Polygon (blockchain)
Icon of Polygon | |
| Denominations | |
|---|---|
| Code | POL |
| Previous names | MATIC |
| Development | |
| Original author(s) | Jaynti Kanani, Sandeep Nailwal, Mihailo Bjelic, Anurag Arjun (polygon |
| White paper | polygon |
| Code repository | github |
| Development status | Active |
| Developer(s) | Polygon Labs |
| Source model | Open source |
| Ledger | |
| Ledger start | June 1, 2020 |
| Issuance schedule | Yearly emission rate of 1% after 10 years polygon |
| Block time | 2.3 seconds |
| Block explorer | polygonscan.com/ |
| Circulating supply | 10,000,000,000 polygon |
| Website | |
| Website | polygon.technology/ |
Polygon (formerly Matic Network) is a blockchain platform which aims to create a multi-chain blockchain system compatible with Ethereum. As with Ethereum, it uses a proof-of-stake consensus mechanism for processing transactions on-chain. Polygon's native token is POL, an ERC-20 token which allows for compatibility with other Ethereum cryptocurrencies. It is operated by Polygon Labs.
Polygon is a natively Layer-2 network that uses Ethereum as a base network. In particular, transactions are first validated inside Polygon and then periodically committed in a "checkpoint": a Merkle root of transaction hashes is committed to Ethereum's mainnet by using "Core contracts".
Polygon runs various decentralized applications (dApps) such as Defi, DAOs, and NFTs.