Polygon is the first well-distributed cryptocurrency that can achieve fast transaction speed, secure asset storage and has an ASIC-resistant algorithm. Its core component is Polygon SDK, a flexible framework that enables third parties to develop diverse, permissioned ledger applications. Polygon also provides consulting services for enterprises who want to adopt blockchain technology in their businesses, covering areas such as comprehensive solutions, marketing strategies and crowdfunding campaigns.
The MATIC token plays an important role in Polygon. It acts as a medium of exchange that can be used to pay for various services in the ecosystem, such as licensing fees, transactional costs and consulting fees.
It is a multi-chain protocol built on Ethereum, which enables the creation of interconnected blockchains to solve problems in existing blockchain ecosystems such as limited scalability, interoperability and lack of features.
Polygon was launched in 2017 and was created to be a blockchain entertainment studio. Its main goal is to help game developers with smart contract technology, so they can implement it in their games. Polygon also has its own game development engine called the Crypto CG™ Engine. The founders are two blockchain developers, Jaynti Kanani and Sandeep Nailwal, and business consultant, Anurag Arjun.
Polygon transforms Ethereum into a multi-chain system which is akin to others, such as Polkadot, Cosmos, Avalance, etc., with the advantages of Ethereum’s security features and openness. Developers will be able to build on the platform, while remaining scalable and secure.
With Polygon, new features are being built around the existing technology to expand the ability to cater for diverse needs of the developer ecosystem.