Polygon (MATIC) – All you need to know

What is Polygon?

Polygon is a framework for building and connecting applications built on the Ethereum network. Formerly known as Matic Network, Polygon is like an extension to Ethereum that makes it easier to use. Developers get faster, cheaper access to the benefits of Ethereum without compromising on security.

The MATIC token is the cryptocurrency that powers apps built on Polygon. It’s used to build and pay fees on the network, while holders can use it to earn rewards or vote on governance issues.

Formed in 2016 and originally Matic Network, the company rebranded as Polygon in 2021. As part of the rebrand, it brought on board some of the Ethereum development team, binding it ever closer to one of the largest blockchain platforms around.

How does Polygon work?

Polygon works by creating smaller blockchains that connect to the main Ethereum chain. In many ways it’s like a blockchain template, used to create applications that can communicate with any other app built on the Ethereum network. 

By splitting the required work among many blockchains, they can all run and process transactions independently. This is crucial to increasing the network’s speed, as otherwise adding new transactions to a blockchain one at a time creates a bottleneck and slows everything down.

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