Polygon: A Scalable Solution for the Ethereum Blockchain
As the Ethereum blockchain continues to grow and attract more users and decentralized applications (dApps), it has faced scaling challenges that can hinder its overall performance. Polygon is an open-source protocol aiming to address these scaling issues while leveraging the power of Ethereum. Co-founded in 2017 by Anurag Arjun, Sandeep Nailwal, Mihailo Bjelic, and Jaynti Kanani, Polygon (formerly known as Matic Network) launched its mainnet in 2020 and rebranded in 2021 with a new focus on an ecosystem of Ethereum-interoperable sidechains and solutions.
Technical Features of Polygon
Polygon utilizes a proof-of-stake (PoS) blockchain that operates as a sidechain, also known as a sister chain, to Ethereum. This allows for interoperability between Ethereum and other Ethereum-compatible blockchains through a bidirectional bridge. In addition to its mainnet, Polygon offers a range of tools for building within the Polygon ecosystem, including Polygon SDK, which helps parties create their blockchains with Ethereum interoperability.
The native coin of the Polygon blockchain, called MATIC, is used for governance and fee payment on the network, and MATIC holders can also stake their coins for a profit.
Scaling Solutions for Ethereum
Polygon aims to provide a scalable solution for Ethereum by allowing projects to build on top of the Polygon PoS Chain or using Polygon's tools to construct solutions within the Polygon ecosystem. These solutions can help alleviate the scaling challenges faced by Ethereum, improving its overall performance and allowing it to continue supporting a growing number of dApps and users.