What Is Polygon (MATIC): Prices, Charts And Analysis

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What is Polygon (MATIC)?

Polygon, formerly called Matic Network, is a structure for creating interconnected blockchain networks. 

Its aim is to address some limitations of Ethereum – which include its lack of community governance, poor user experience, and throughput – with the use of a new sidechain solution.  

Instead of being an easy scaling solution such as Matic Network – that makes use of the Plasma technology in processing transactions off-chain before it finalizes them in the main chain of Ethereum –, they designed Polygon to be a whole platform created to launch interoperable blockchain. 

 

What’s the Aim of Creating Polygon?

Its aim is to increase transaction speed and diminish gas fees. every transaction fee on the sidechains of Matic is paid using MATIC tokens that are way lower compared to Ethereum. In addition, Polygon gives instantaneous and scalable transactions. Theoretically, all Matic sidechains can achieve 2^16 transactions for each block. 

This protocol has done as much as 7 thousand TPS on one sidechain on a particular internal testnet. Significantly, this is higher compared to Ethereum’s achievable 14 TPS. 

Aavegotchi has to be one of the initial and highly successful projects that have been launched on Polygon. It’s a Decentralized Finance crypto collectible game. They launched the blockchain game that Aavegotchi created on Polygon with the aim of becoming the most innovative NFTs and DeFi to ever exist. 

Fixing high gas fees and scalability has to be its top benefit, and that makes it practically impossible to use the Aavegotchi game on Ethereum. 

 

Founders of Polygon

Unveiled in October 2017, the people who co-founded Polygon are Jaynti Kanani, Anurag Arjun, and Sandeep Nailwal. Polygon’s CEO, Jaynti Kanani is a full-stack developer and a blockchain engineer. Before he founded Polygon, he used to work as a Data Scientist with Housing.com. His career started with Persistent Systems as a Senior Software Engineer. When it comes to his education, he studied Information and Technology and has a Bachelor’s of Engineering from the Dharmsinh Desai Institute of Technology. 

 

Polygon: How does it work?

The architecture of Polygon can be said to be a four-layered system that comprises the Polygon network layer, the security layer, the Ethereum layer, and the execution layer. 

Basically, the Ethereum layer comprises some smart contracts that are used on Ethereum. Those smart contracts are able to handle things such as staking, transaction finality, and communication between Ethereum and several Polygon chains. When it comes to the security layer, it works hand in hand with Ethereum to provide the role of “validator as a service” that gives chains a chance to benefit from more security layers. The Security and Ethereum layers are both optional. 

 

What is a Sidechain

This is a partially independent blockchain that works alongside a joined ‘main chain’ – normally for improving its capabilities or speed. Apart from these, it’s got two important layers. The first layer is the layer of the Polygon networks, and that’s the ecosystem of the Polygon-built blockchain networks. Every one of these possesses its community and is responsible for producing blocks and handling local consensus. The second one is the Execution later, and that’s the EVM (Ethereum Virtual Machine) of Polygon implementation used to execute smart contracts. 

Chains established on Polygon can communicate both with the main chains of Ethereum and with one another, all thanks to the arbitrary message delivering ability of Polygon. This will allow several new use-cases like interoperable DApps (decentralized applications) and the easy value exchange between lots of platforms. 

 

MATIC Tokens

Initially, the supply of MATIC tokens was a total of 3,230,085,551, and it had an issuing price of $0.00263. When it comes to MATIC token’s total supply, it’s 10,000,000,000. Even after the rebranding of Matic Network into Polygon, they continued to use MATIC tokens. They didn’t change its supply. When it comes to MATIC tokens allocation, for their private sale, the allocation was 3.80 percent of their entire supply. Then for seed allocation, they set apart 2.09 percent of their entire supply. Via a public sale, Matic Network was able to raise $5,000,000 in BNB. 

They set aside 16 percent of the total supply for the team, then 4 percent of its entire supply for advisors. Network operations got 12 percent of the entire supply. The share of the foundation is 21.86 percent of the total supply, then 23.33 percent for Polygon, which is Matic’s ecosystem. 

 

How to buy MATIC

If you live in the US, your best bet would be to buy it from Kraken. If you’re from other parts of the world, you can buy it from Binance.

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