Polygon is a cryptocurrency, with the symbol MATIC, and also a technology platform that enables blockchain networks to connect and scale. Polygon—”Ethereum’s internet of blockchains”— launched under the name Matic Network in 2017.

The Polygon platform operates using the Ethereum blockchain and connects Ethereum-based projects. Using the Polygon platform can increase the flexibility, scalability, and sovereignty of a blockchain project while still affording the security, interoperability, and structural benefits of the Ethereum blockchain.

MATIC is an ERC-20 token, meaning that it’s compatible with other Ethereum-based digital currencies. MATIC is used to govern and secure the Polygon network and to pay network transaction fees.

Understanding Polygon

Polygon uses a modified proof-of-stake consensus mechanism that enables a consensus to be achieved with every block. (Achieving consensus using traditional proof-of-stake requires processing many blocks to achieve consensus.) The proof-of-stake method requires network participants to stake—agree to not trade or sell—their MATIC, in exchange for the right to validate Polygon network transactions. Successful validators in the Polygon network are rewarded with MATIC.

The Polygon network, as a secondary scaling solution, aims to address the limitations of the Ethereum platform—namely high transaction fees and slow transaction processing speeds. Polygon can:

Deploy existing blockchain networks and develop custom blockchains
Enable communication between Ethereum and other blockchains
Help existing blockchain networks to become compatible with Ethereum

Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The platform now supports over 7,000 blockchain-based projects.

Future of Polygon

Polygon in 2021 launched Polygon Studios, a subsidiary of Polygon that focuses on blockchain gaming and non-fungible tokens (NFTs). Polygon Studios, if successful, could establish Polygon as a leading technology provider for decentralized gaming and NFTs.

In January 2022, Polygon got a new chief executive officer (CEO). Ryan Watts has joined Polygon from YouTube, where he was the head of gaming.

How much are MATIC coins worth?

Polygon’s MATIC tokens, for most of their history, have traded for less than $0.05. MATIC’s price has appreciated significantly but has remained below $3.00. MATIC was trading for around $1.60, as of February 18. 2022.

How many Polygon coins are there?

The maximum supply of MATIC is 10 billion tokens. The majority—7.53 billion MATIC—have already been issued.

How can I buy MATIC?

The easiest way to buy Polygon’s MATIC tokens is through a major cryptocurrency exchange. You can establish an account with an exchange like Coinbase or Kraken, and then fund the account with your local currency. You also need a digital wallet, which can be self-hosted or hosted by the cryptocurrency exchange.

Source: https://www.investopedia.com/polygon-matic-definition-5217569