Polygon Price Chart

 Polygon is a blockchain project that aims to address the bottlenecks facing the Ethereum network. It achieves this through the deployment of scaling solutions that allow users to enjoy cheaper transaction fees and faster settlement times compared to the Ethereum network.

The Polygon network has its native currency. This digital currency, called MATIC, allows users to pay gas fees and access decentralized applications (dApps) on the network. Meanwhile, just like most Ethereum-focused chains, Polygon also runs an Ethereum Virtual Machine (EVM), meaning that most dApps on the Ethereum network run on Polygon with slight modifications.  

 A Brief History of Polygon

The blockchain network Polygon was formerly known as Matic Network. It was founded in 2017 by Mumbai-based software engineers Jaynti Kanani, Sandeep Nailwal, Mihailo Bjelic, and Anurag Arjun.

Notably, the essence of Polygon lies in its use of a proof-of-stake (PoS) consensus mechanism. A method that requires users to stake their MATIC tokens in exchange for the right to validate the network transactions. Users are rewarded with MATIC tokens for their participation. 

Also, the Polygon network’s use of sidechains allows the execution of transactions with high speed and low gas fees. Polygon significantly increases Ethereum’s throughput by transferring some of the transactions onto these sidechains and allowing for interoperability with the main chain.  

The Polygon network has become popular and very useful in the crypto ecosystem. The network joined Disney’s 2022 acceleration program in July 2022 to expand into augmented reality, NFTs, and AI. Similarly, in October 2022, the Indian Police in Firozabad began utilizing Polygon to record crimes. 

Overall, Polygon has emerged as one of the leading chains in the crypto ecosystem. Its potential is exemplified by its position within the top 20 coins by market capitalization.