What Is Polygon MATIC and What Is It Used For?

What Is Polygon MATIC and What Is It Used For?

Formerly known as Matic Network, Polygon is an interoperability and scaling framework for building Ethereum-compatible blockchains.

It is still centered around the MATIC token, which is used for governance, staking, and gas fees.

In February 2021, Ethereum layer 2 scaling solution, Matic Network, rebranded as Polygon—an interoperable blockchain scaling framework.

Here, we’ll explore what Polygon has set out to achieve, and how it differs from blockchain interoperability projects such as Polkadot and Cosmos.

What is Polygon?

Previously known as Matic Network, Polygon is a framework for building interconnected blockchain networks.

It seeks to address some of Ethereum’s major limitations—including its throughput, poor user experience (high speed and delayed transactions), and lack of community governance—using a novel sidechain solution.

Rather than being a simple scaling solution like its predecessor Matic Network—which uses a technology known as Plasma to process transactions off-chain before finalizing them on the Ethereum main chain—Polygon is designed to be an entire platform designed for launching interoperable blockchains.

Through Polygon, developers can launch preset blockchain networks with attributes tailored to their needs. These can be further customized with a growing range of modules, which allow developers to create sovereign blockchains with more specific functionality.

How does Polygon work?

Read more here…


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