What Is Matic?
MATIC is an ERC-20 token native to Polygon (formerly Matic Network), which is a Layer 2 scaling solution. Polygon combines a protocol and a framework for building blockchain networks, which are fully compatible with Ethereum and connected to its mainnet. Polygon was launched in 2017 and moved to its own network in 2019. The project is backed by some big names like Binance and Coinbase.
The preferred platform for blockchain development is Ethereum, however it has some limitations: it’s slow, expensive and not customizable. Polygon helps avoid these issues by using Proof-of-Stake consensus protocol and a modified Plasma framework (a solution initially proposed by Vitalik Buterin), which supports a system of blockchains connected to the Ethereum chain. This solution allows processing more than 65000 transactions per second with block confirmation times of less than 2 seconds. There are plans to deploy other scaling solutions in addition to Plasma, like Optimistic Rollups, zk Rollups, sidechains and others.
Polygon provides this framework for developers who want to scale their dApps together with the tools to easily build their own chains (chain templates, support for Solidity/Viper languages, Ethereum libraries, consensus mechanism implementation solutions, etc.). The resulting chains are compatible with each other, as well as with the main Ethereum chain. The transactions within the Polygon ecosystem are paid in MATIC tokens, which is also used for payment services and transaction fees.
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