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What is Polygon (POL)?

Polygon is a blockchain platform that facilitates interoperability with other blockchains and provides a scaling solution for Ethereum. It offers a wide range of tools and services for developers and is perfect for decentralised apps.

The History of Polygon

The founders of Polygon—Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun—launched the company in 2017 under the name Matic Network. The platform was developed to solve Ethereum's scalability problems, which included its inability to manage large transaction volumes and offer quick confirmation times.

Matic Network changed its name to Polygon in 2021 with the intention of becoming a "Polkadot on Ethereum." With the help of a multi-chain infrastructure, developers will be able to build and use quick, secure, and scalable decentralised applications (dApps).

The Use Case of Polygon

Polygon's main application is as a scaling solution for Ethereum, according to its use case. It does this by enabling quick and inexpensive transactions on the Ethereum network through the Plasma framework. Additionally, Polygon provides a range of services and tools for developers, such as a full-stack Ethereum development platform and an SDK for creating dApps that are Ethereum-compatible.

Additionally to supporting interoperability with other blockchains, Polygon offers scaling for Ethereum. This makes it a strong tool for creating a multi-chain ecosystem because it can communicate and transfer value with other blockchain networks.