What is polygon? Polygon is a suite of solutions that solves transaction speed and cost problems on Ethereum. It can be said that Polygon is the face of India, so what helps Polygon become the blockchain face of a country? Let’s find out with Weakhand through this article.
What is Polygon?
Brief introduction to Polygon
Polygon is a set of Layer 2 solutions on Ethereum and a platform blockchain with POS consensus mechanism (can be roughly understood as sidechain, but sidechain is not counted as a Layer 2 on Ethereum or any other platform).
Polygon’s suite of blockchain solutions
Let’s take a look at the Layer 2 ecosystem on Ethereum including the following products:
- Polygon Zero: Polygon Zero is a Layer 2 scaling solution for Ethereum that uses Zk Rollup technology as the core technology similar to ZkSync or StarkWare. However, Polygon Zero uses Plonky2 as a proof of transaction alternative to SNARK on ZkSync or STARK on StarkWare. Plonky2 allows the network to scale horizontally and allows the network to scale without limit.
- Polygon Miden: Polygon Miden continues to be a Zk Rollup platform that uses STARK transaction proof similar to StarkWare.
- Polygon zkEVM: The biggest weakness of Zk Rollup solutions is EVM incompatibility, so Polygon launched the zkEVM product to help projects on Ethereum or EVM Blockchain easily expand through Polygon’s Zk Rollup products.
- Polygon Nightfall: Polygon Nightfall is an Optimistic Rollup solution similar to Optimism, Arbitrum or Boba Network.
In addition, Polygon also has a number of products as follows:
- Polygon POS: Is an EVM Blockchain that uses POS consensus mechanism similar to BNB Chain, Fantom, Celo, Avalanche C-Chain,… Projects on Ethereum easily expand and operate on the Polygon POS ecosystem.
- Polygon Supernets: Polygon Supernets is an expansion solution following a new architecture similar to Cosmos, Polkadot, especially Avalanche, which is the Internet Of Blockchain.
- Polygon Avail: Polygon Avail is inspired by the Modular Blockchain model with separation of consensus, execution and data availability at different layers.
Up to now, only Polygon POS is operating relatively effectively and successfully. Other solutions are still in the R&D process.
Highlights in the development roadmap
Highlights in the development of Polygon include the following events:
- August 14, 2021: Polygon spends $250M to acquire Hermex Network – a scaling solution for Ethereum based on Zk Rollup technology. After this deal, all Hermez employees will also join Polygon’s development team.
- December 10, 2021: Polygon continues to spend $400M to acquire Mir Protocol – a scaling solution for Ethereum based on the current Plonky2 transaction proof-based Zk Rollup technology called Polygon Zero.
- It can be said that Polygon’s BD team is one of the best BD teams in the crypto market, helping Polygon gain a series of major partners in the traditional financial market such as Starbucks, Mercedes – Benz, Warner Music, Opera, Neowiz , Facebook (currently Meta),…
Core Team
Jaynti Kanati: Co – Founder
Jaynti graduated with a Bachelor of Engineering degree from Dharmsinh Desai University. After that, Jaynti worked as a Software Engineer at many large companies and organizations such as Persistent Systems, Function space or Housing.com.
Sandeep Nailwal: Co Founder
- Sandeep earned his Master of Business Administration (MBA), Finance, Technology and Supply Chain Management from the university National Institute of Industrial Engineering.
- After graduating, Sandeep spent some time working at Deloitte, an auditing company. Sandeep then continued to work as Head of Technology and Supply Chain Management at Ecommerce Division, Welspun Group.
- After gaining experience, Sandeep started a business with ScopeWeaver.com and began penetrating the crypto market.
Anurag Arjun: Co Founder
- Anurag graduated with a bachelor’s degree in Engineering and Computer Engineering from Nirma Institute Of Technology.
- After graduating, Anurag held the position of Analyst Programmer at Cognizant Technology Solutions for more than 2 years. After that, Anurag took charge of Product Management at Dexter Consultancy Pvt. Ltd and continued to hold this position at IRIS Business Services Limited.
As for the remaining Co Founder: Mihailo Bjelic but not much information. In addition, Polygon owns a strong staff including more than 250 employees in India, nearly 150 employees in the US and many other countries.
Investor
- April 30, 2019: Polygon successfully raised $450K in Seed round with the participation of Coinbase Ventures and ZBS Capital.
- December 20, 2020: Polygon continues to successfully call for $1M in Series A round, but there is no information about the investment funds participating in this round.
- February 7, 2022: Polygon announced a successful call for $450M with the leadership of Sequoia Capital India in addition to various investment funds: Spartan Group, Tiger Global Management, Union Square Ventures, Variant, Voodoo, Work Play Ventures, …
Besides, there are many investment rounds that Polygon does not disclose information about.
Tokenomics
Information about Polygon tokens
- Project name: Polygon
- Code: MATIC
- Blockchain: Polygon
- Contract: 0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0
- Total supply: 10,000,000,000
- Binance Launchpad: 19%
- Private Investors: 3.8%
- Team: 16%
- Advisors: 4%
- Staking Reward: 12%
- Ecosystem: 23.3%
- Foundation: 21.9%
Token Release
Token Use Case
MATIC is used as payment fees on Polygon’s blockchain.
Exchanges
Currently MATIC is traded on many exchanges such as Binance, Coinbase, OKX, Houbi, Kraken, Bybit and many other exchanges.
Polygon’s Information Channel
- Website: https://polygon.technology/
- Telegram: https://t.me/polygonofficial
- Twitter: @0xPolygon
- Discord:
Summary
Polygon is a big platform and there are still a lot of products in development for the future. It can be said that Polygon is doing less than what the development team usually shares. Hopefully after this article, everyone will understand what Polygon is?
