https://polygon.technology/ 
MATIC is the native cryptocurrency of Polygon, a Layer-2 scaling protocol and framework designed to build and connect Ethereum-compatible blockchain networks.
Polygon was originally launched as Matic Network in 2017 and was created to address key limitations of Ethereum, such as high transaction fees and slower processing times. The protocol improves scalability by using sidechains – blockchains that operate alongside Ethereum’s main chain and are capable of handling higher transaction throughput. This approach enables faster and more cost-efficient transactions while maintaining compatibility with Ethereum.
MATIC is a widely used cryptocurrency and has frequently ranked among the top 15 digital assets by market capitalization. The Polygon network supports over 7,000 decentralized applications (dApps), which operate without centralized intermediaries.
Project History
Polygon was launched in October 2017 and co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. The founding team combines expertise in blockchain development, product management, and business operations.
Before rebranding to Polygon and transitioning the network in 2019, the team made several notable contributions to the Ethereum ecosystem. These include work on MVP Plasma, the WalletConnect protocol, and Dagger, a real-time notification and update tool for Ethereum.
Jaynti Kanani, one of the co-founders and current CEO, focuses on the implementation of Web3 technologies, Plasma scaling solutions, and WalletConnect. Prior to his work in blockchain, he was employed as a data specialist at Housing.com.
Sandeep Nailwal, co-founder and COO, is a blockchain developer and entrepreneur. Before Polygon, he served as CEO of Scopeweaver and CTO of Welspun Group.
Anurag Arjun, the third co-founder, comes from a product and business background rather than software development. He has held product management roles at IRIS Business, SNL Financial, Dexter Consultancy, and Cognizant Technologies.
How does Polygon work in short?
Polygon combines the Plasma Framework and blockchain architecture for proof of stake (PoS). Plasma, which was proposed by Eterium co-founder Vitalik Buterin, enables the easy execution of scalable and autonomous smart contracts.
Polygon boasts up to 65,000 transactions per second per side chain, along with a respectable block confirmation time of less than two seconds. The framework in question also enables the creation of globally accessible decentralized financial applications on a single underlying blockchain.
Plasma gives Polygon the potential to house an unlimited number of decentralized applications in its infrastructure without experiencing the usual drawbacks inherent in PoW chains.
Polygon uses a modified proof-of-stake consensus mechanism that allows consensus to be reached on every block – unlike the traditional method where multi-block processing is required. Successful validators in the Polygon network are rewarded with MATIC. This token is used to manage and protect the Polygon network and to pay for network transaction fees.
Unlike some other cryptocurrencies with an unlimited supply, the supply of MATIC is limited – there will never be more than 10 billion coins in circulation. Side chains can be built using one of the following methods to scale the design:
- Plasma chains – aggregates transactions into blocks that are fed a single path to the Etherium blockchain
- zk-Rollups – Allows multiple translations to be merged into a single transaction
- Optimistic Rollups – Similar to Plasma chains, but with the ability to scale to Etherium smart contracts as well
Examples of decentralized applications that are built on Polygon include Sushi (DEX), Augur – a market prediction platform, and Ocean Protocol – a platform that allows businesses and individuals to exchange and monetize data and data-driven services.
How do I buy MATIC?
1. Choose a crypto exchange
There are numerous cryptocurrency exchanges and exchanges that range from easy-to-use systems to complex dashboards for advanced traders.
Because MATIC is so popular, you’ll be able to purchase the token on most cryptocurrency exchanges, but it’s advisable to stick to a few of the more popular exchanges like Binance, Kraken, Coinbase, etc. Different platforms come with different fees, security measures, and may include other features, so it’s a good idea to do your research before signing up.
2. Create an account and confirm it
Start with account registration, which is completely free on the aforementioned platforms. For added security, 2FA – two-factor authentication – is also enabled. This way, you and your device are the only ones who can grant access to the account.
You are then taken through a KYC process, which is providing personal information – ID card/passport/driving license details, proof of address (e.g. bank statement or utility bill).
After completing these steps, you are ready to buy, sell and trade Polygon (MATIC) as well as avail various services such as staking.
3. Fund your account
Once your account has been registered and verified, you need to fund the account so that you can start taking advantage of the buying and trading services on the platform.
The main deposit options are:
- Credit/Debit Card
- Bank deposit
- Peer-to-peer (P2P)
