Polygon (MATIC) is a native ERC-20 token of a Polygon platform. With the help of Polygon independent Ethereum-compatible blockchains can come together in one multi-chain system. One of the purposes of Polygon is to provide faster and cheaper transactions.
MATIC is used to pay for services in the network and as a settlement currency between users. This token is released monthly. It is a non-minable token, so there is one way to get MATIC, and that is to purchase it. A total supply is 10,000,000,000 MATIC. According to the existing schedule, all the tokens should be released by December 2022.
Initially MATIC was a token of the Matic network, which aimed to simplify the interaction between customers and blockchain. Matic used the Plasma framework to provide an opportunity for cheaper and faster transactions.
The Matic platform went through the rebranding process. Now its name is Polygon. MATIC tokens will also be converted into Polygon tokens in the future.
Polygon (at that moment Matic) appeared in October 2017. The project was created by three co-founders. Two blockchain developers (Jaynti Kanani, Sandeep Nailwal) and a business consultant (Anurag Arjun). It is worth mentioning that before moving to an independent network in 2019, the Polygon team contributed a lot to implementing Plasma MVP, WalletConnect protocol and other significant features into the Ethereum network.
Polygon provides a scalability solution for Ethereum. The Ethereum network is gaining popularity, due to the increasing number of decentralized apps being created and NFT’s boom. So it is definitely worth the attention. Here are some important features that should be taken into consideration by applications developers:
If you would like to try out the unique features of the Polygon platform, you need to purchase MATIC tokens. You can do this in several simple steps, just follow the instructions below:
We hope that this article helped you to form a general understanding of what the Polygon platform is. Thank you for the attention!