What is Polygon (MATIC)?
Polygon —— An Aggregator of Layer 2 Solutions on Ethereum
- Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
- The purpose is to build a modular, general and flexible expansion framework for Ethereum. It currently supports building and connecting two Mainstream expansion paths: Secured chains and Stand-alone chains.
- Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc with the advantages of Ethereum’s security, vibrant ecosystem and openness.
- The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
Polygon Key metrics
Polygon is a layer-2 scaling platform that enables fast, easy, and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contracts.
Its mission is to create a plasma-influenced Layer 2 scaling solution to "enable throughput capable of meeting the transaction demand for mass adoption of dApps".
Some of its key features include:
- Scalability: fast, low-cost and secure transactions on Matic sidechains with finality achieved on mainchain and Ethereum as the first compatible Layer 1 basechain
- High throughput: achieved up to 7,000 TPS on a single sidechain on internal testnet; Multiple chains to be added for horizontal scaling
- User experience: smooth UX and developer abstraction from mainchain to Matic chain; native mobile apps and SDK with WalletConnect support
- Security: Matic chain operators are themselves stakers in the PoS system
- Public sidechains: Matic sidechains are public in nature (vs. individual dApp chains), permissionless and capable of supporting multiple protocols
Within the Polygon, the MATIC token has three key use cases:
- Participating in the Proof of Stake consensus:Matic sidechains enforce consensus using a Proof-of-Stake (PoS) layer in which network participants stake Matic tokens to participate as validators.
- Paying for the transaction fees in the network:The transaction fees on Matic sidechains are paid in MATIC tokens. The more users onboard to use the apps on Matic Network, the more the transaction volume and hence the transaction fees. The Matic token is also used to pay staking rewards to the POS stakers.
- Having taken inspiration from Livepeer and its"protocol funding the ecosystem" model, Matic intends to enable a separate staking mechanism for supporting the ecosystem projects. This will help create a fund out of the "block rewards" that can help support developers working on features and dApps needed by the network to get a part of block rewards. This mechanism is funded by reserving a percentage of the transaction fees in-protocol to support the projects building for enhancing Matic Ecosystem.
Polygon Project team
Polygon (formerly Matic Network) was launched in October 2017. Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, two experienced blockchain developers and a business consultant.
Before moving to its network in 2019, the Polygon team was a huge contributor in the Ethereum ecosystem. The team worked on implementing the Plasma MVP, the WalletConnect protocol and the widely-used Dagger event notification engine on Ethereum.
The team included co-founder of Polygon, Jaynti Kanani. Jaynti, a full-stack developer and blockchain engineer currently serves as the CEO of Polygon.
Jaynti played an integral role in implementing Web3, Plasma and the WalletConnect protocol on Ethereum. Prior to his blockchain involvement, Jaynti worked as a data scientist with Housing.com.
Co-founder and chief operations officer of Polygon, Sandeep Nailwal is a blockchain programmer and entrepreneur. Before jointly starting Polygon (formerly Matic), Sandeep had served as the CEO of Scopeweaver, and the chief technical officer of Welspun Group.
Anurag Arjun is the only non-programming co-founder of Polygon. As a product manager, he has had stints with IRIS Business, SNL Financial, Dexter Consultancy and Cognizant Technologies.
From Matic Network to Polygon
Polygon plans to become an aggregator of Layer 2 solutions on Ethereum, to achieve the construction performance that the Ethereum network itself cannot achieve, and to make up for the current missing important links in the Ethereum ecosystem. Polygon will retain all the capabilities of Matic Network. Solutions such as Matic Plasma Chains and Matic PoS Chain will continue to exist and will continue to develop and become an important part of the Polygon ecosystem.
Polygon is the first well-structured and easy-to-use Ethereum expansion and infrastructure development platform. Its core component is the Polygon SDK. The purpose is to build a modular, general and flexible expansion framework for Ethereum. It currently supports building and connecting two Mainstream expansion paths:
1、Secured chains：This solution relies on Ethereum itself, which is currently the safest public chain. This solution relies on Ethereum and does not need to establish its own verification mechanism. In addition to supporting the currently completed MATIC Plasma Chains with high performance, it will also support thermal expansion projects including Optimistic Rollups, ZK Rollups, Validium, etc. This move will also make Polygon a real layer aggregator. This scheme is suitable for application institutions that require extremely high security levels, such as start-up companies, because this scheme is more suitable for failing to establish a sufficiently decentralized and secure verifier mechanism.
2、Stand-alone chains：The side chain is a chain independent of Ethereum, has its own verification program pool, can be independently responsible for its own security, and provides better independence and flexibility. Under this path, Polygon has built the Ethereum side chain MATIC PoS Chain, which supports the Ethereum Virtual Machine (EVM) and can also share the security of the Ethereum network. This type of solution is usually suitable for running a sufficiently decentralized and secure validator pool, such as a powerful community project.
In addition, Polygon SDK will also support and provide a large number of auxiliary solutions and products to better realize Polygon's scalability. For example: messaging protocols and modules between chains, data availability services, shared security services, adapters for external blockchain networks, App-specific modules, enterprise modules, and product quality products and solutions.
Polygon Community and Social Channel