Polygon, formerly known as Matic Network, is a protocol and framework start-up dedicated to building and integrating Ethereum-enabled blockchain networks. The start-up combines a scalable Ethereum solution that supports the cryptocurrency’s multi-helical ecosystem, and is now backed by Mark Cuban.
Polygon was established in 2017 by three Indian software engineers – Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. They started the company to provide faster and cheaper transactions on the popular programmable blockchain Ethereum using Layer 2 sidechains.
Blockchain is a method of recording data that makes it difficult or unlikely to change, hack, or cheat the system. Blockchain is essentially a digital transaction log that can be copied and distributed over the network of computer systems in the blockchain.
The layer two side chains are a blockchain that works closely with the Ethereum core chain. The scaling solution has been widely adopted with more than 250 decentralized applications, 76 million transactions and 790,000 unique users.
Polygon aims to solve pain points associated with blockchains, such as high gas fees and slow speeds, without sacrificing security.
Why has Mark Cuban Invested in Polygon?
American billionaire Mark Cuban has recently invested in Polygon. The company says that it was now part of Mark Cuban’s portfolio. Cuban is one of the biggest proponents of cryptocurrency, especially Ether and Dogecoin. His crypto portfolio consists of 60% of Bitcoins, 30% of Ethereum, and other currencies that account for the rest. Cuban has invested in more than ten blockchain start-ups and is a big promoter of the bright future of cryptocurrency.
Polygon Captures the Crypto Scene in India at the Right Time
Polygon is the first well-structured and user-friendly platform for scaling and infrastructure development of ethereum. The company aims to improve the usability and utility of the current decentralized ecosystem. Its crucial element is the Polygon SDK, a flexible and modular framework that supports creating a wide variety of applications.
In recent years, demand for scalable two-part solutions has attracted capital inflows, leading to the rise of Matic coins, Polygon’s original cryptocurrency. Matic is a made in India cryptocurrency which has grown by over 8,000% over the previous year. With a market value of approximately $11 billion, Matic is one of the 15 best cryptocurrencies in the world.
What has Polygon done to disrupt the cryptocurrency industry?
Polygon has effectively transformed Ethereum into a complete multi-chain system: The Internet of Blockchains, this multi-chain system is similar to other methods such as Polkadot, Cosmos, and Avalanche and has the advantage of protecting the open Ethereum ecosystem. With Polygon, a new structure has been created around existing mature technology to expand the capability of the developer ecosystem to meet a wide variety of needs.
Polygon will continue to develop the core technology to expand it into a larger ecosystem. Needless to say, Polygon and it’s made in India cryptocurrency $MATIC crypto is playing an essential role in system security and control while opening avenues for Indian crypto enthusiasts simultaneously.