What is Polygon Crypto? & How does it Work?

 What is Polygon Crypto?

Earlier known as MATIC Network, Polygon is a layer-2 blockchain protocol that provides infrastructure for the development of blockchain networks that can interface with each other. 

The platform is Polygon, and the cryptocurrency ticker is still MATIC, remember!

Polygon facilitates interchain scalability and adaptability that are the characteristics of alt chains while assuring the security, interoperability, and liquidity offered by Ethereum to the projects hosted on its network. 

It has become highly popular within a short span of time because of the low gas fees and high transaction throughput it offers the developers and clients on its platform.

The native token of the platform is Polygon (MATIC) cryptocurrency, and it ranks at the 14th position on the cryptocurrency charts. The token has a maximum supply of 10 billion, of which over 67% is already in circulation.

 Polygon crypto price in INR as of today (29 December 2021) is around ₹204.607. Besides being the underlying resource behind the ecosystem, 

Polygon’s crypto – MATIC – can be used for staking tokens under the PoS (Proof of Stake) consensus mechanism to safeguard the Polygon network. Polygon cryptocurrency has a current market capitalization of more than $18.09 billion.

How does it Work?  

‘Ethereum’s internet of blockchains,’ Polygon aims to solve the scalability issues of the Ethereum network via a system of block developers, creators, clients, and stakeholders utilizing the MATIC sidechain to execute operations and cooperate with different Ethereum-based decentralized apps.

Polygon is a less expensive and quicker option than other networks. Its side chain can produce and settle new blocks within seconds against Ethereum’s average block creation time period of 12 seconds. 

Two advancements are already in the pipeline for further boosting the viability of the network – the first one will help in distributing loads of off-chain exchanges together into a solitary trade, while the second roll-up would involve speeding up transactions on the Ethereum network.  

It was introduced in 2017 by developers Jayanti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. MATIC, later on, proceeded to projects like Maker (MKR) and Decentraland (MANA). 

While working with platforms like Binance and Coinbase, they received sufficient financing. In 2021, the introduction of AAVE on the Polygon network further enhanced its significance as a scaling solution.