Exchange Matic (MATIC)

Polygon is a blockchain scaling and infrastructure development platform that aims to improve the scalability and usability of Ethereum. It was originally created as a Layer 2 scaling solution for Ethereum but has since evolved into a multi-chain system that provides a framework for building and connecting multiple blockchains. The goal of Polygon is to address some of the limitations of the Ethereum network, including high gas fees and slow transaction confirmation times.

MATIC Network, now known as Polygon, was co-founded in 2017 by three individuals: Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Jaynti Kanani served as the CEO of MATIC Network and played a pivotal role in the project's development and growth. He has a background in computer science and engineering and was actively involved in the crypto and blockchain space.

Sandeep Nailwal was one of the co-founders and served as the COO (Chief Operating Officer) of MATIC Network. He also played a significant role in the project's development and community engagement. Anurag Arjun was another co-founder of MATIC Network, though his specific role and contributions might not have been as publicly visible as those of Jaynti Kanani and Sandeep Nailwal.

MATIC Network rebranded itself as "Polygon" in February 2021. The rebranding was aimed at better reflecting the project's evolving focus and mission. While MATIC Network originally started as a Layer 2 scaling solution for Ethereum, it expanded its scope to become a multi-chain framework for building and connecting various blockchains. The name "Polygon" was chosen to emphasize the idea of building a network of interconnected blockchains, forming a more scalable and versatile ecosystem. The rebranding aimed to make it clear that Polygon was not just a single scaling solution but a broader infrastructure platform for the blockchain and decentralized application (DApp) development community.

Polygon relies on a set of interconnected PoS blockchains, also known as "sidechains," that provide faster transaction confirmation times and lower fees compared to the Ethereum mainnet. These chains leverage a PoS consensus mechanism, which is more energy-efficient and scalable than Ethereum's original PoW (Proof of Work) consensus.

Polygon allows developers to build and deploy sidechains that are interoperable with the Ethereum network. These sidechains can be customized for specific use cases and provide faster and cheaper transaction processing.

The sidechains are interoperable with the Ethereum mainnet, allowing assets and data to move seamlessly between Ethereum and Polygon. This enables decentralized applications (DApps) to leverage the benefits of Polygon's faster and cheaper transactions while still benefiting from the security and decentralization of the Ethereum network.

Polygon's sidechains are a fundamental component of the platform's infrastructure and play a crucial role in improving the scalability and usability of the Ethereum network. These sidechains are designed to address some of the limitations of the Ethereum mainnet by offering faster transaction processing, lower fees, and increased flexibility.

Polygon provides a software development kit (SDK) that simplifies the process of creating custom sidechains and DApps. Developers can use this SDK to build and deploy applications that take advantage of Polygon's scalability features.

Polygon supports Layer 2 scaling solutions like Optimistic Rollups and zkRollups, which can significantly enhance the performance of decentralized applications (DApps) built on Ethereum. Polygon maintains a strong focus on security and decentralization, ensuring that its network remains robust and reliable.

Plasma is a scaling technique used by Polygon that involves creating hierarchical child chains under the main chain (in this case, Ethereum). Each child chain can process transactions more quickly, and users can exit back to the main chain in case of disputes or issues.

Polygon achieves an impressive throughput of 65,000 transactions per second on a single side chain while maintaining a speedy block confirmation time of under two seconds. Furthermore, it enables the development of globally accessible decentralized financial applications on a unified foundational blockchain.

Polygon has a growing ecosystem of projects and DApps that have integrated with the network to benefit from its scalability solutions. It also actively collaborates with other projects in the blockchain space to foster interoperability and expand its reach.

Polygon's MATIC token is used for various purposes within the ecosystem, including staking, governance, and paying for transaction fees. It plays a central role in securing and governing the network. It is an ERC-20 token also used to pay for the transactions on the Polygon sidechains.

The two proposals for the Polygon London hard fork were introduced in December 2022. A substantial 87% of participating Polygon validator teams voted in favor of the proposals. It's worth noting that only 15 validator teams participated in the voting process, a relatively low number considering the limited active validator count at the time was capped at 100.

This hard fork initiated a gradual transformation of MATIC's supply into a deflationary model through a fee-burning mechanism. Over time, up to 0.27% of the MATIC supply will be burned annually. This deflationary aspect is a notable departure from Ethereum's uncapped supply.

MATIC tokens were distributed on a monthly basis till December 2022. Currently, there are 9,244,272,260 MATIC tokens in circulation, with a maximum supply of 10,000,000,000 MATIC tokens.

During its initial private sale in 2017, 3.8 percent of MATIC's maximum supply was issued. In the April 2019 launchpad sale, an additional 19 percent of the total supply was sold at a price of $0.00263 per token, generating $5 million.

The remaining MATIC tokens are allocated 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.

The project has gained popularity in the blockchain and cryptocurrency space for its potential to alleviate some of the congestion and high costs associated with the Ethereum network while maintaining compatibility with Ethereum smart contracts and applications.

MATIC token is popular on the exchanges focused on DeFi, including Binance, Coinbase, Huobi, and KuCoin.

Average Fees on the Polygon Network

The fees on the Polygon network, like on most blockchain networks, can vary depending on the type of transaction and the network's current congestion. However, Polygon is generally known for its significantly lower transaction fees compared to the Ethereum mainnet. The average fees on Polygon are typically measured in fractions of a cent (less than $0.01) for basic transactions.

Transactions on Polygon's sidechains are also more cost-effective. This is especially important for users and developers who want to avoid the high gas fees associated with the Ethereum mainnet.

MATIC Token Wallets

MATIC tokens can be stored in a variety of crypto wallets, including MetaMask, MyEtherWallet, Trust Wallet, Ledger Nano S/X, Coinbase, Atomic Wallet, Exodus, Guarda Wallet, Trezor, Huobi Wallet, Bitpie, Cobo Wallet, etc.