Polygon
Polygon is a Layer 2 scaling solution for the Ethereum blockchain. It aims to address the scalability and congestion issues of the Ethereum network by providing a framework that allows developers to build and deploy decentralized applications (dApps) with lower fees and faster transaction speeds. Polygon achieves this by using a combination of sidechains and Plasma chains to offload transactions from the main Ethereum chain, reducing the load and increasing throughput. It also offers interoperability with Ethereum, enabling seamless movement of assets and data between the two chains. While it aims to enhance Ethereum's scalability, it's worth noting that Polygon's approach involves some trade-offs in terms of decentralization and security, as it relies on a network of validators for consensus on its sidechains.
History
Polygon was previously known as Matic Network, which was launched in 2017 by Mumbai-based software engineers: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.
Founders and Key People
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Technical details
Polygon operates as a layer 2 scaling solution, offering a framework for building and connecting multiple Ethereum-compatible chains, often referred to as "sidechains." These sidechains are designed to process transactions faster and with lower fees compared to the main Ethereum network. By doing so, Polygon aims to alleviate the congestion and high gas fees that can sometimes hinder the user experience on Ethereum.
Technology and Architecture
Polygon utilizes a combination of technologies and mechanisms to achieve its goals:
- Polygon employs a Proof of Stake (PoS) consensus mechanism on its main chain. This consensus method differs from Ethereum's original Proof of Work (PoW) mechanism, making transactions faster and more energy-efficient.
- The network supports various sidechains that are compatible with Ethereum Virtual Machine (EVM). These sidechains can be customized to cater to specific use cases, such as for GameFi and DeFi (Decentralized Finance), and more.
- Interoperability: Polygon offers interoperability between its sidechains and the Ethereum mainnet, allowing assets to be moved seamlessly between the two environments. This compatibility helps maintain the Ethereum ecosystem's network effects.
Governance and Development
Polygon employs a governance mechanism that allows stakeholders to participate in the decision-making process regarding network upgrades and changes. The development of the Polygon ecosystem is driven by a community of developers, contributors, and projects collaborating to enhance the platform's features and capabilities.