Polygon (MATIC) is the first well-structured leading Layer-2 Ethereum scaling solution supporting smart contracts. It enables developers to create scalable, secure, and user-friendly decentralised applications with low transaction fees. MATIC is the native ERC-20 token of the Polygon ecosystem. It serves as the currency within the Polygon ecosystem, with users paying transaction fees.
As of October 2022, Polygon’s MATIC is among the top cryptocurrencies by market cap. The developers of Polygon SDK are optimistic that their invention may advance the Web 3.0 revolution by providing decentralised apps with a low-cost, scalable, highly secure platform that operates at a faster transaction rate. One of Polygon's primary advantages over other Web 3.0 blockchains on the market is its connectivity with the Ethereum mainchain.
The project's flagship product, Matic POS (proof-of-stake), is built on a modular, adaptable architecture called Polygon SDK, which allows developers to create and link Layer-2 infrastructures like Plasma, Optimistic Rollups, zkRollups, and Validium, as well as standalone sidechains.
Polygon enables each sidechain (a discrete blockchain linked to the main blockchain) on its network to achieve up to 65,536 transactions per block by utilising a customised version of the Plasma framework based on PoS checkpoints on the primary Ethereum blockchain. The sidechains built on Polygon work with Ethereum's DeFI (decentralised finance) protocols.
Polygon will continue to support the Matic POS sidechain and Plasma-based payment system, which currently hosts over 90 applications.
With Polygon, new features are being created around existing proven technology to increase the system's capacity to meet various demands from the developer community. Polygon will continue to develop the fundamental technology so that it can scale to a bigger ecosystem.
Polygon can support an infinite number of decentralised applications on its infrastructure thanks to the Plasma framework, without encountering the typical issues seen on proof-of-work (PoW) blockchain.
Although Polygon only supports the Ethereum basechain, the network plans to expand support for other basechains in the future based on community feedback and consensus. As a result, Polygon would become an interoperable decentralised Layer 2 blockchain platform.
Through a partnership with KlimaDAO, Polygon purchased $400,000 worth of carbon credits. These credits equal approximately 90,000 tonnes of carbon dioxide emissions. By using the KlimaDAO offset aggregator tool, the tokens are decommissioned, and BCT and MCO2 carbon credits are created from offsets certified under the Verified Carbon Standard. Going carbon-neutral is the first step toward sustainability.
Polygon and KlimaDAO have also retired carbon credits from various network-native projects, including the Bull Run Forest Conservation Project, the Ghani Solar Power Project, Moss.Earth and the wind power project at Jaibhim, India.
Polygon was introduced and co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun in 2017 and was known as Matic Network.
Currently, the CEO of Polygon is Jaynti, a blockchain engineer and full-stack developer. Jaynti played an integral role in implementing Web3, Plasma, and the WalletConnect protocol on Ethereum. He had previously worked for housing.com as a data scientist before getting involved with blockchain.
Blockchain programmer and entrepreneur Sandeep Nailwal is the COO of Polygon. Sandeep was the CEO of Scopeweaver and the chief technological officer of Welspun Group before co-founding Polygon (previously Matic).
The sole non-programmer co-founder of Polygon is Anurag Arjun. He has worked as a product manager for IRIS Business, SNL Financial, Dexter Consultancy, and Cognizant Technologies, among other companies.
Polygon is available to buy from Clanz' digital currency exchange, with some of the lowest industry fees. Clanz offers investors and traders a secure, simple way to buy or trade Polygon.
You can hold your Polygon in your Clanz wallet as a long-term investment, exchange it for Australian dollars or another cryptocurrency, stake, or send it to another Polygon wallet.
Bridging is the transfer of digital assets from chain to chain. Using the Polygon Bridge, it is possible to move MATIC tokens from the primary Ethereum blockchain to Polygon and vice versa.
MATIC and other ERC-20 tokens can be transferred from Ethereum to Polygon using either the Plasma Bridge or the official PoS Bridge. The steps are as follows:
A Sidechain is a separate blockchain connected to the Mainchain by a 2-way peg. A predetermined rate of token or digital asset transfers between the mainchain and sidechain. Sidechain was invented by Dr. Adam Back, and his work was published as "Enabling Blockchain Innovations with Pegged Sidechains."
Practising safe investing to minimise risk is crucial when buying Polygon or any cryptocurrency. The first step to safely buy cryptos is to choose a safe digital currency exchange like Clanz. We’re a licenced Digital Currency Exchange with AUSTRAC (DCE100639664-001), and hold an Australian Financial Services Licence (518031). For more information, visit clanz.com/security
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