Formerly referred to as Matic Network (rebranded in February 2021), Polygon is a layer-2 network, developed to add additional scalability to Ethereum and improve interoperability between its blockchains. Preserving the MATIC token symbol, Polygon is described as “Ethereum’s internet of blockchains”, which represents an easy-to-use platform for Ethereum scaling and infrastructure development.
Polygon strives to solve some of Ethereum’s major drawbacks, including poor user experience (delayed transactions), insufficient throughput, and lack of community governance, with a new sidechain solution. Users can deposit Ethereum tokens to a Polygon bridge smart contract, interact with them within Polygon sidechain, and then later withdraw them back to the Ethereum main chain, if need be. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus
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