Cryptocurrency project Polygon was one of the first public offerings (IEO) on the Binance Launchpad platform. This network’s token entered the market in April 2019. And Polygon’s popularity skyrocketed in 2021.
Project features
The IEO of Polygon tokens (MATIC) was conducted in the form of a lottery. Thousands of users participated in the lottery. 16.7 thousand people received tokens.
The main Polygon Level 2 network was launched in May 2020. Level 2 should be understood as an additional layer to the Ethereum blockchain. Such a network is a more flexible version of the usual system. Such networks are called sidechains.
A key goal of the Polygon project is to increase the scalability of the Ethereum blockchain. The company has launched the first Ethereum scalability platform, which has proven to be well-structured and fully operational.
The main component of Polygon is the flexible modular Polygon SDK framework. It supports creating and running different types of decentralised applications.
Polygon network has 3 main advantages:
It runs faster than Ethereum. Transactions take significantly less time to complete. Transactions are validated using Proof-of-stake (PoS).
Fewer fees.
Developers can create or transfer to Polygon a variety of chain types – autonomous, collapsing, etc.
There is another important objective for which the Polygon sidechain was created. It is about maintaining a high degree of decentralisation.
The network was created in such a way that it could be used to scale any blockchain. Also, the developers of the project ensured that the various Ethereum-based projects could be supported. An example is Optimism and StarkWare.
The project’s management is looking to recruit those specialists who will be able to ensure the development of decentralised applications based on Ethereum.
