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Polygon is a platform design to support infrastructure development and help Ethereum scale. Its core component is a modular, flexible framework (Polygon SDK) that allows developers to build and connect Layer-2 infrastructures like Plasma, Optimistic Rollups, zkRollups, and Validium and standalone sidechains like the project's flagship product, Matic POS (Proof-of-Stake). Polygon rebranded from Matic Network in February 2021 and pivoted towards supporting multiple Layer-2 infrastructure. It will continue to support the Matic POS sidechain and Plasma-based payment system, which currently hosts over 90 applications.
Polygon token type
The native token of Polygon is MATIC. This token serves the following purposes:
- Fees: MATIC token's primary use case is to pay for the transaction fees in the network. The token is designed to be a utility token that functions as the unit of payment and settlement between participants who interact within the Polygon ecosystem.
- Staking: Matic sidechains enforce consensus using a Proof-of-Stake (PoS) layer in which network participants stake MATIC to participate as validators and earn staking rewards. Computational resources are required for performing various functions on the Polygon Network, such as validating blocks and publishing proofs. MATIC inflation serves to reward these resource providers to bootstrap security and maintain network integrity.
Polygon history and first price
Initial Exchange Offering, Private Sale
The initial token distribution is as follows:
- Private Sale: 3.80%
- Binance Launchpad Sale (IEO): 19% of the total supply.
- Team: 16%
- Advisors: 4%
- Network Operations: 12%
- Ecosystem: 23.33%
Polygon launched as Matic Network in 2017. It was co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun to tackle blockchain scaling and usability issues. Traditional blockchains face high latency and transaction costs that can hamper their progress towards adoption, technological efficiency, and user experience. Layer-2 scaling solutions or external networks can act as load balances for networks that can't inherently scale as user activity increases.
In 2017, Plasma was at the forefront of blockchain scaling, and Matic featured a plasma-driven scaling approach and Proof-of-Stake (PoS) sidechains to assist Ethereum as user demand for the network grew. Over time, Matic POS became a prominent scaling option for various applications.
Matic rebranded to Polygon in February 2021 to become a Swiss Army knife for scaling solutions. Polygon plans to add support for rollups and Validium to its already-existing Plasma/POS chain. The project recognizes that Ethereum may not scale from a single solution in isolation. There's a possibility that several solutions will co-exist and help scale Ethereum collectively, and Polygon aims to play a central role in supplying the infrastructure necessary to launch any of these systems.
Polygon technology explained
Polygon's hybrid POS/Plasma commit chains has three layers:
- Staking and Plasma smart contracts on Ethereum: Matic Network maintains a set of smart contracts on Ethereum, which manages staking functions and rewards for Matic's Proof-of-Stake layer. These contracts are also responsible for delegation management (including validator shares) and Plasma contracts for MoreVP (including checkpoints/snapshots of sidechain state).
- Heimdall (Proof of Stake layer): The Heimdall layer handles the aggregation of blocks produced by Bor into a Merkle tree. It publishes the Merkle root to the root chain periodically.
- Bor (Block producer layer): Bor is Matic’s block producer layer - the entity responsible for aggregating transactions into blocks. It is an implementation of Geth with custom changes done to the consensus algorithm.
Polygon SDK Polygon pivoted in February 2021 towards building a solution to connect the different versions of Ethereum scaling solutions. At the core of this Layer-2 connective tissue is the Polygon SDK (software development kit), which will serve as a modular, flexible framework for launching a new chain based on any Ethereuem scaling technology. Developers will have the option to build or connect true Layer-2 platforms like Plasma, Optimistic Rollups, zkRollups, and Validium enabled chains and standalone sidechains like Polygon's flagship product, Matic POS (Proof-of-Stake). The Polygon SDK is still in development.
Polygon supply limit
Tokens sold in the IEO (initial exchange offering) unlocked after the sale. Half of all private sale tokens unlocked at the time of listing and the rest vested after six months (October 2019). Details on the remaining token release schedule are available here.
Polygon uses a Proof-of-Stake (PoS) consensus mechanism for its Plasma/POS commit chains. In order to participate in the consensus process on the Matic Network, users are required to stake MATIC tokens as an indication of that user's commitment to the process. Matic's commit chains also feature slashing (removal of staked funds) to dissuade stakers from submitting invalid blocks, illegally verifying blocks, or executing invalid transactions. Requiring validators to put funds at risk before they can participate in consensus helps maintain the integrity of the network.
Matic's existing PoS chain consists of two layers:
- The Bor (Block Producer Layer): Responsible for aggregating transactions into blocks
- Heimdall layer (Validator Layer): Supports all validator nodes (stakers) that work alongside Matic's Staking contracts on Ethereum to manage validator accounts, enforce slashing, and issue rewards. Heimdall has been implemented by building on top of the Tendermint consensus engine with changes to the signature scheme and various data structures. It is responsible for block validation, block producer committee selection, and checkpointing a representation of the sidechain blocks to Ethereum in our architecture. Heimdall handles the aggregation of blocks produced by Bor into a Merkle tree and publishes the Merkle root to the root chain periodically.
No On-Chain Governance
You can transfer your Polygon holdings and store it safely with Cropty wallet. Cropty secures safety of your holdings through various verification options like using password, authenticator app, Face ID, Touch ID and backup codes. You can be sure no one can get access to you Polygon holding except you.
The Cropty wallet provides the most convenient application for storing and transfering Polygon. Cropty targets to become one the best crypto wallets for Android and iOS in 2023. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.
- Sign up to Polygon wallet.
- Top up your balance with Polygon.
- Store, trade or deposit your Polygon.
- Get Polygon deposit interest directly to your Cropty wallet.