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Polygon

Polygon

Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.

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Contents
Overview

Established in 2017, Polygon (also known as Matic Network) is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. The company was founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The India-based platform is an open-source project built by a worldwide decentralized team of contributors. The framework combines Ethereum and sovereign blockchains into a multi-chain system. This multi-chain system is akin to other ones like Polkadot, Cosmos, Avalanche etc., alongside Ethereum’s ecosystem.

Platform

Polygon's core component is Polygon SDK, a modular framework that supports the development of multiple types of applications. Polygon is a platform that enables layer 2 (L2) Ethereum scaling and blockchain-based infrastructure development. Its suite of products offers developers access to all major scaling and infrastructure solutions, including L2 solutions such as ZK-rollups and optimistic rollups (ORs), sidechains, hybrid solutions, standalone and enterprise chains, data availability solutions, and more. The statistics of Polygon's solutions are the following:

  • Adopted in over 7000 hosted applications
  • Total transactions processed amount to over 1 billion
  • 2.67 million monthly active users (as of February 2022)
  • Approximately 130 million unique user addresses
  • The total amount of assets secured amounts to 5 billion USD
Features

Polygon networks offers a variety of features:

  • ETH compatibility—Established tech stack, tools, languages, standards, and enterprise adoption
  • Scalability—Dedicated blockchains, scalable consensus algorithms, and custom Wasm execution environments
  • Security—Modular security as a service (SECaaS) facilitated either by Ethereum or by professional validators
  • Sovereignty—Dedicated throughput and resources, fully customizable tech stack, and sovereign governance
  • Interoperability—Native support for arbitrary message passing (such as tokens or contract calls) and bridges to external systems
  • User experience—Comparable to Web2, zero-gas price transactions, and instant (deterministic) transaction finality
  • Developer experience—Equivalent to Ethereum, no protocol level knowledge, token deposits, fees or permissions required
  • Modularity—Customizability, extensibility, upgradeability, and community collaboration
Polygon (MATIC) token circulation

MATIC tokens are released on a monthly basis. As of March, 2022 MATIC had a circulating supply of 4,877,830,774 MATIC tokens and a maximum supply of 10,000,000,000 MATIC tokens. At its initial private sale in 2017, 3.8 percent of MATIC’s max supply was issued. In the company's April 2019 launchpad sale, an additional 19 percent of the total supply had been sold. With the price at $0.00263 per token, $5 million was generated. Polygon's original release schedule planned to release all tokens by December 2022. The remaining MATIC tokens are distributed as follows:

  • Team tokens: 16 percent of the total supply.
  • Advisors tokens: 4 percent of the total supply.
  • Network Operations tokens: 12 percent of the total supply.
  • Foundation tokens: 21.86 percent of the total supply.
  • Ecosystem tokens: 23.33 percent of the total supply.
Advantages and disadvantages of Polygon

Advantages of Polygon include the following:

  • Ability to process transactions quickly: By using a consensus mechanism that completes the transaction confirmation process in a single block, Polygon can maintain fast transaction processing speeds. Polygon's average block processing time is 2.1 seconds.
  • Transaction fees are consistently low: Polygon keeps its usage fees low, with a typical transaction fee of around $0.01.

Polygon's disadvantages are the following:

  • Not an autonomous blockchain: Polygon is a Layer 2 solution that works atop the Ethereum platform. If the Ethereum platform experiences serious disruptions or ceases to exist, then Polygon would likely lose its value.
  • Limited use cases for MATIC: The MATIC token is designed to govern and secure the Polygon platform and pay transaction fees. Unlike some digital currencies, MATIC is not generally used for everyday purchases.

Timeline

Funding Rounds

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Products

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Acquisitions

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Further Resources

Title
Author
Link
Type
Date

Cryptocurrency MATIC: the story of an ambitious project from India

https://currency.com/ru/kriptovalyuta-matic-istoriya-ambicioznogo-proekta-iz-indii

Web

February 4, 2022

Experts named the most promising cryptocurrencies in 2022 :: RBC.Crypto

https://www.rbc.ru/crypto/news/621246ed9a7947457cf9376f

News

February 20, 2022

HOW POLYGON IS TRANSFORMING THE WORLD OF DEFI 💥 Sandeep Nailwal 🎬 Episode 1/2

https://youtu.be/fr7C47YWLMQ

Web

September 22, 2021

Polygon (MATIC) Blockchain Explorer

polygonscan.com

https://polygonscan.com/

Web

Polygon | Ethereum's Internet of Blockchains

https://polygon.technology/

Web

References

polygon.technology
Is a
Cryptocurrency
Cryptocurrency
Organization
Organization
Company
Company

Company attributes

Industry
Decentralized autonomous organization (DAO)
Decentralized autonomous organization (DAO)
-1
Cryptocurrency wallet
Cryptocurrency wallet
-1
Blockchain
Blockchain
-1
Decentralized Finance
Decentralized Finance
-1
Blockchain and cryptocurrency
Blockchain and cryptocurrency
Non-fungible token (NFT)
Non-fungible token (NFT)
-1
Cryptocurrency exchange
Cryptocurrency exchange
-1
Decentralized cryptocurrency exchange
Decentralized cryptocurrency exchange
-1
...
Location
Santa Monica, California
Santa Monica, California
-1
Bangalore
Bangalore
-1
Berlin
Berlin
-1
Brazil
Brazil
-1
Spain
Spain
-1
Auckland
Auckland
-1
B2X
Marketplace
Marketplace
CEO
Jaynti Kanani
Jaynti Kanani
Founder
Anurag Arjun
Anurag Arjun
-1
Jaynti Kanani
Jaynti Kanani
-1
Mihailo Bjelic
Mihailo Bjelic
-1
Sandeep Nailwal
Sandeep Nailwal
-1
Pitchbook URL
pitchbook.com/profiles...340926-13
Accelerator
Techstars
Techstars
Accelerator Batch
‌
Techstars Class 219 - Los Angeles 2020 T4
Number of Employees (Ranges)
201 – 500
Number of Employees
381
Full Address
91 Springboard Navi Mumbai, 400708 India
Investors
Alan Howard
Alan Howard
Cashican People LLC
Cashican People LLC
AG Build
AG Build
Alexis Ohanian
Alexis Ohanian
Republic Capital
Republic Capital
Deftify
Deftify
LD Capital
LD Capital
Union Square Ventures
Union Square Ventures
...
Founded Date
2017
Email Address
contact@polygon.technology
info@polygon.technology
Phone Number
+18888825901
Total Funding Amount (USD)
450,450,000
Latest Funding Round Date
February 2022
Competitors
Raydius
Raydius
-1
Ronin
Ronin
-1
Harmony
Harmony
-1
Solana
Solana
-1
Polkadot (cryptocurrency)
Polkadot (cryptocurrency)
-1
Cosmos
Cosmos
-1
Klaytn
Klaytn
-1
Phantasma Chain
Phantasma Chain
-1
...
Business Model
Transaction processing / marketplace
Stock Symbol
MATIC
Exchange
QuickSwap
QuickSwap
-1
Swapzone
Swapzone
-1
OKCoin
OKCoin
-1
Bancor (cryptocurrency)
Bancor (cryptocurrency)
-1
MEXC Global
MEXC Global
-1
ProBit Global
ProBit Global
-1
KuCoin Exchange
KuCoin Exchange
-1
Coinbase
Coinbase
-1
...
CFO
Young Ko
Young Ko
-1
Key People
Anurag Arjun
Anurag Arjun
Jaynti Kanani
Jaynti Kanani
Sandeep Nailwal
Sandeep Nailwal
Mihailo Bjelic
Mihailo Bjelic
John Lilic
John Lilic
Also Known As
Matic Network
Latest Funding Type
‌
Corporate funding round
COO
‌
Michael Blank
Wellfound ID
hellopolygon

Cryptocurrency attributes

Consensus Mechanism
Proof-of-stake
Proof-of-stake
Ticker Symbol
MATIC-1
Maximum Supply
10,000,000,000
Block Explorer URL
solana.fm/address/C7...1ZAhnoDwj7h
moonbeam.moonscan.io/toke...26e45
polygonscan.com
bscscan.com/token/0xc...965ed682bd
etherscan.io/token/0x...8AaCfeBB0

Other attributes

Blog
blog.polygon.technology
Circulating Supply
6,872,890,164
CoinGecko ID
polygon
Community Forum
blog.polygon.technology
open.kakao.com/o/gUpfOhmb
Company Operating Status
Active
Strategic Partnerships
-1
Market across
Market across
-1
Space Launcher
Space Launcher
-1
EDGE Activity Token
EDGE Activity Token
-1
GamerCoin
GamerCoin
-1
Medieval Empires
Medieval Empires
-1
SIKKA
SIKKA
-1
Siki
Siki
-1
...
Cryptocurrency Symbol
MATIC
Funding Price per Share
0.0026
Latest Funding Round Amount (USD)
450,000,000
Launch Date
April 30, 2019
Layer 1 Technology
Ethereum
Ethereum
License
MIT
Market Capitalization
4,328,906,448
Medium URL
polygontech.medium.com
Partner Organizations
World Knowledge Token
World Knowledge Token
-1
Hop Exchange
Hop Exchange
HashEx
HashEx
Verida
Verida
-1
Augur
Augur
-1
StarTerra
StarTerra
-1
Dropstab
Dropstab
-1
Warp Bond
Warp Bond
...
Platform
Ethereum
Ethereum
Source Code
github.com/maticnetwork/
etherscan.io/address/...8AaCfeBB0
Token Standard
SPL-1
ERC-721
ERC-20
BEP-20-1
Total Supply
10,000,000,000-1

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