Polygon (blockchain)

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Polygon

Icon of Polygon
Denominations
Code	POL
Previous names	MATIC
Development
Original author(s)	Jaynti Kanani, Sandeep Nailwal, Mihailo Bjelic, Anurag Arjun (polygon.technology/about)
White paper	polygon.technology/papers/pol-whitepaper
Code repository	github.com/maticnetwork/
Development status	Active
Developer(s)	Polygon Labs
Source model	Open source
Ledger
Ledger start	June 1, 2020; 5 years ago (2020-06-01)
Issuance schedule	Yearly emission rate of 1% after 10 years polygon.technology/papers/pol-whitepaper
Block time	2.3 seconds
Block explorer	polygonscan.com/
Circulating supply	10,000,000,000 polygon.technology/papers/pol-whitepaper
Website
Website	polygon.technology/

Polygon (formerly Matic Network) is a blockchain platform which aims to create a multi-chain blockchain system compatible with Ethereum. As with Ethereum, it uses a proof-of-stake consensus mechanism for processing transactions on-chain. Polygon's native token is POL, an ERC-20 token which allows for compatibility with other Ethereum cryptocurrencies. It is operated by Polygon Labs.^[1]

Polygon is a natively Layer-2 network that uses Ethereum as a base network. In particular, transactions are first validated inside Polygon and then periodically committed in a "checkpoint": a Merkle root of transaction hashes is committed to Ethereum's mainnet by using "Core contracts".^[1]

Polygon runs various decentralized applications (dApps) such as Defi, DAOs, and NFTs.