Polygon (MATIC) is an Ethereum-scaling platform used by thousands of decentralized applications (dApps) to scale their performance.
Polygon is not a blockchain, but a scaling solution that runs on top of an existing blockchain – in this case, the Ethereum blockchain.
Polygon aims to solve a wide range of problems plaguing the Ethereum network from scalability to security to ETH compatibility.
Polygon is the platform chain and MATIC is the token and currency symbol.
Here’s how the project works and how to invest in its vision.
What is Polygon?
The Polygon network is a Layer-2 solution that improves the functionality and scalability of the Ethereum network. Polygon uses side chains to enable faster and cheaper Ethereum transactions. The framework gives you access to a broad array of crypto apps that were once exclusive to the Ethereum blockchain.
Polygon helps increase the accessibility of Ethereum to all users. With Polygon, users no longer need developer experience to use apps on the Ethereum network. It is an inherently secure protocol designed to connect Ethereum-compatible networks into a full-fledged multi-tier blockchain infrastructure.
Users have to bridge some of their crypto tokens to Polygon to use the network. They can deposit Ethereum tokens to a Polygon smart contract, trade them within the network, and eventually bridge them back to the Ethereum network. The Polygon Bridge is used to exchange ERC tokens, non-fungible tokens, and other assets between Ethereum and Polygon.
Polygon does not support other ERC tokens on its own chain. You need MATIC tokens to carry out transactions of the Polygon network. MATIC tokens are readily available to buy on several crypto exchanges.