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Polygon has rapidly become one of the most popular layer 2 scaling solutions on Ethereum. Originally launched as Matic Network in 2017, the project rebranded as Polygon in 2021 as adoption expanded.
In this deep dive, we explore Polygon’s origins, technology, adoption metrics, price history and future outlook across several core chapters:
For crypto developers or investors interested in interoperability and scaling solutions, Polygon is a prime project to be familiar with. Time to dive in!
Polygon, formerly Matic Network, was founded in India in late 2017 by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. The founding team boasted extensive backgrounds in blockchain engineering, having previously worked on research scaling projects for Ethereum.
The impetus behind Polygon was the emerging challenge Ethereum faced supporting growing transaction volumes and DeFi activity. As usage increased, gas fees and confirmation times became increasingly problematic.
Though other layer 2 solutions were in early stages, the Polygon founders aimed to develop a coherent framework tailored specifically for the needs of decentralized apps and financial services. By leveraging an adapted version of Plasma framework with PoS sidechains, they set out to offer a production-ready layer 2 platform for Ethereum scaling from the start.
After several years of steady development and integration, adoption hit an inflection point in 2021 leading to a rebrand from Matic Network to the more accessible Polygon name. Let’s examine the technology powering this Ethereum scaling solution next.
Polygon incorporates several key components and innovations that enable its dual goals of security, scalability and decentralization for Ethereum-based transactions:
- Custom Sidechains
- Plasma Framework
- Proof-of-Stake Consensus
- External Transaction Managers
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