Polygon (MATIC)
Last updated 10/07/2021
Official website: https://polygon.technology/
What is Polygon (MATIC)?
Polygon (MATIC) is an ERC-20 token that operates on the Ethereum network. Polygon was previously known as MATIC, prior to its rebranding. Polygon is a protocol and a framework for building and connecting Ethereum compatible blockchain networks. The project has tasked itself with creating infrastructure solutions for the Ethereum network.
Polygon implements a Plasma modelled Layer-2 scaling solution for blockchain networks that can interact with each other. The technology called Plasma, securely processes off-chain transactions as well as smart contracts.
Despite referring to Ethereum as a development platform of choice, Polygon (MATIC) has acknowledged its limitations. Ethereum's fast adoption results in high costs, low throughput, poor user experience, and delayed Proof-of-Work (PoW) finality. The Polygon team aim to address these restrictions by developing their internal testnet single sidechain framework (Polygon SDK), enabling 7,000 TPS and a smoother user experience.
Polygon (MATIC) has characterised itself as Ethereum’s Internet of Blockchains. It brings functionality and cohesion to the Ethereum networks by providing adaptor modules for enabling interoperability for existing blockchain networks. The protocol also provides services to exchange messages with Ethereum and other blockchain networks.
Core developments and updates to the scalability of Ethereum’s network are to be proposed by Polygon (MATIC) via custom web assembly execution environments, scalable consensus algorithm implementation and new dedicated blockchains and sidechains. These features look to increase the bandwidth of the network by offering alternative and improved throughput solutions.
Further improvements are being added to the enhanced user experience by delivering low to zero gas network fees and instant transaction finality. Polygon (MATIC) also aim to improve the process for developers by removing protocol level knowledge requirements, token deposits and costs for permission policies.
The organisation and it's team have streamlined the process for new projects by implementing one-click deployable pre-programmed blockchain networks. These offer a growing set of modules for individuals to develop other custom networks.
Ventures such as Polymarket, Aavegotchi, Decentral Games, SportX, Easyfi, Neon District, who all provide different blockchain products and services have respectively benefited from the Polygon architecture.
Team
The Polygon (MATIC) project started in November 2017 and was launched by its four Co-Founders Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic all boasting significant experience in highly Crypto-applicable fields. Kanani comes from a long-standing software engineering background and is one of the core contributor's for Ploygon's first Plasma MVP implementation. Nailwal was previosuly involved in a blockchain services and product company focusing on decnetralised ecosystems and is the Ex-CTO of Welspun Group.
Not only does Polygon (MATIC) have 4 dedicated Co-Founders they also have an arsenal of high-profile advisors. These include but are not limited to Pete Kim a wallet engineer for Coinbase, Hudson Jameson of The Ethereum Foundation, Ryan Sean Adams of Bankless and Mythos Capital, Anthony Sassano of EthHub podcast and both Esteban Ordano and Ari Melilich of acclaimed VR Crypto platform Decentraland (MANA).
Roadmap
Q1 2019
Polygon's Burner wallet mechanism was launched, allowing users to transfer tokens through a web browser to cold storage. This focused on onboarding participants to Decentralised Apps (dApps) with one-use wallets. The team also began plans at building their own NFT marketplace, alongside a virutal reality gaming platform.
Q2 - Q3 2019
The Mainnet Matic Network is released (alpha), enabling withdrawals and deposits of Ethereum based assets using the Matic Plasma layering. This stage of the project also saw the onbaording of Proof-of-Stake validators, the launch of the Matic Wallet (WalletConnect, Ethereum & Matic Network transactions), and cross-asset swaps and interopobility between multiple ETH token standards including; ERC721-ERC20, ERC20-ERC20, ERC721-ERC721 but not limited to.
Q4 - 2019
The Polygon (MATIC) mainnet is released and live (beta), and supports the aforementioned asset swaps. PoS is available for smart contract facilitation, while Plasma watcher nodes are launched.
2020
Fast exit services available on mainnet. Simplified asset/state movement and transfers from Ethereum to Matic are enabled through MATIC'S transfer relay pool to process transactions without ETH.
Where to Store Polygon (MATIC)
As an Ethereum ERC-20 token, you can store your Polygon (MATIC) on reputable Ethereum wallets like MyEtherWallet (MEW). In addition to this, if you are holding a significant amount, you may also want to consider a trusted hardware wallet like a Ledger or Trezor device.
Desktop Wallet providers such as Exodus are also great for storing, sending and receiving any Polygon (MATIC) you may already own or looking to purchase. It is always recommended that you set up your own wallet, create back-ups and store any sensitive recovery information seperatey. Always complete your own research and due diligence to identify the best wallet suited for you.
Where to Buy and Sell Polygon (MATIC)
You can Buy & Sell Polygon (MATIC) by heading over to the Buy Coins page of our website. Polygon (MATIC) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Polygon (MATIC) has never been easier, simply place your order and provide your wallet address. Once your payment arrives Polygon (MATIC) will be sent directly to your wallet. If you choose to sell Polygon (MATIC) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the Sell Coins page.
Polygon (MATIC) Resources
Official website: https://polygon.technology/
Block Explorer: https://etherscan.io/
Github: https://github.com/maticnetwork
Twitter: https://twitter.com/0xPolygon
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.