How does Polygon / MATIC Work? How to Buy Polygon in Canada?
The Beginner's Guide to Polygon MATIC Polygon, formerly known as the Matic Network, is a scaling solution that aims to provide a variety of tools to speed up, lower the cost of transactions on blockchain networks, and reduce the complexity of those transactions. You can check details about
How to Buy Polygon in Canada here!
Ethereum, a platform that is home to a variety of decentralized applications that allow you to join virtual worlds, play games, purchase art, and participate in a variety of financial services, is at the center of Polygon's vision. However, due to rising transmission costs and congestion, this amount of activity on Ethereum's Blockchain has rendered it nearly inoperable.
This is Polygon. In a nutshell, Polygon describes itself as a layer-2 network, implying that it acts as an Ethereum add-on layer without attempting to alter the original blockchain layer. Polygon, like its geometric name, promises a simpler framework for building interconnected networks and has numerous sizes, shapes, and applications.
Polygon wants to encourage developers to quickly bring appealing products to market by assisting Ethereum is expanding in size, security, efficiency, and utility.
Polygon kept its MATIC cryptocurrency, the network's digital coin, after the rebranding. MATIC serves as the unit of payment and settlement between network participants.
What is polygon Matic and Who Invented It?
In 2017, India produced Polygon, which was initially known as the Matic Network. Mihailo Bjelic and Jaynti Kanani, Sandeep
Nailwal, and Anurag Arjun, all seasoned Ethereum developers, came up with the idea.
Since its launch in 2020, the Matic Network has attracted some of the most prominent names in decentralized finance, also known as DeFi, such as MakerDAO and Decentraland. In February 2021, the Matic Network changed its name to Polygon.
In its April 2019 initial public offering, the Polygon team sold 1.9 billion MATIC tokens in a brisk 20 days to raise the ETH equivalent of $5.6 million.
How is Polygon Operational?
Polygon is a multi-level platform that uses a plethora of side chains to scale Ethereum. All of these side chains aim to unclog the main platform in an efficient and cost-effective way.
Sidechains, if you haven't heard of them, are distinct blockchains that are connected to the main Ethereum blockchain. They work well to support many of the Decentralized Finance (DeFi) protocols that are included in Ethereum.
As a result, Polygon can be compared to Polkadot, Cosmos, and Avalanche, three other competing networks.
The Polygon software development kit (SDK) is at the center of the network. It is used to create side chains of decentralized applications that are compatible with Ethereum and connect them to the main blockchain.
One of the following construction scalability methods can be used to construct sidechains:
Polygon's main chain is a Proof of Stake (PoS) sidechain in which network participants can stake MATIC tokens to validate transactions and vote on network upgrades.
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