- Ethereum layer
- Security layer
- Polygon Networks layer
- Execution layer
References[edit]
- ↑ "Polygon". CoinMarketCap.
- ↑ 2.0 2.1 "Here's how India-based Polygon(MATIC) outperformed other major cryptos". economictimes.indiatimes.com. 6 August 2021. Retrieved 6 April 2022.
- ↑ Tretina, Kat (May 31, 2022). "How To Buy Polygon (MATIC)". forbes.com.
- ↑ "This Bitcoin Rival Just Crashed By A Shocking 70% In An Hour". forbes.com. 10 December 2019. Retrieved 8 April 2022.
- ↑ "Associated Press to Launch NFT Marketplace on Polygon to Support Journalism". decrypt.co. 10 January 2022. Retrieved 8 April 2022.
- ↑ "About Us". Polygon. Retrieved 20 February 2022.
- ↑ "Crypto Firm Polygon Makes $500 Million Buy for Ethereum Push". bloomberg.com. 9 December 2021. Retrieved 8 April 2022.
- ↑ "Polygon's Value Grows as Its Apps Grow in Usefulness and Popularity". nasdaq.com. 17 January 2022. Retrieved 8 April 2022.
- ↑ "Polygon Raises $450,000,000 From Sequoia Capital India, SoftBank, Galaxy, Tiger, Republic Capital". Polygon Blog. Retrieved 21 February 2022.
- ↑ "Crypto brain drain is crazy in India, Polygon cofounder Sandeep Nailwal says". economictimes.indiatimes.com. 11 March 2022. Retrieved 8 April 2022.
- ↑ "What is Stripe Connect: The platform that will help Twitter creators get paid in cryptocurrency". cnbctv18.com. 28 April 2022.
- ↑ "Polygon News: Polygon Unveils Supernets, Stripe Partnership, and More". 27 April 2022.
- ↑ Miller, Rosemarie (Jul 14, 2022). "Polygon's MATIC Soars After Disney Deal As Crypto Moves Higher". forbes.com.
- ↑ 14.0 14.1 "Polygon Whitepaper". Whitepaper.io. Retrieved 21 February 2022.
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