Polygon is a platform that allows the creation and exchange of polygon cryptocurrency. Polygon operates as a combination of side-chain and two-layer scaling solutions that run alongside the Ethereum blockchain. It aims to address some of the limitations of the Ethereum blockchain by increasing the flexibility, and scalability of the blockchain project. It helps to improve the high transaction fees and slow processing speed.
The native token of Polygon is Matic, which is an ERC-20 token, which allows you to make transactions on the Polygon network. This token is compatible with other Etherum-related digital currencies, which means that it can be used to pay network transaction fees.
This networking is used by millions of individuals. In the initial stage, it found angel investors to fund the program. In December 2033, Polygon raised $450 million by selling MATIC tokens in a seeding round led by Tiger Global SoftBank Vision Fund, and Sequoia Capital. Donald Trump also released a series of digital art NFTS on the Polygon network for $99 each.
Who founded Polygon?
Polygon, formerly known as Matic Network, was founded by three Mumbai-based software developers, Jaynthi Knaani, Sandeep Nilwal, and Anurag Arjun in 2017. Despite its growth in India, the venture attracted loads of traders and investors from all around the world.
What is inside Polygon?
There are a few major components that are functional to ensure the smooth progression of the polygon network chain. Details of the major factors functioning in the polygon are discussed below:
This platform used the most adopted technology to build applications in Public Chains, App Specified Chains, and Decentralized Identities.Building App
Polygon PoSPublic Chain
This technology uses a Proof-of-stake (PoS) architecture framework, which allows to make faster transactions at lower costs. It allows MATIC to give and secure transactions alongside Ethereum blockchains. It also offers wallet options to add and withdraw tokens at any time anywhere.
Polygon zkEVM
It is a layer scaling solution zkEVM that equips the power of ZK proofs to reduce transaction costs and increase the output at a maximum level while securing the network of Ethereum. It allows the deployment of EVM without changes in the contract. It offers the flexibility to explore the zkEVM Ecosystem dApps as well as send and receive crypto rewards.
Polygon Miden
Polygon Miden is also a zkRollup for high output and private applications. Its main aim is to scale Ethereum as well as to extend it. It prioritizes Zero-Knowledge technology to provide a safe and decentralized environment for smart contracts.
Polygon CDKApp Specified Chains
This feature enables you to build zk technology-powered 2s Layer customer-fitted Ethereum blockchain. It allows the building of customized data storage and regulatory aspects as per the customer’s transaction costs. This assures delivery of high activity on the network with dedicated output and better performance.
Polygon IDDecentralized Identity
Polygon ID allows users to obtain privacy-focused tools to assist users in protecting their identity across the digital market. This helps to reduce compliance risks against bots and other attacks. Based on the verified credentials, it has more chances to attract smart contracts and better provide a seamless experience.
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Polygons activities
- Several of the Decentralized Finances have migrated to the polygon to take advantage of its high transaction speed and cheaper costs.
- It is also popular for NFTs due to low fees and large scalability
- Many blockchain-based games are built on Polygon, to earn faster cryptocurrencies through the market.
- It is a suitable place for building virtual reality projects due to its privacy and large scalable operations.
Is Polygon Legit Or A Scam? Our Say
With high popularity and extraneous activities, Polygon offers various advantages to Ethereum-based traders. Such that investors must have to be dependent on the activity of Ethereum. However, there are some potential downsides to this platform similar to any other cryptocurrency platform.
However, we do not believe that this cryptocurrency platform is managing to dupe the customers considering the perks traders can have from using this platform. But, we suggest making a detailed analysis before using this platform.
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