Blockchain Project Of The Week – Polygon (MATIC)

Polygon (Previously known as MATIC network) is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. Polygon combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system. Polygon solves pain points associated with Blockchains, like high gas fees and slow speeds, without sacrificing on security. This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc, but with at least three major upsides:

  • It is able to fully benefit from Ethereum’s network effects
  • It is inherently more secure
  • It is more open and powerful
Matic polygon

Ethereum is the blockchain development platform of choice, but it has limitations such as

  • Low Throughput
  • Poor UX (gas, delayed Proof of Work finality)
  • No sovereignty (shared throughput/clogging risk, tech stack not customizable, governance dependence)

Many projects are exploring Ethereum-compatible blockchains as a way to mitigate these limitations while still leveraging Ethereum’s thriving ecosystem. However, there is no specialized framework to build such blockchains nor a protocol to connect them. This introduces significant development challenges and causes ecosystem fragmentation.

Polygon is a protocol and a framework used for building and connecting Ethereum-compatible blockchain networks.

  • One-click deployment of preset blockchain networks
  • Growing set of modules for developing custom networks
  • Interoperability protocol for exchanging arbitrary messages with Ethereum and other blockchain networks
  • Modular and optional “security as a service”
  • Adaptor modules for enabling interoperability for existing blockchain networks

Technology

Polygon provides the core components and tools to join th enew, borderless economy and society. With Polygon, any project can have its dedicated, optimized instance of Ethereum which combines the best features of stand alone blockchains (sovereignity, scalability and flexibility) and Ethereum (security, interoperability and developer experience). Additionally, these blockchains are compatible with all the existing Ethereum tools (Metamask, MyCrypto, Remix etc). and can exchange messages among themselves and with Ethereum.

Polygon Chains

Polygon supports two major types of Ethereum compatible blockchain networks: stand alone networks and networks that leverage security as a service.

polygon chains

Stand Alone Chains – Fully sovereign Ethereum compatible blochain networks. These networks are fully in charge of their own security i.e have their own pool of validators. Saldn alone chains offer the highest level of independence and flexibility, with the tradeoff of sometimes challenging validator pool establishing enterprise networks and established projects with strong communities.

Secured Chains – Blockchain networks that use security as a service instead of establishing their own validator pool. The service can be provided either by Ethereum directly (via fraud proofs or validity proofs) or by a pool of professional validators (similar to Polkadot’s shared security). Secured chains offer high level of security, with the tradeoff of sacrificing a portion of independence and flexibility.

Who Are the Founders of Polygon?

Polygon (formerly Matic Network) was launched in October 2017. Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, two experienced blockchain developers and a business consultant. Before moving to its network in 2019, the Polygon team was a huge contributor in the Ethereum ecosystem. The team worked on implementing the Plasma MVP, the WalletConnect protocol and the widely-used Dagger event notification engine on Ethereum.

The team included co-founder of Polygon, Jaynti Kanani. Jaynti, a full-stack developer and blockchain engineer currently serves as the CEO of Polygon. Jaynti played an integral role in implementing Web3, Plasma and the WalletConnect protocol on Ethereum. Prior to his blockchain involvement, Jaynti worked as a data scientist with Housing.com. Co-founder and chief operations officer of Polygon, Sandeep Nailwal is a blockchain programmer and entrepreneur. Before jointly starting Polygon (formerly Matic), Sandeep had served as the CEO of Scopeweaver, and the chief technical officer of Welspun Group.

Anurag Arjun is the only non-programming co-founder of Polygon. As a product manager, he has had stints with IRIS Business, SNL Financial, Dexter Consultancy and Cognizant Technologies.

How Many Polygon (MATIC) Tokens Are There in Circulation?

MATIC tokens are released on a monthly basis. MATIC currently has a circulating supply of 4,877,830,774 MATIC tokens and a max supply of 10,000,000,000 MATIC tokens. At its initial private sale in 2017, 3.8 percent of MATIC’s max supply was issued. In the April 2019 launchpad sale, another 19 percent of the total supply was sold at $0.00263 per token to generate $5 million. The remaining MATIC tokens are distributed as follows:

Team tokens: 16 percent of the total supply.
Advisors tokens: 4 percent of the total supply.
Network Operations tokens: 12 percent of the total supply.
Foundation tokens: 21.86 percent of the total supply.
Ecosystem tokens: 23.33 percent of the total supply.

According to the release schedule, all the tokens will be released by December 2022.

Wallets Recommended for Polygon

Polygon recommends these 3 wallets

metamask wallet

How To Buy Polygon MATIC?

At the time of writing, Polygon MATIC is the world’s 17th biggest cryptocurrency in terms of market capitalisation. Almost all the top exchanges worldwide like Binance, Coinbase, Bittrex, Wazirx, eToro, HitBTC etc allows for trade in the crypto.

To have an indepth information on Polygon MATIC, please take a look at its comprehensive knowledgebase on the website
To check out the live pricing of the crypto, please go to the Coinmarketcap page here
To know more about the various projects, ideas, people etc, browse through their forums here

+++