POLYGON (MATIC)- Polygon is a platform designed to help Ethereum expand by supporting infrastructure development.
- Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun co-founded Polygon as a Matic Network in 2017.
- The Ethereum layer, security layer, Polygon networks layer, and execution layer are the four layers that make up Polygon’s architecture.
POLYGON (MATIC)
Summary
Overview
Polygon (formerly Matic Network) is the first well-structured, simple-to-use Ethereum scaling and infrastructure development platform. Polygon SDK, the framework’s primary component, is a modular, versatile framework that can be used to create a variety of applications.
Polygon turns Ethereum into a fully functional multi-chain system (aka Internet of Blockchains). This multi-chain system is similar to others such as Polkadot, Cosmos, Avalanche, and others, but with the security, thriving ecosystem, and openness of Ethereum. Binance and Coinbase have supported it as a Layer 2 scaling solution. The project aims to increase cryptocurrency acceptance by addressing scalability issues across several blockchains. Polygon is a blockchain that blends the Plasma Framework with a proof-of-stake design.
Polygon can process up to 65,000 transactions per second on a single side chain, with a block confirmation time of fewer than two seconds. On a single primary blockchain, the system also enables the building of globally accessible decentralized financial apps. Thanks to the Plasma framework, the polygon may now host a limitless amount of decentralized apps on its infrastructure, which avoids the disadvantages that plague proof-of-work blockchains. Polygon’s PoS-secured Ethereum sidechain has already attracted more than 50 DApps.
MATIC, Polygon’s native token, is an ERC-20 token that runs on the Ethereum network. The tokens are utilized as a payment method on Polygon and as a means of settlement between users in the Polygon ecosystem. MATIC coins are also used to pay transaction fees on Polygon sidechains.
Historical Price Movement (in INR)
Technology
Polygon describes itself as a Layer 2 scaling solution, implying that it has no plans to improve its present basic blockchain layer anytime soon. The project aims to simplify scalability and enable quick blockchain transactions.
Polygon makes use of a modified version of the Plasma framework, which is based on Ethereum’s main-chain proof-of-stake checkpoints. Polygon’s sidechains can handle up to 65,536 transactions per block because of their cutting-edge technology.
Polygon’s sidechains are built to enable a wide range of decentralized finance (Defi) protocols that are accessible in the Ethereum ecosystem.
Polygon presently supports just the Ethereum base chain; however, based on community proposals and consensus, the network plans to expand support for more base chains. Polygon would then become a decentralized Layer 2 blockchain platform that is interoperable.
Staking is an important aspect of the Polygon ecosystem since it is a Layer 2 solution that uses a network of proof-of-stake validators for asset security. Validators on the network will stake their MATIC tokens as collateral in order to participate in the network’s PoS consensus mechanism, in exchange for MATIC tokens. Polygon employs block producers at the block producer layer in addition to proof-of-stake checkpointing to create a higher degree of decentralization. These block producers use checkpoints and fraud-proof techniques to give the main chains finality.
BREAKDOWN OF HOW NATIVE TOKENS IS USED IN THE ECOSYSTEM:
The Matic token (MATIC) is Polygon’s native currency and serves a variety of purposes, one of which is to fuel the protocol via a gas-based system for paying network fees incurred by the network’s processing capacity utilized to move data. This technique also lets software developers and ecosystem participants utilize MATIC tokens to leverage the platform and development tools to create dApps on Polygon.
Token Statistics
16
Team tokens
4
Advisors tokens
12
Network Operations tokens
21.86
Foundation tokens
23.33
Ecosystem tokens
4,111,350,468
Volume
10,000,000,000
Total Supply
6.77B
Circulating Supply
Crowd sales
Polygon (formerly Matic Network) has secured $450K in four rounds of investment. Their most recent financing came from a Seed round on May 26, 2021.
Legal Overview
| Country | Virgin Islands (UK) |
| Name of Organization | Matic Network (BVI) Ltd. |
| Year Incorporated | 2017 |
| Registration Number | NA |
| Registered Address | 157, 2nd A Cross, Indiranagar Double Rd, Indiranagar, Bengaluru, Karnataka 560071, IN |
| Dispute Resolution and Governing Law | BVI and India |
| Country Risk Assessment | B |
| Remarks | The firm has reduced its rating due to a B category jurisdiction. We also traced other entities linked to the founding team in other jurisdictions. |
Founding Team
| Name | Designation | Education | Experience |
| Jaynti Kanai | Founder / CEO | Dharmsinh Desai Institute of Technology, Bachelor of Engineering (BE), Information Technology | 10 Years |
| Sandeep Nailwal | Founder / COO | NITIE, Master of Business Administration (M.B.A.), Technology, Finance and Supply Chain Management | 11 Years |
| Anurag Arjun | Founder / CPO | Nirma Institute Of Technology, Bachelors in Engineering Computer Engineering | 15 Years |
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