The Upgraded Version Of MATIC

Polygon, formerly known as Matic Network, is a multi-chain scaling solution for Ethereum launched in 2017.

Scaling solution and more

It aims to address some of the scalability and usability issues of the Ethereum blockchain by providing a framework for creating and connecting multiple sidechains, also known as “polygon chains” Polygon consists of multiple interconnected sidechains that are compatible with Ethereum’s smart contracts and infrastructure. These sidechains can specialize in different use cases and offer tailored solutions for specific DApps.

In addition, Polygon provides a set of tools and infrastructure that allow developers to create decentralized applications (DApps) and projects that can take advantage of Ethereum while benefiting from faster transaction speeds and lower fees.

Ethereum compatibility and similarities

Polygon’s architecture allows for easy movement of assets and data between its sidechains and the Ethereum mainnet, ensuring interoperability. Security is ensured through the use of Ethereum’s security mechanisms.

In addition, the Polygon PoS (Proof of Stake) Bridge enables the transfer of assets between the Ethereum mainnet and Polygon’s PoS sidechain.

Many existing Ethereum DApps and projects can seamlessly migrate to Polygon’s sidechains or bridge their operations and benefit from the improved scalability and user experience.

Polygon SDK

Polygon provides a Software Development Kit (SDK) that simplifies the process of creating and deploying DApps on its sidechains.

MATIC and POL transformations

MATIC was originally the native token of Matic Network. It was launched in 2019 with the IEO (Initial Exchange Offering) on the Binance exchange.

Later, the MATIC network was renamed the Polygon network. And recently, the Polygon Ecosystem Token (POL) has replaced the MATIC token as the new native token of the Polygon network. It is now used for transaction fees, staking and participation in the platform’s governance.

Attention, DeFi and DApps

Polygon’s approach to improving the scalability and user experience of Ethereum has attracted a lot of attention, which has led to it being adopted by various projects in the blockchain space.

Polygon has attracted numerous DeFi projects and DApps that utilise the platform’s scalability to provide efficient and cost-effective services to users.