What is Polygon?

Polygon, previously known as Matic Network, is a platform designed to facilitate the development and scaling of Ethereum-based applications. Polygon is a combination of a sidechain and a Layer-2 solution designed to help scale the Ethereum network and improve its functionality. The protocol aims for faster, cheaper Ethereum transactions using sidechains, blockchains that run like speedy HOV lanes alongside the Ethereum main chain. Polygon's core component is the Polygon Software Development Kit (SDK), a flexible framework that supports the creation of multiple types of applications. The platform transforms Ethereum into a multi-chain system, akin to other systems such as Polkadot, Cosmos, and Avalanche, but with the benefits of Ethereum's ecosystem. The native token of Polygon is MATIC, an ERC-20 token used to pay transaction fees and participate in proof-of-stake consensus.

How does Polygon work?

Polygon combines the Plasma Framework and proof-of-stake blockchain architecture to facilitate the use of cryptocurrencies by resolving scalability issues. The Plasma framework, proposed by Ethereum co-founder Vitalik Buterin, allows for the easy execution of scalable and autonomous smart contracts. Polygon is designed to process a large number of transactions per second on a single side chain, with a block confirmation time of less than two seconds. This framework gives Polygon the potential to house an unlimited number of decentralized applications on its infrastructure without experiencing the drawbacks common to proof-of-work blockchains. In order to engage in Polygon's network, you will need a multi-chain wallet like Coinbase Wallet. Using Coinbase Wallet, you can browse the Polygon Bridge to exchange Ethereum assets and monitor your balances across different networks. Users can deposit Ethereum tokens to a Polygon smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum main chain.

What are the potential use cases for Polygon?

Polygon is designed to support a variety of use cases. Developers can use Polygon to create optimistic rollup chains, ZK rollup chains, standalone chains, or any other infrastructure required by their applications. This flexibility makes Polygon a suitable platform for a wide range of decentralized applications (DApps), from games to decentralized exchanges. The platform's high transaction speed and low fees also make it an attractive option for applications that require fast and frequent transactions, such as payment systems or real-time trading platforms.

What is the history of Polygon?

Polygon was launched in October 2017 by co-founders Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Before launching its own network in 2019, the Polygon team contributed to the Ethereum ecosystem, working on implementing the Plasma MVP, the WalletConnect protocol, and the widely-used Dagger event notification engine on Ethereum. In July 2023, Jaynti Kanani stepped down as CEO and was replaced by Marc Boiron.

Where can I buy MATIC?

Depending on where you live, you can buy, send, and receive MATIC by creating an account on Coinbase. As MATIC is an ERC-20 token that exists in the same shape and form on both the Ethereum network and Polygons network, it can also be purchased using a variety of decentralized exchanges such as Uniswap and Sushiswap. In addition, you can use the official Polygon Bridge to exchange assets between Ethereum and Polygon.

How do I stake MATIC?

Polygon's sidechain is secured by proof of stake. By staking MATIC, a network of powerful computers secure and validate the network (earning MATIC rewards in the process). Some participants can also "delegate" their MATIC to a validator to receive a portion of their rewards. MATIC can be staked using the official Polygon Wallet (note: Polygon staking is currently unavailable via the Coinbase platform).