What is Polygon (MATIC)?
Polygon project is a scaling solution which strives to solve the usability and scalability issues while not compromising on decentralization.
Do we need this scaling solution? Decentralized Apps are making tremendous progress, but the current blockchain ecosystem is not ready to scale as per the need.
The problems of slow block confirmations and high gas fees need to be fixed before we target mass adoption by everyday users. And more importantly, it needs an excellent user experience.
They aim to change that by creating a simple interaction between everyday users and the decentralized ecosystem. They want to make the interaction with the decentralized ecosystem so simple that anyone can do it without worrying about the complexity.
How will they bridge this gap?
They are aiming to solve the above issues by creating a decentralized platform, using an adapted version of the Plasma framework. This framework provides a solution for faster and low-cost transactions. And how will it work?
- User deposits cryptocurrencies in the contract on the mainchain (only Ethereum at the moment)
- Once the deposited tokens get settled on the mainchain, the corresponding tokens will be reflected on the Polygon.
- The user is now able to transfer tokens to any other user instantly (approximately 1 second or less) with insignificant fees.
Who founded Polygon?
The project was founded by Jaynti Kanani, Sandeep Nailwal & Anurag Arjun back in 2017.
Jaynti is a blockchain engineer and full-stack developer. Contributor to Web3, Plasma, WalletConnect and previously data scientist at Housing.com.
Sandeep is an entrepreneur and blockchain Programmer. Previously CEO of Scopeweaver and of CTO (Ecommerce) Welspun Group.
Anurag was previously Assistant Vice President at IRIS Business. Jobs at Dexter Consultancy and Cognizant Technologies and SNL Financial.
The team is passionate about optimizing decentralized products. The existing products lack usability and convenience; transactions are slow, expensive and complicated.
Key features
Scalability: Cheap, fast & secure transactions
High Throughput: Up to 10,000 transactions per second
User Experience: Smooth user-interface
Can I earn money with Polygon (MATIC)?
Yes, you can earn money by
selling & buying MATIC. Sell for a higher rate than your purchase price. In the past, Polygon value has increased a lot, but also had some significant losses. On May 21, 2019, the Polygon price reached an all-time high of €0,040015. You can also
stake Polygon (MATIC). Be aware that Polygon has proven to be volatile; losses can follow profits. Always trade responsibly.
Trade Polygon at Coinmerce.