Introduction to Polygon
Polygon is a blockchain platform with the cryptocurrency POL, designed to connect and scale blockchain networks. It is often referred to as ‘Ethereum’s internet of blockchains’ and was initiated in 2017 under the name Matic Network. The platform is built on the Ethereum blockchain and connects Ethereum-based projects, enhancing flexibility, scalability, and sovereignty while providing the security and structural benefits of the Ethereum blockchain.
How does Polygon work?
Polygon is a technology platform that facilitates the connection and scaling of blockchain networks. Since Ethereum transitioned to a Proof of Stake mechanism, Polygon’s focus on being a scaling solution for Ethereum has become less relevant. Consequently, the platform is increasingly focusing on web3 and NFT applications. POL is an ERC-20 token, making it compatible with other Ethereum-based digital currencies, and is used to govern and secure the Polygon network and to pay network transaction fees.
What makes Polygon unique?
What sets Polygon apart from other