Polygon (blockchain)

Polygon (formerly Matic Network) is a blockchain platform which aims to create a multi-chain blockchain system compatible with Ethereum. As with Ethereum, it uses a proof-of-stake consensus mechanism for processing transactions on-chain. Polygon's native token is named MATIC. Matic is an ERC-20 token, allowing for compatibility with other Ethereum cryptocurrencies.

Polygon
Denominations
Code$MATIC
Previous namesMatic Network
Development
Original author(s)Jaynti Kanani, Sandeep Nailwal, Anurag Arjun,[1] and Mihailo Bjelic[2]
White papergithub.com/maticnetwork/whitepaper
Code repositorygithub.com/maticnetwork/
Development statusActive
Developer(s)Polygon Technology
Source modelOpen source
Ledger
Ledger startJune 1, 2020 (2020-06-01)
Block time2.3 seconds
Block explorerpolygonscan.com
Website
Websitepolygon.technology

Polygon is used in decentralized applications (dApps) such as Defi, DAOs, and NFTs.

History

The Matic Network was launched in 2017 by four Mumbai-based software engineers: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.[3]

In February 2021, the project rebranded into Polygon Technology, and began describing itself as a Web 3.0 and metaverse company.[4] In December 2021, Polygon acquired the Mir blockchain network for 250 Million MATIC tokens (about $400M at the time of the deal). ZK-rollups were intended to offload data from Ethereum to reduce fees and speed-up the transaction process while maintaining security.[5][6]

In December 2021, Polygon disclosed a security vulnerability that resulted in the theft of 801,601 MATIC tokens.[7]

In February 2022, Polygon raised $450 million by selling MATIC tokens in a round led by Sequoia Capital India including Tiger Global and Softbank Vision Fund.[8]

On December 15, 2022, Donald Trump launched a series of digital art NFTs minted on the Polygon network for sale to the public for $99 USD each.[9][10]

Technology

Polygon uses a modified proof of stake consensus mechanism that enables a consensus to be achieved with every block. Achieving consensus using traditional proof of stake requires processing many blocks to achieve consensus. The proof of stake method requires network participants to stake—agree to not trade or sell—their MATIC tokens, in exchange for the right to validate Polygon network transactions. Successful validators in the Polygon network are rewarded with MATIC tokens.

The Polygon network aims to address problems within the Ethereum platform, namely high transaction fees and slow processing speeds.

Partnerships

In July 2022, Polygon participated in Disney's 2022 acceleration program to expand into augmented reality, NFTs, and AI.[11][12]

In October 2022, the Indian Police in Firozabad started using Polygon for reporting crimes.[13]

References
  1. "Matic Whitepaper". github.com. Matic Network. Retrieved 19 August 2022.
  2. "Polygon Litepaper" (PDF). polygon.technology. Polygon Technology. Retrieved 19 August 2022.
  3. Borate, Abhinav Kaul,Neil (2021-05-27). "Meet India's first crypto billionaires". mint. Retrieved 2022-12-17.{{cite web}}: CS1 maint: multiple names: authors list (link)
  4. "Matic rebrands to Polygon in pursuit of 'Polkadot on Ethereum' strategy". Cointelegraph. 2021-02-09.
  5. "Crypto Firm Polygon Makes $500 Million Buy for Ethereum Push". bloomberg.com. 9 December 2021. Retrieved 8 April 2022..
  6. "Polygon's Value Grows as Its Apps Grow in Usefulness and Popularity". Investor Place (Press release). 2022-01-17. Retrieved 8 April 2022 – via nasdaq.com..
  7. Maishera, Hassan (2021-12-30). "Polygon (MATIC) Reveals it was Hacked Earlier this Month". FXEmpire – via Yahoo.
  8. "Polygon raises $450 mln from Sequoia Capital India, SoftBank Vision Fund 2, others". Reuters. 2022-02-10.
  9. Martin, Mitchell. "Trump NFTs Offer Adoring 45,000 Views Of Former President". Forbes. Retrieved 2022-12-17.
  10. "'Losing the plot': Trump mocked after announcing superhero card collection". the Guardian. 2022-12-15. Retrieved 2022-12-17.
  11. "Polygon's MATIC Soars After Disney Deal As Crypto Moves Higher". forbes.com. Jul 14, 2022. Retrieved 15 July 2022..
  12. "Firozabad Police to use Polygon blockchain technology to register complaints".
  13. "Firozabad Police to use Polygon blockchain technology to register complaints". India Today. Retrieved 2022-11-03.
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