Polygon MATIC Price

What is Polygon (MATIC)?

Polygon is an Ethereum-based scaling and infrastructure development platform. Formerly known as Matic Network, Polygon effectively transforms Ethereum into a multi-chain system, enabling users to conduct transactions at low fees and high speeds. The core component of Polygon is the Polygon SDK, a modular and flexible structure that supports various application types. This SDK allows for the creation of Optimistic Rollup chains, ZK Rollup chains, independent chains, and other necessary infrastructure for developers.
Polygon was officially released in April 2019. MATIC serves as the native token within the Polygon ecosystem, functioning as a unit for transaction fees within Polygon and as a means of payment between users. Additionally, it plays an increasingly pivotal role by providing security to the system and supporting governance. The consensus mechanism operates on a Proof of Stake (PoS) basis, relying on voting and participation of token holders to secure and regulate the network, providing both security and energy efficiency.
Polygon addresses Ethereum's scalability issues and reduces transaction costs by working with sidechains and various types of blockchains, expanding the Ethereum ecosystem. It innovates within the existing Plasma-POS chain without any alterations, catering to diverse needs within the developer ecosystem.
Its high transaction speed and cost-effective structure enable the creation of decentralized financial applications on a global scale. Especially leveraging the Plasma framework, Polygon can host numerous decentralized applications without experiencing the typical limitations of proof-of-work blockchains. Its compatibility with Ethereum provides a significant advantage, offering scalability, cost-effectiveness, and security—a crucial component in empowering the Web 3.0 revolution.

What is unique about Polygon (MATIC)?

Polygon's uniqueness lies in its ability to address Ethereum's scalability concerns by implementing various sidechains and blockchains, enabling diverse application types and reduced transaction fees.

Who are the founders of Polygon (MATIC)?

Polygon was founded by Jaynti Kanani and Sandeep Nailwal.

Who are the backers/investors of Polygon (MATIC)?

Polygon has received backing from prominent investors including Binance, Coinbase Ventures, DragonFly Capital, Tiger Global Management and Mark Cuban, among others.

What is the consensus mechanism of Polygon (MATIC)?

Polygon operates on a Proof of Stake (PoS) consensus mechanism, relying on token holders' participation and voting to secure and govern the network, enhancing security and energy efficiency.

Where can I buy Polygon (MATIC)?

You can buy Polygon (MATIC) on Coinbase, BitsoQMallIndependent ReserveUniswap V3 (Ethereum) cryptocurrency exchanges.