Polygon (blockchain)

Polygon

Previous names| Matic Network
Development
Original author(s)| Jaynti Kanani, Sandeep Nailwal, Anurag Arjun,[1] and Mihailo Bjelic[2]
White paper| https://github.com/maticnetwork/whitepaper
Code repository| https://github.com/maticnetwork/
Development status| Active
Developer(s)| Polygon Technology
Source model| Open source
Website| https://polygon.technology/
Ledger
Ledger start| June 1, 2020; 5 years ago (2020-06-01)
Block time| 2.3 seconds
Block explorer| https://polygonscan.com/
Circulating supply| 8,042,124,673 MATIC (as of 19 August 2022)
Valuation
Exchange rate| US$0.79 (as of 19 August 2022)
Market cap| US$6,426,460,957 (as of 19 August 2022)

Polygon (formerly MATIC Network) is an Indian blockchain scalability platform. It addresses the challenges faced by Ethereum such as high fees, poor user experience, and low transaction count per second. One of the methods used to address these issues is providing a framework for Proof of Stake transactions.[3] It aims to create a multi-chain blockchain ecosystem compatible with Ethereum.[4] Polygon uses $MATIC as its native token.

Polygon is involved in DeFi, DApps (Decentralized Applications), DAOs and NFTs.[4]

## History

The “MATIC Network” project was initiated in 2017 by four software engineers — Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic — who founded a Mumbai -based start-up.[citation needed]

In February 2021, the project changes its name to Polygon, while its scope expanded and extended to the metaverse.[4]

In December 2021, Polygon acquired the startup Predicate Labs, which developed the blockchain Mir in order to access a technology called “zero-knowledge rollups”, which offloads data from Ethereum to reduce fees and speed up the transaction process.[5][6]

In February 2022, Polygon raised $450 million by selling Matic tokens to Sequoia Capital India investors.[7]

In April 2022, financial solutions company Stripe chose Polygon for cryptocurrency payments for its “low fees, speed, integration with Ethereum, and compatibility with many wallets”. Twitter was the first beneficiary of the service powered by Polygon.[8]

In July 2022, Polygon was selected to participate in Disney's 2022 Acceleration Program to expand into augmented reality, NFTs, and AI experiences.[9]

## References

1. ↑ "Matic Whitepaper". Matic Network. https://github.com/maticnetwork/whitepaper.
2. ↑ "Polygon Litepaper". Polygon Technology. https://polygon.technology/lightpaper-polygon.pdf.
3. ↑ "Consensus | Polygon Technology | Documentation" (in en-US). https://wiki.polygon.technology/docs/category/consensus.
4. ↑ 4.0 4.1 4.2 "Here's how India-based Polygon(MATIC) outperformed other major cryptos" (in En). 2021-06-08. https://economictimes.indiatimes.com/markets/cryptocurrency/heres-how-india-based-polygonmatic-outperformed-other-major-cryptos/articleshow/83329658.cms. .
5. ↑ "Crypto Firm Polygon Makes $500 Million Buy for Ethereum Push" (in En). 9 December 2021. https://www.bloomberg.com/news/articles/2021-12-09/crypto-firm-polygon-makes-500-million-buy-for-ethereum-push. .
6. ↑ "Polygon’s Value Grows as Its Apps Grow in Usefulness and Popularity" (in En). 2022-01-17. https://www.nasdaq.com/articles/polygons-value-grows-as-its-apps-grow-in-usefulness-and-popularity. .
7. ↑ "Crypto brain drain is crazy in India, Polygon cofounder Sandeep Nailwal says" (in En). 2022-03-11. https://economictimes.indiatimes.com/tech/startups/crypto-brain-drain-is-crazy-in-india-polygon-cofounder-sandeep-nailwal-says/articleshow/90140370.cms. .
8. ↑ "What is Stripe Connect: The platform that will help Twitter creators get paid in cryptocurrency" (in En). 2022-04-28. https://www.cnbctv18.com/cryptocurrency/what-is-stripe-connect-the-platform-that-will-help-twitter-creators-get-paid-in-cryptocurrency-13314562.htm. .
9. ↑ "Polygon’s MATIC Soars After Disney Deal As Crypto Moves Higher" (in En). Jul 14, 2022. https://www.forbes.com/sites/rosemariemiller/2022/07/14/polygons-matic-soars-after-disney-deal-as-crypto-moves-higher/?sh=280b424a394e. .

Category:Blockchains Category:Cross-platform software

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