Let's take a closer look at what Polygon is all about.
What is Polygon (MATIC)?
Founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic in 2021, Polygon is a layer 2 network built on Ethereum.
As a layer 2 proof of stake (PoS) protocol, Polygon aims to help Ethereum scale (take on more transactions). To do this, Polygon deploys a unique technology called Plasma to confirm transactions off-chain and later transfer them onto the Ethereum mainnet.
Furthermore, Polygon gives developers the tools they need to develop independent side chains. Polygon's software development kit (SDK) can be used to build Ethereum-based decentralised networks that can later be connected to the Ethereum mainnet.
The Polygon team has recently increased its efforts to broaden its user base and has already committed $100 million to the development of a comprehensive web 3.0 ecosystem.
- Read more: Ripple XRP Ledger gets NFTs
What is a MATIC token?
MATIC is Polygon's native token that plays a critical role in facilitating the growth of the overall Polygon ecosystem.
The coin can be used to pay transaction fees and to participate in the governance of the ecosystem. MATIC holders will have the ability to vote on crucial development policies
MATIC holders can also stake their tokens to accrue rewards for helping to validate transactions on Polygon's PoS network.
For more articles like this, take a look at our Planet Crypto page.