Polygon Price MATIC

    About Polygon

    Polygon, formerly referred to as the Matic Network, is a platform for developing and connecting Ethereum-viable blockchain networks. The project seeks to provide significant scale to the Ethereum blockchain. Polygon utilizes an adapted version of the Plasma framework with Layer 2(L2) side chains based on the Proof-of-Stake (POS) consensus mechanism. These side chains refer to blockchains running alongside the main Ethereum blockchain. Polygon seeks to provide cheaper and faster transactions on Ethereum. The network has already secured a spot among the top 15 cryptocurrencies projects today.

    How it works

    The Polygon network offers solutions to some of the problems that plague Ethereum currently. These challenges include low transaction per second (TPS), high fees, and poor user experience. Polygon's sidechain operates like any other PoS blockchain. It has a token, structure, local Dapps, validator nodes, and client nodes similar to other blockchain networks. However, the Polygon network's exchanges are clustered and settled through the Ethereum main blockchain. Polygon has adapted a Layer 2 network (The Plasma framework) into an interoperable blockchain network that's Ethereum-viable. This means users can develop Ethereum-compatible Dapps as sidechains using Plasma Chains, zk-Rollups, and Optimistic Rollups and connect them to the main blockchain. Polygon is essentially an off-chain solution. Its architecture comprises four layers: the Ethereum layer, the Polygon network layer, a security layer, and an execution layer. It helps eliminate or lessen components with evaluation power from the main blockchain before their execution on sidechains (bundles transaction batches, confirms them, and returns data to the main blockchain). This mechanism develops throughput on the main blockchain and spreads evaluating proficiency across its network. Based on this mechanism, one polygon sidechain can theoretically manage 216 transactions per block. This may translate to millions of transactions across multiple chains in the future.

    Release Time: 2019-04-30

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