#pol
What Is Polygon (POL)
Polygon is a project creating a Layer 2 solution for the Ethereum Virtual Machine, designed to allow the development of applications for various purposes, mainly "building the Value Layer of the Internet.
Polygon platform operates using the Ethereum blockchain and connects Ethereum-based projects. Using the Polygon platform can increase the flexibility, scalability, and sovereignty of a blockchain project while still affording the security, interoperability, and structural benefits of the Ethereum blockchain.
POL (formerly called MATIC) is an ERC-20 token, meaning that it's compatible with other Ethereum-based digital currencies. POL is used to govern and secure the Polygon network and to pay network transaction fees.
Key Takeaways
The Polygon platform, powered by the POL (formerly MATIC) token, was launched to connect and grow Ethereum-compatible projects and blockchains.
POL tokens are used to govern and secure the Polygon network and pay transaction fees.
Polygon uses a modified proof-of-stake validation mechanism to efficiently operate the platform.
History of Polygon
Polygon began as the Matic Network in 2017, co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.2 After an initial exchange offering on Binance in 2020, the project rebranded to Polygon and morphed into a company that focuses on Web3 application development.
