{"id":81114,"date":"2023-06-29T09:54:22","date_gmt":"2023-06-29T09:54:22","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=definition&p=81114"},"modified":"2024-09-04T08:44:50","modified_gmt":"2024-09-04T08:44:50","slug":"polygon-matic","status":"publish","type":"definition","link":"https:\/\/www.techopedia.com\/definition\/polygon-matic","title":{"rendered":"Polygon (MATIC)"},"content":{"rendered":"
Polygon, previously known as Matic Network, is a Layer-2 blockchain<\/a> protocol that runs parallel to the Ethereum<\/a> blockchain to complement its operation. Launched in 2017, it brands itself as “Ethereum’s Internet of blockchains,” aiming to address problems with scaling on the Ethereum blockchain by processing transactions quickly.<\/p>\n Polygon is compatible with the Ethereum Virtual Machine<\/a> (EVM) and offers users fast transactions and near-zero processing (gas) fees<\/a>. As a sidechain, Polygon is a separate blockchain from Ethereum, but wallet addresses are the same on both blockchains.<\/p>\n Polygon can develop custom blockchains, enable communication between Ethereum and other blockchains, and help other blockchains to become compatible with the Ethereum chain.<\/p>\n It operates a modified proof-of-stake<\/a> (PoS) consensus mechanism<\/a> that enables validators to reach consensus with every block, unlike traditional PoS mechanisms that require validators to process many blocks to reach consensus. Ethereum made the transition from proof-of-work<\/a> (PoW) to PoS in 2022.<\/p>\n Users can bridge their cryptocurrency<\/a> from other blockchains over to the Polygon network and then interact with applications that were previously only accessible on the Ethereum blockchain.<\/p>\n The Polygon network has tens of thousands of decentralized applications<\/a> (dApps), more than 3 million average daily transactions, and $5 billion in secured assets, according to its website<\/a>.<\/p>\n Here is a brief timeline of Polygon\u2019s development:<\/p>\n Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, software engineers based in Mumbai.<\/p>\nHistory of Polygon<\/h3>\n
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Who Created Polygon?<\/h4>\n
What Is $MATIC?<\/span><\/h2>\n