In 2017, three Indian developers named Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun founded the Polygon network, known as the Matic network. It is a layer 2 scaling solution for the Ethereum blockchain. The two problems of the Ethereum blockchain, which Polygon addresses, are lower transactions per second and higher gas fees that had to pay for transactions included in blocks. It means you have to bid with other users of the Ethereum ecosystem to let your transactions be accepted first.
While learning about Polygon, first, you have to understand it and how it is different from the original Matic blockchain. Initially, launching was like a scaling solution for Ethereum and is a committed chain rather than a sidechain. The main difference between a committed chain and a side chain is sided chains rely on their validators for security but commit chain developers can take advantage of Scaling and the benefits of a sidechain and Ethereum’s security.
What is Polygon?
Polygon is a framework for building interconnected blockchain networks and is considered Ethereum's Internet of Blockchains. The Polygon uses Plasma chain Technology to process transactions off the chain before finalizing them on the Ethereum Blockchain. The Plasma chains have a consensus mechanism that creates blocks, and each root block and published to Ethereum. The root is little pieces of information that users can use to prove things about the block content and design to be a platform that can launch interoperable blockchain. It helps developers to begin their blockchain networks according to their needs.
Polygon Architecture
Polygon architecture consists of four layers that are
1. Ethereum layer
2. Security Layer
3. Polygon networks layer
4. Execution layer
The Ethereum layer consists of a set of Smart contracts that handles communication between Ethereum and various polygon chains. The security layer provides a “validator as a service” function allowing Polygon validators to serve as chain consensus mechanisms. The polygon network layer is the ecosystem of blockchain networks built on a polygon, and the project you have to develop on this layer. The execution layer is responsible for executing transactions of the polygon ecosystem.
What is Matic?
Matic is a native token for the Polygon ecosystem and used for many purposes in Polygon, including Governance, Improvement Proposals, staking, and paying Gas Fees.
As per Coinmarket current circulating supply market cap is greater than $5 billion and is currently one of the top 20 largest cryptocurrencies by market capitalization.
Matic Tokenomics
MATIC’s seed round concluded in April 2019, and during the round 1 seed, Matic sold for a $0.00079 price. Then early supporters were given a chance to invest for $0.00263 Per Matic. Also, the next round of fundraising includes a public sale on the Binance launchpad in which tokens sold for $0.00263
The rest of the funds, equivalent to over 75% of the outstanding Matic supply, is dedicated to the team, advisors, foundation, ecosystem, and network operations that keep the Matic mainnet running. This total is 64% of Matic’s total supply. Investors who bought Matic from launchpads were immediate access to their tokens seed and early supporter. Thus, access to half of their supplies and later released in October of 2019.
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November 21, 2024 at 12:02 pm
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