POL (ex-MATIC)

Polygon, previously known as Matic Network, is a Layer 2 scaling solution for Ethereum. It aims to enhance the scalability and usability of the Ethereum network by providing a framework for building and connecting Ethereum-compatible blockchain networks. The core component of Polygon is the Polygon SDK, a modular and flexible framework that supports the creation of multiple types of applications. Using Polygon, developers can build optimistic rollup chains, zero-knowledge (ZK) rollup chains, standalone chains, or any other type of infrastructure required for their decentralized applications (dApps). Polygon effectively transforms Ethereum into a multi-chain system, similar to other blockchain ecosystems like Polkadot and Cosmos. This allows Ethereum to benefit from the security, vibrant ecosystem, and openness of the main Ethereum network, while also enabling the creation of scalable, application-specific chains. The native MATIC token plays a key role in the Polygon network, serving as the means of payment for transaction fees and enabling governance within the ecosystem. MATIC is an ERC-20 token that runs on the Ethereum blockchain. Polygon was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, who were experienced blockchain developers and contributors to the Ethereum ecosystem. The team previously worked on implementing key Ethereum technologies like Plasma, WalletConnect, and Dagger. One of Polygon's key advantages is its ability to achieve high transaction throughput, with the network capable of processing up to 65,000 transactions per second on a single sidechain, along with fast block confirmation times of under 2 seconds. This makes Polygon well-suited for building scalable decentralized applications.