User:Wik8dude/Polygon (blockchain)

Polygon (blockchain platform)

Polygon (formerly MATIC Network) is an Indian blockchain scalability platform. It addresses the challenges faced by Ethereum such as high fees, poor user experience and low transactions per second (TPS). It aims to create a multi-chain blockchain ecosystem compatible with Ethereum.

Polygon uses a unit of account called "Matic" as a means to secure its system and for its governance. Its corresponding acronym, used by the exchange platforms, is "MATIC". Polygon is one of the Top 20 decentralized cryptocurrencies, with a capitalization of over 10 billion euros in April 2022 Polygon is involved in DeFi, DApp, DAO and NFT.

History
The MATIC Network project was initiated by four software engineers, Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic, who founded a start-up based in Mumbai.

In December 2019, the MATIC token experienced a 70% crack that prompted Binance boss Changpeng Zhao to post on twitter to reassure the platform's users.

In January 2021, the Associated Press international news agency launches an NFT marketplace on Polygon.

In February 2021, the project changes its name, while its perimeter expands and extends to the metaverse.

In December 2021, Polygon bought the start-up Predicate Labs, which developed the MIR Blockchain in order to access a technology called "zero-knowledge rollups" that offloads data from Ethereum to reduce fees and speed the transaction process.

In February 2022, Polygon raises $450 million by selling Matic tokens to Sequoia Capital India investors.

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