What is Polygon?
Polygon, formerly known as Matic Network, is a protocol and framework for building and connecting Ethereum-compatible blockchain networks. Matic was created in 2017 to provide smart contract developers an Ethereum network scaling solutions using Layer 2 Plasma Chains and PoS Sidechain with separate consensus mechanisms. Matic token was initially distributed on Binance Launchpad in April 2019 raising $5.6M to go live in mid-2020. In 2021 Matic Network rebranded to Polygon, expanding their offering of Layer 2 scaling solutions within the ecosystem to include Optimistic and ZK Rollups.
Polygon provides a framework for new projects to build their own highly customizable scaling solution. Polygon supports Stand-Alone Ethereum networks with DPoS security models and Secured Chains that utilize fraud proofs and pools of professional validators in a Security as a Service (SECaaS) model. Polygon framework consists of four layers- Ethereum Layer (optional) for finality, staking, disputes, and messaging, Security Layer (optional) para blockchain for validator managment, rewards, shuffling, and validation, Polygon Networks Layer transaction collation, local consensus, and block production, and Execution Layer to provide execution environment and execution logic. Polygon architecture is written to be generic and abstract. Matic Network provides an advanced level of functionality for Ethereum network users through increased interoperability, scaling, security and composability.
