What is Polygon (MATIC)? A Guide on the Ethereum Layer Two Solution
Polygon is a protocol for the Ethereum Layer Two solution, designed specifically for maintaining a trustless network of dApps (decentralized applications, also known as dApps). By using a combination of two different approaches, Polygon aims at making possible the deployment of dApps that require an operational consensus among participants:
Polygon (MATIC) is a layer 2 scaling solution for Ethereum, which provides off-chain scaling and a Turing-complete smart contract platform. It is currently being developed by ETHLend, which will release the source code for all of its smart contracts. This will be its first open source project. Polygon (MATIC) is an Ethereum-based blockchain protocol that implements a Turing-complete smart contract platform and uses the Delegated Proof of Stake (DPoS) consensus model. It uses an innovative Proof-of-Importance algorithm, to prioritize validators based on the importance of their contribution to Ethereum network security. This will allow for a small number of validators to be selected from a large pool of Ethereum stakeholders,
MATIC (matrix) is a protocol to build an Ethereum Layer 2 solution on top of Ethereum. It is a trustless, decentralized and secure layer for smart contracts.
Polygon (formerly known as Matic Network) is a layer 2 (L2) scaling solution for Ethereum-enabled blockchain networks that enables fast, cost-effective and secure off-chain transactions for payments and general interaction with off-chain smart contracts. Polygon was originally launched in 2017 as the Matic Network to create a protocol and framework for building and connecting Ethereum-enabled blockchains with various technical solutions. Polygon’s flagship product is the PoS Matic chain, an EVM-compliant siderchain protected by a set of zero-access PoS validators, with a theoretical throughput of 65,000 transactions per second on a single Matic siderchain. value set to Polygon, courtesy of DeFi Pulse Polygon has also created a modular and extensible framework for building Ethereum-enabled blockchain networks written in Golang, called Polygon SDK, and is currently working on two other solutions for L2 scaling, zk rollups and optimistic rollups, based on zero-knowledge and fraud proofs respectively.
Who builds the polygon?
The Polygon team consists of thirteen employees: four technical co-founders, six other developers, a product manager and two marketing specialists. The core team is further supported by a community of established advisors, including Hudson Jameson of the Ethereum Foundation, Ryan Sean Adams of Bankless, Anthony Sassano of EthHub & SetProtocol, Pete Kim of Coinbase and John Lilich – formerly of ConsenSys. The founding and development team consists of Jainti Kanani, CEO, Sandeep Nailwal, COO, Anurag Arjun and Mihajlo Bjelic, VP of Engineering. Jainty Kanani is a full-stack developer and blockchain engineer who has previously worked on many well-known projects including Web3, Plasma and WalletConnect. Sandeep Nailwal is a blockchain programmer, entrepreneur, co-founder and CEO of ScopeWeaver, a company that provides blockchain products and consulting services. Anurag Arjun is a product/project manager and has previously worked at AVP, IRIS Business, Cognizant Technologies and SNL Financial. Mihajlo Bjelic recently joined the Matic team as co-founder and VP of Engineering when the project was renamed Polygon. Before joining Polygon, Bjelic worked on blockchain scaling solutions similar to Matic.
Which problem is solved by the polygon (MATIC)?
Polygon discusses Ethereum’s main weaknesses: Transaction scaling or throughput and poor user experience. Rather than providing limited scalability solutions like its predecessor Matic, which used a technology called Plasma to enable the creation of customizable child blockchains to process off-chain transactions before ultimately processing them on the main Ethereum chain, Polygon is designed as a complete protocol and framework for running interoperable blockchains. Scale is Ethereum’s oldest and most disruptive problem. Ethereum’s current throughput is clearly insufficient to meet the growing needs of the community. DeFi is growing rapidly and because it is largely based on Ethereum, the protocol needs to be scaled up yesterday, as current transaction fees exclude the vast majority of users. When it comes to scaling, blockchain can generally follow two different paths:
blockchain scale, or the so-called first-layer protocol, where projects are typically forced to choose between several trade-offs and make some sacrifice in decentralization, scalability, or security (also known as the blockchain trilemma).
Or uses secondary circuits operating on the main circuit (second level) to take over some of the work to reduce the load on the main circuit.
In this respect, Ethereum’s approach is to use two directions at once, namely to scale at the first level by implementing sharding and moving to a proof-of-stake consensus mechanism (Ethereum 2.0), but also to use sidechain solutions like Polygon’s to scale even more and faster. The Matic sidechain allows the Ethereum network to scale significantly and efficiently without sacrificing decentralization. Sidechain offers low-cost, near-instant transactions that ultimately run in batches on the core network, meaning they leverage the robust security of the core network without compromising performance.
How does the polygon (MATIC) work?
Polygon’s Matic Sidechain works just like any other PoS-based blockchain, with its own infrastructure, tokens, user nodes, validation nodes, proprietary dapps, etc., except that transactions are ultimately collected and settled on the Ethereum blockchain (similar to Bitcoin’s L2 scaling solution called Lightning Network). You can think of the Matic sidechain as its own little interoperable ecosystem – part of the larger Ethereum universe – that offers users superior performance and usability. Any decentralized application built on Ethereum or any other Ethereum-enabled blockchain can be ported to Matic Sidechain and run in a performance-optimized environment. Users who want to communicate with decentralized applications that have migrated to Matic Sidechain should:
Approval of the so-called predicate contract, which is used on the Ethereum network and specifies which tokens should be placed on the Matic sidechain,
Once the Predicate contract is approved, the next step is to deposit the chips on the Matic sidechain, which is somewhat automatic. In this process, a particular smart contract, called RootChainManager, executes another smart contract, called ChildChainManager, which extracts a corresponding number of ERC20/ERC721/ERC1155 tokens locked or deposited on the Matic network.
Once a user obtains their tokens on Matic Sidechain, they can transfer them almost instantly within the network with negligible commissions. This means that trading or providing liquidity through a decentralized exchange like SushiSwap on Matic costs the user a few cents, rather than $50-200 as with the same protocol on the Ethereum main chain.
Reprocessing tokens to Ethereum is done in two steps: First, the tokens must be burned on the Matic sidechain, and then a proof of this burning transaction must be submitted on the Ethereum mainchain. Once this process is complete (it takes about 20-30 minutes), the RootChainManager smart contract automatically deposits the assets back to the user’s address (wallet) on the Ethereum main chain.
Polygon $MATIC token ?
The MATIC token (ticker: MATIC) serves several purposes in the Polygon ecosystem, including paying transaction fees (similar to how ETH tokens are used to pay gas fees on the Ethereum blockchain), contributing to security through stacking, and participating in the governance of the decentralized protocol by voting on Polygon Improvement Proposals (PIP). The current stock of MATIC tokens in circulation is 6.3 billion and the total stock of tokens (hard cap) is 10 billion. Users can also convert MATIC tokens into other assets carried on Matic Sidechain using various token exchange or network exchange protocols.
Where can I buy a polygon token for $MATIC?
Polygon is available on popular cryptocurrency exchanges such as Coinbase Pro, Binance, FTX and Huobi Global.
A modest overview of the polygon ecosystem
Overall, the Polygon ecosystem consists of many participants, including users, developers, stakeholders and blockchain providers. Polygon users can use Matic Sidechain to transact and interact with various Ethereum-based decentralized applications, just as they would on Ethereum or any other blockchain, except that Matic is much cheaper and faster. On the other hand, developers are expected to use the Polygon Network and Polygon SDK stack to create their own sidechains or scale their own dapps to provide a better experience to their users. Stackers on Polygon actually play the same role as PoW miners on Ethereum. You must commit (lock) MATIC tokens to participate in the verification and validation of transactions on the Sidechain Matic. They can also use their tokens as voting rights to select blockchain producers (stackers that meet certain criteria) to produce blocks on the sidechain. Block producers are selected by participants to produce blocks and ultimately settle all transactions on the network. To qualify and be selected, they have to put a significant amount of MATIC chips on the table. In general, the number of block creators is relatively small because fewer consensus creators allow for higher throughput and faster transaction processing. For example, the average duration of a block on the Ethereum main chain is about 20 seconds, while Matic Sidechain extracts or creates and posts a new block every second.
Final thoughts: Will Polygon fix Ethereum?
Perhaps the most important aspect of Polygon’s value proposition is that it is one of the few two-tier scale solutions built on Ethereum that has seen moderate to massive adoption. Polygon significantly increases Ethereum’s transaction throughput and solves the problem of high gas costs, but it also plays an important role in improving the overall problem of blockchain interoperability. Polygon (MATIC) is an Ethereum layer two solution that is built on the Ethereum Virtual Machine, and also on the Ethereum Virtual Machine (EVM). The EVM is the virtual machine that is built in the Ethereum network and it is the only decentralized and programmable EVM that exists in the world today. The Polygon (MATIC) network is an integral part of the Ethereum network, and it is built on the Ethereum layer-two solution.. Read more about polygon and ethereum and let us know what you think.
Frequently Asked Questions
What does Matic polygon do?
A few months ago, we first heard about the Matic development team, which was formed for the purpose of improving Ethereum. Matic is an open-source development team that is developing a blockchain layer on top of the Ethereum blockchain. According to Matic’s website, their aim is to create an open-source project that is capable of supporting the needs of all Ethereum users. MATIC is an Ethereum Layer 2 solution built on the Ethereum protocol, it is a “serverless” transaction indexing service that allows users to store and index transaction data, in order to track and verify digital assets. MATIC is the native token of the Polybius network. The Polybius network solves the issue of syncing transactions across transparent ledger of transactions and stores them in a decentralized manner.
Is Matic on ethereum?
Ethereum is a decentralized application platform, and one of its most promising members is Polygon, or MATIC, which is an ethereum layer 2 protocol. MATIC is a protocol that allows to perform fast and secure multi-party computations over Ethereum, and it allows to build Ethereum applications that run on the Ethereum blockchain. MATIC is an acronym for Multi-Party Computation on Ethereum, and it’s a functional programming language that allows to write smart contracts and decentralized applications in general. What is MATIC? In short, MATIC is a programming language that lets smart contracts and DAPPs to be written in Solidity, a language for smart contracts written in Ethereum. Virtually every cryptocurrency with a functional blockchain builds their own version of the ethereum protocol, which is a layer two solution for acting as a cryptocurrency. Polygon is one such protocol, and this guide will discuss the basics of how it works.
Is Matic a Layer 2?
Earlier this year, the Ethereum community was given the opportunity to vote on which project would be given the right to implement a Layer 2 solution onto the Ethereum network. The project with the most votes, Matic, was implemented by J.R. Willett on July 31st. Today, we are going to take a look at how this new layer of the Ethereum network works and what it means for Ethereum, for Matic, and for all the other projects that want to implement Layer 2 solutions. MATIC is a new cryptocurrency built on the Ethereum network that focuses on bringing the best features of the next generation of blockchain technologies to the masses. MATIC is a smart contract platform that allows smart contracts to run on every Ethereum machine: the full Ethereum blockchain.
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