Polygon was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, with the aim of addressing the scalability issues facing Ethereum.
The Polygon network is a Layer 2 scaling solution for Ethereum, which means that it operates on top of the Ethereum blockchain to provide faster and cheaper transactions.
The Matic Network was rebranded as Polygon in February 2021 to reflect its broader mission of building a multi-chain ecosystem that supports interoperability between different blockchains.
Polygon uses a Proof-of-Stake (PoS) consensus mechanism, which is more energy-efficient and faster than the Proof-of-Work (PoW) mechanism used by Bitcoin and other cryptocurrencies.
The Polygon network supports a wide range of decentralized applications (dApps), including decentralized exchanges (DEXs), gaming platforms, and NFT marketplaces.
The Polygon network has seen significant growth in recent months, with the total value locked (TVL) in its ecosystem surpassing $10 billion in May 2021.
Polygon has a native token called MATIC, which is used to pay for transaction fees and provide governance rights on the network.
The Polygon team is actively working on a number of initiatives to improve the scalability and functionality of the network, including the development of new Layer 2 solutions and partnerships with other blockchain projects.
Some notable investors in Polygon include Mark Cuban, Coinbase Ventures, and Binance Labs.
Polygon has been recognized as one of the most promising projects in the blockchain industry, with Forbes naming it as one of the top 10 blockchain projects to watch in 2021.