Polygon (formerly Matic Network) is a Layer-2 Ethereum scaling solution that aims to address the scalability issues faced by blockchain networks, particularly Ethereum. It provides a framework for creating interoperable and scalable blockchain applications with lower gas fees and faster speeds. The native token of Polygon is called POL.
Polygon uses Plasma technology to process transactions off-chain before finalizing them on the Ethereum network, achieving high transaction throughput. With the Plasma framework, Polygon can theoretically process 60K+ transactions per second on a single sidechain at near-zero fees while maintaining the security and integrity of the main Polygon chain. The network relies on a set of PoS validators to ensure the accuracy and security of off-chain transactions.
One of the key features of Polygon is its compatibility with Ethereum, allowing developers to deploy Ethereum-compatible blockchains with ease. It also supports a variety of decentralized finance (DeFi) protocols and enables applications such as blockchain-based games and NFT marketplaces.
The POL token is used for participating in network governance, paying transaction fees, distributing staking rewards, and staking collateral to become a validator.
