Polygon (POL)

Polygon (POL) is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Polygon 2.0 is a concrete vision to build the Value Layer of the Internet, and expand Ethereum to Internet-scale.

Funding Round: $450M

Whitepaper

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What is Polygon

Polygon is self-described as a Layer 2 scaling solution, which means that the project doesn’t seek to upgrade its current basic blockchain layer any time soon. The project focuses on reducing the complexity of scalability and instant blockchain transactions.

Polygon uses a customized version of the Plasma framework which is built on proof-of-stake checkpoints that run through the Ethereum main-chain. This unique technology allows each sidechain on Polygon to achieve up to 65,536 transactions per block.

Commercially, the sidechains of Polygon are structurally designed to support a variety of decentralized finance (DeFi) protocols available in the Ethereum ecosystem.

While Polygon currently supports only Ethereum basechain, the network intends to extend support for additional basechains, based on community suggestions and consensus. This would make Polygon an interoperable decentralized Layer 2 blockchain platform.

POL (ex-MATIC), the native tokens of Polygon, is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users who operate within the Polygon ecosystem. The transaction fees on Polygon sidechains are also paid in POL tokens.