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Welcome to MAXBIT support

Polygon (MATIC)

Maxbit Support
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What is Polygon (MATIC)?

Solana (SOL)-1.png

  1. Native Blockchain:
    • MATIC is the native token of the Polygon platform. Originally known as the Matic Network, Polygon is a Layer-2 scaling solution and framework for building Ethereum-compatible blockchains.
  2. Consensus Protocol:
    • Polygon uses a hybrid Proof-of-Stake (PoS) and Plasma framework. This combination allows the network to leverage the security of the Ethereum mainnet while achieving high throughput and faster transaction confirmation times on its sidechains.
  3. Trilemma (Security, Speed, Scalability):
    • Security: Polygon leverages the security of Ethereum for its checkpointing mechanism, providing a robust security guarantee.
    • Speed: The PoS sidechains offer faster block times, allowing for quick transactions.
    • Scalability: By using Layer-2 solutions and sidechains, Polygon addresses Ethereum's scalability issues, capable of processing a large number of transactions per second.
  4. Founder / Date Founded:
    • Polygon (previously Matic Network) was founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun in 2017.
  5. Objective / Use Case:
    • Polygon's primary objective is to overcome the scalability issues faced by the Ethereum network, providing developers with tools to create high-performance DApps. MATIC tokens are used for payment of transaction fees and participation in the PoS consensus.
  6. Total supply/ Limit or Unlimited:
    • MATIC has a maximum supply of 10 billion tokens.
  7. Supply Deflation:
    • MATIC doesn't have an inherent deflationary mechanism, but its fixed supply and its use for staking and paying fees create demand, which can influence its value.

          This summary provides beginners with a foundational understanding of MATIC and the role it plays within the Polygon ecosystem. Remember, the world of cryptocurrency is rapidly evolving, and it's always a good idea to keep oneself updated with the latest developments.

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