Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc with the advantages of Ethereum's security, vibrant ecosystem, and openness.
At the center of Polygon’s vision is Ethereum, a platform that is home to a range of decentralized applications, ones where you can join virtual worlds, play games, buy art, and participate in a range of financial services. However, this much activity on its blockchain has rendered Ethereum almost unusable, as the cost of transmission is rising and traffic is becoming clogged.
Polygon wants to help Ethereum expand in size, security, efficiency, and usefulness and seeks to spur developers to bring enticing products to market all the quicker. After the rebranding, Polygon retained its MATIC cryptocurrency, the digital coin underpinning the network. MATIC is used as the unit of payment and settlement between participants who interact within the network.
Polygon is a multi-level platform with the aim to scale Ethereum thanks to a plethora of sidechains, all of which aim to unclog with the main platform in an effective and cost-efficient manner. If you’re unfamiliar, sidechains are unique blockchains that are bound to the main Ethereum blockchain and are effective in supporting many Decentralized Finance (Defi) protocols available in Ethereum.
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