What is Polygon (Matic)? How it Works, and the History of its Establishment

What is Polygon (Matic)

Talking about cryptocurrencies does not seem to die. Such as Polygon (Matic) which recently was in the 16th position seen from the number of market caps (market capitalization). Of course, you will wonder what Polygon (Matic) is, its advantages, projects undertaken, and long-term prospects.

Before reviewing all information related to Polygon, it’s good that you need to know in advance what a Polygon (Matic) is, both its meaning and purpose. This understanding will help to form a framework that is in line with the following discussion.

Then, What is Polygon (Matic)?

If anyone asks what Polygon (Matic) is, actually Polygon itself is a shadow of the blockchain where developers combine the best feature schemes independently. The meaning of independent features is flexibility, sovereignty, and scalability with Ethereum in terms of security, developer experience, and interoperability.

So what is Polygon (Matic)? How is it different from Polygons? Polygon (Matic) is a platform whose main goal is to offer a framework for building blockchain networks so that they can be interconnected and unhindered from one another.

After knowing what Polygon (Matic) is, you also need to understand the features it has. Polygon (Matic) is supported by a number of innovative program features planned such as the ZK roll-up which serves to combine large numbers of off-chain transfers into a single transaction.

The roll-up feature is built on top of Ethereum so it provides almost instantaneous transactions. The features built into Polygon offer a unique advantage in the race to scale Ethereum. In addition, the features in Polygon can also solve the problem of network delay with lower transaction costs.

Polygon offers these advantages not without reason, but rather to overcome the various limitations of the competition with compatibility with Ethereum Virtual Machine (EVM). This is because the rivals of Polygon are Polkadot (DOT) and Cosmos (ATOM) which are also not less prominent.

Because of this, Polygon is designed to be flexible and highly scalable. As a result, along the way, there have been many blockchain-based projects considering compatible blockchains to overcome the limitations of Ethereum.

In this regard, there are several projects that utilize Polygon (Matic) as a scaling solution. Among the many projects that use Polygon are EasyFi (a DeFi platform), Polymarket (a popular prediction marketplace), and Aavegotchi (an NFT collectible trading game).

How Do Polygons (Matic) Work?

After understanding what Polygon (Matic) is, another thing you need to understand is how it works. Simply put, Polygon is a new breakthrough that has emerged in the crypto group and is used to solve problems on the wider Ethereum network.

Many people ask about what is Polygon (Matic) and its uses. Polygon (Matic) introduced a protocol for exchanging messages on Ethereum and other networks. The platform also provides an optional modular approach in terms of security as a service.

Within its network, Polygon (Matic) has several online chains with the main chain being the Matic PoS Chain which adds a layer of security or proof-of-stake to all blockchains launched with Polygon.

To develop this, Polygon takes a multi-angle approach, namely by proving its own longevity and at the same time Polygon (Matic) securing the prospect of Ethereum price with a large interconnected blockchain ecosystem.

What is a Polygon (Matic) and What are its Layers?

After learning about what a Polygon (Matic) is, you should also be familiar with the different layers that Polygons have. Layers owned by Polygon include:

1. Ethereum Layer

The Ethereum layer is a Polygon chain where users can safely use the network to execute any critical component. This layer is equipped with a series of smart contracts such as finality, staking, checkpoints, to interoperable messages.

2. Security Layer

This layer is an optional layer that provides a validator as a service to check any aspect of the Polygon chain (cost based). This security layer operates as a meta chain along with the Ethereum layer which performs validator management and Polygon chain validation.

Moreover, this layer can be used in multiple iterations of the Ethereum blockchain where miners perform validation.

3. Polygon Mandatory Network Layer

This layer is a constellation of networks, each of which serves its own network. In addition, Polygon’s mandatory network layer functions to produce blocks, local consensus, to check running transactions.

4. Mandatory Execution Layer

This layer is useful for interpreting and executing agreed transactions included in the Polygon network chain. The virtual machine implementation environment sub layer and the Execution Logic state transition state function are the two sub layers of the mandatory execution layer which are usually written as Ethereum smart contracts.

What is Polygon (Matic) and What is its History?

Previously, we have discussed a lot about what a Polygon (Matic) is. However, how did Polygon actually get started and who was the founder? Polygon is actually a decentralized open-source project. In addition, Polygon is a global project that evolved from the successful matic network.

Polygon was originally conceived as a scaling solution that brings a large scale automated network to Ethereum using a customized version of Plasma with a PoS based side chain.

Polygon has been successful with its ongoing partnerships with projects such as Decentraland (MANA) and MakerDAO (MKR) coupled with support from industry leaders such as Coinbase and Binance. This support allows Polygon to expand the technical scope of the project as well as its ambitions.

Polygon has a CEO from the creative technology architect field who has a lot of experience. The CEO and co-founder serves as chief data scientist at Housing.com and helped secure its status as India’s number one home search platform. This is Jaynti Kanani.

In founding Polygon, Jaynti was assisted by Sandeep Nailwal who is co-founder and former Management Consultant at Deloitte and former CEO of Scopeweaver.com, India’s largest professional marketplace.

Jaynti is also assisted by Anurag Arjun who is the co-founder and Chief Product Officer. Arjun is also a veteran project manager who defines and coordinates the automatic product roadmap with his extensive experience with Iris Business Services.

Apart from them, there were many important figures involved in establishing Polygon (Matic). Some of them are Mihailo Bjelic, Hudson Jameson, Pete Kim, Anthony Sassano, and Ryan Sean. They have an equally important role in the synergy of Polygon (Matic).

What is Polygon (Matic) and its advantages?

Besides understanding what Polygon (Matic) is, you should also know its differences and advantages. As an independent feature that is relatively new, Polygon must have an innovation and uniqueness in its approach to be able to compete with others.

Polygon (Matic) elevates PoS chains, plasma chains, optional shared security, to the introduction of ZK roll-ups and optimistic roll-ups that make Polygon a unique and multi-faceted project.

Another advantage is the key concept of Polygon’s modular approach to Ethereum development. Dedicated throughput power means Polygon requires no new protocols and token deposits, fees, or permissions. Polygons are often the go-to solution for applications, but they still have high data sensitivity.

Despite all the shortcomings of Polygon and public confusion with what Polygon (Matic) is, the Polygon team dares to claim that Polygon can be an important factor and secure a leading position in the rapidly growing and broader Ethereum-based blockchain ecosystem..

How Many Polygons (Matic) Are Circulating?

Although not many people know what Polygon (Matic) is, in fact the circulating supply of matic tokens has managed to reach a fantastic number, which is around 6.3 billion coins out of a total fixed supply of 10 billion tokens. Surely this is a pretty fantastic number is not it?

That was a little review regarding what Polygon (Matic) is, how it works, and its purpose. Hopefully the information about what is Polygon (Matic) can be useful for you.


Muhammad Zaki Fajrul Haq
Author: Muhammad Zaki Fajrul Haq

Follow me at @mzfajrulhaq (Instagram) or @ZakiFajrul (Twitter).

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