Polygon (previously Matic Network) is a protocol designed to boost the scaling capabilities of a blockchain network. It improves the speed and security of a blockchain network by implementing its Proof-of-Stake sidechain to achieve higher throughput (with speeds of up to 10,000 transactions every second on a single side chain).
Polygon’s native token (MATIC) allows users to make transactions while enabling staking and validating participation. MATIC token holders can also have others validate on their behalf while still collecting on staking and earning rewards. Users of the proof-of-stake system will utilize their tokens as collateral and gain MATIC tokens in return.
Introduction to Polygon
Polygon brings the crypto ecosystem one step closer by offering a full-fledged multi-chain experience, courtesy of its interoperability and scaling framework. In this section, let’s briefly talk about what Polygon is all about.
Previously known as Matic Network, Polygon helps build interconnected blockchain networks that can talk to each other while ensuring high throughput and significantly lower GAS fees. The primary objective of Polygon’s state-of-the-art framework is to address some of Ethereum’s significant scalability challenges and limitations, such as and delayed transactions and lack of community governance.
While Matic Network had a limited scope of processing off-chain transactions before finalizing them on Ethereum, Polygon, in its brand new avatar, is designed to help developers launch customized, interoperable blockchains.