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Polygon

Cryptocurrency and a technology platform that was launched to connect and grow Ethereum-compatible projects and blockchains.

Categories

Technology  
Summary

Polygon (previously known as Matic Network) is a layer 2 scaling solution for Ethereum, designed to improve its scalability and interoperability. It uses a variety of scaling solutions, including Plasma, Optimistic Rollups, and ZK Rollups, to improve transaction speeds and reduce gas fees. Polygon's goal is to become a multi-chain system that can work with other blockchains and layer 2 solutions to create a more interconnected ecosystem. 

It has gained significant traction since its launch, with many projects building on its infrastructure, including Aave, Curve, and Sushiswap. Polygon has also seen a surge in popularity among NFT projects, with several high-profile NFT sales taking place on the platform. As of March 2023, Polygon continues to expand and evolve, with new partnerships, projects, and developments being announced regularly.


History

The story of Polygon begins in 2017 when its co-founders, Jaynti Kanani and Sandeep Nailwal, were working on a blockchain project called ScanPay. They quickly realized the limitations of existing blockchains, particularly when it came to scalability and transaction fees.

Kanani and Nailwal began exploring solutions to these problems and eventually stumbled upon a scaling solution called Plasma, which had been developed by Ethereum co-founder Vitalik Buterin. They were inspired by the potential of Plasma to solve the scalability issues of Ethereum and began working on their own implementation of the technology.

In 2018, Kanani and Nailwal launched the Matic Network, an off-chain scaling solution for Ethereum that utilized Plasma technology. The Matic Network aimed to provide fast and cheap transactions on the Ethereum network, while also enabling developers to build scalable decentralized applications (dApps).

The Matic Network quickly gained traction and attracted a lot of attention from investors and developers. In 2019, the network raised $5 million in a seed funding round led by Coinbase Ventures and Binance Labs. The Matic team also partnered with a number of high-profile blockchain projects, including Decentraland, MakerDAO, and ChainGuardian.

In 2020, the Matic Network underwent a rebranding and was renamed Polygon. The new name reflected the network's broader focus on becoming a multi-chain scaling solution, rather than just a solution for Ethereum.

The Polygon team continued to expand the network's capabilities throughout 2020 and 2021. They launched Polygon SDK, a tool for developers to build their own blockchain networks on top of Polygon. They also acquired Hermez Network, a layer 2 scaling solution for Ethereum that utilized zk-rollups technology.

The Polygon network saw significant growth during the 2021 cryptocurrency bull run, as investors and traders flocked to the network's low transaction fees and fast transaction times. The network's native cryptocurrency, MATIC, saw its value rise from less than $0.01 at the beginning of the year to over $2.50 by May.

Today, Polygon is one of the leading layer 2 scaling solutions in the blockchain industry. It has become a popular platform for developers and users alike, with over 600 dApps currently built on the network. The future of Polygon looks bright, as the team continues to innovate and expand the network's capabilities.


Mission

Polygon's mission statement is to create an open, decentralized, and scalable blockchain infrastructure that enables fast and low-cost transactions for developers and users alike. The network aims to provide an easy-to-use platform for building and deploying decentralized applications (dApps) that can scale to meet the needs of a global user base.

In pursuit of this mission, Polygon has developed a multi-chain scaling solution that allows for interoperability between different blockchain networks. The network's modular architecture allows developers to choose the components they need to build their dApps, while also ensuring compatibility with other blockchains.

Polygon's focus on scalability and low transaction fees is driven by the belief that blockchain technology has the potential to revolutionize many industries, but only if it can overcome the limitations of existing blockchain solutions. By providing a fast and affordable infrastructure for dApp development, Polygon aims to make blockchain technology accessible to a wider audience.


Vision

Polygon's vision statement is to become the go-to platform for building and deploying decentralized applications (dApps) that can scale to meet the needs of a global user base. The network aims to be a one-stop-shop for developers, providing a range of tools and resources that make it easy to build and deploy dApps on the blockchain.

To achieve this vision, Polygon is focused on several key objectives. First and foremost, the network aims to provide fast and low-cost transactions for all users. By leveraging a multi-chain scaling solution, Polygon can offer fast transaction speeds and low fees that are competitive with centralized platforms.

Secondly, Polygon is committed to interoperability between different blockchain networks. The network's modular architecture allows for easy integration with other blockchains, making it easier for developers to build dApps that can interact with a wide range of platforms.

Thirdly, Polygon is focused on community-building and education. The network's team is dedicated to fostering a strong and supportive community of developers and users, providing resources and support to help people learn about blockchain technology and how to use it.


Key Team

Jaynti Kanani (co-founder)

Sandeep Nailwal (co-founder)

Mihailo Bjelic (co-founder)

David Schwartz (Co-founder, Polygon ID & Polygon Hermez)

Jordi Baylina (Co-founder, Polygon ID & Polygon Hermez)

Antoni Martin (Co-founder, Polygon ID & Polygon Hermez)

Brendan Farmer (Co-founder, Polygon Zero)

Daniel Lubarov (Co-founder, Polygon Zero)

Bobbin Threadbare (Co-founder, Polygon Miden)

Anurag Arjun (co-founder)


Recognition and Awards
2021: Polygon was named the "Best Layer 2 Solution" at the Crypto AM Awards in London. The award recognized Polygon's role in providing a fast and scalable infrastructure for decentralized applications. 2021: Polygon was named a "Cool Vendor in Blockchain Technology" by Gartner, a leading research and advisory firm. The recognition highlights Polygon's potential to disrupt traditional business models and drive innovation in a range of industries. 2020: Polygon (then known as Matic Network) was named one of the top 50 blockchain companies by Forbes. The list recognized companies that are driving innovation and growth in the blockchain space. 2019: Polygon was selected to participate in the prestigious Techstars accelerator program. The program provides startups with mentorship, funding, and resources to help them grow and scale their businesses. 2018: Polygon was named the winner of the Ethereum Community Fund grant program. The grant recognized Polygon's role in providing a fast and scalable sidechain solution for the Ethereum network.

Products and Services

Polygon is a Layer 2 scaling solution for Ethereum that offers the following products and services:

1. Polygon PoS Chain:

  • A high-speed, low-cost Ethereum-compatible network.
  • Enhanced scalability and faster transactions.

2. Polygon SDK:

  • Tools for developers to build custom Layer 2 solutions on Polygon.

3. Polygon Bridge:

4. Polygon PoA Chain:

  • A secure environment with trusted validators for specific use cases.

5. Polygon Ecosystem:

6. User-Friendly Tools:

  • Wallets and infrastructure for a seamless user experience.

7. Support for Developers:

  • Grants, bounties, and community initiatives to encourage innovation.

References
Polygon
Leadership team

Jaynti Kanani (CEO & cofounder)

Sandeep Nailwal (COO & cofounder)

Anurag Arjun (CPO & cofounder)

Mihailo Bjelic (CTO)

Industries

Technology

Products/ Services
What does Polygon do? Image result for polygon product Polygon is a Layer 2 blockchain that aims to help Ethereum with its scalability. By acting as a Layer 2 protocol, Polygon doesn't aim to duplicate Ethereum's functionality. Instead, it helps improve transaction speeds and lower costs for developers
Number of Employees
100 - 500
Headquarters
Mirpur, Dhaka, Bangladesh
Established
2017
Company Type
Private company limited by shares or Ltd
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