Polygon Coin and Network Overview:
The Polygon coin is the native cryptocurrency of the Polygon blockchain, originally known as MATIC before transitioning to the POL token in 2024. Polygon is a Layer 2 scaling solution (also referred to as a sidechain) built on top of the Ethereum blockchain. Its goal is to overcome Ethereum’s challenges—such as slow transaction speeds and high gas fees—by offering developers and users a faster and more cost-efficient alternative.
The Polygon Network:
Launched in 2017 as the Matic Network, Polygon was co-founded by Indian software developers Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. The network’s main features include:
Faster and cheaper transactions:
Using a modified Proof-of-Stake consensus mechanism along with technologies like Plasma Chains and rollups, Polygon enables quick and low-cost transactions on its parallel chain.
Ethereum compatibility:
Since Polygon supports the Ethereum Virtual Machine (EVM), decentralized applications (DApps) built on Ethereum can be seamlessly deployed or migrated to Polygon.
Ecosystem expansion:
Polygon provides a comprehensive framework for building and connecting Ethereum-compatible blockchains, often described as the “Internet of Ethereum Blockchains.”
The POL Token:
The network’s native cryptocurrency, POL, plays several vital roles:
Staking: POL holders can stake their tokens to help secure the network and earn staking rewards.
Transaction fees: POL is used to cover transaction (gas) fees on the Polygon network.
Governance: Token holders can participate in decision-making by voting on proposals that shape the network’s future.
Asset bridging: POL also supports smooth cross-chain transfers between Polygon and other blockchains.#Polygon $POL
