This unique technology enables each sidechain on Polygon to achieve approximately 65,536 transactions for every block.Ĭommercially, the sidechains of Polygon are structurally designed to support several DeFi protocols available in the Ethereum ecosystem. Polygon uses a customized version of the Plasma framework built on PoS checkpoints that run via the Ethereum main chain. The project focuses on reducing the complication of scalability & instant blockchain transactions. Polygon is a self-proclaimed layer two scaling solution, which suggests that the project does not seek to upgrade its existing basic blockchain layer soon. In the last year, Polygon’s price has fallen 48.52%, while the year-to-date (YTD) returns have declined 66.67%. It has a circulating supply of 8.73B USD MATIC coins and a max. The current CoinMarketCap ranking is #10, with a live market cap of $7.53B USD. Polygon is up 9.34% in the last 24 hours. The live Polygon price today (23 November 2022) is US$0.8622102 with a 24-hour trading volume of US$688.27 Million. Using Polygon, one can build optimistic rollup chains, ZK rollup chains, stand-alone chains, or any other type of infra the developer needs. Its core element is Polygon SDK, a modular, adjustable framework that helps build numerous types of applications. Polygon is the foremost well-structured and easy-to-use Ethereum scaling as well as an infrastructure development platform. Polygon achieves this using Proof-of-Stake (PoS) checkpoints built on the Ethereum mainchain and its more viable plasma, a variant of the Plasma network. By design, Polygon is a platform made for launching interoperable blockchains. Polygon was developed to address the limitations of Ethereum, such as throughput, transaction speed, and lack of community governance. Polygon was built in India in 2017 by Jayanti Kanani, Anurag Arjun, Sandeep Nailwal, and Mihailo Bjelic. MATIC governs and secures the Polygon network and is useful to pay network transaction fees. MATIC which is an ERC-20 token is Polygon’s native cryptocurrency. Polygon, a cryptocurrency previously called MATIC network, is an interoperability layer 2 scale solution that runs atop the Ethereum platform.
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