What is Polygon Network?

Polygon is a secondary Ethereum scaling solution. It is a layer-2 solution is a blockchain that runs in parallel to a mainnet but processes transactions outside of it, leading to higher transaction throughput and cheaper gas prices.

Rather than creating their own blockchain, these solutions build on top of an existing one. In this case, Polygon is built on Ethereum, which has gotten increasingly slow and expensive to use as it has grown in popularity.

Polygon is a cryptocurrency that is formerly known as MATIC as well as a technology platform that connects and scales blockchain networks. It was introduced in 2019 to overcome many Ethereum blockchain restrictions, including transaction speed, throughput, and gas prices.

While maintaining the security, interoperability, and structural benefits of the Ethereum blockchain, the Polygon platform can boost the flexibility, scalability, and independence of a blockchain project.

Polygon's native coins, MATIC, are Ethereum-based ERC-20 tokens. The tokens are utilized as a settlement currency between Polygon users and for payment services on the platform. MATIC coins are also used to pay for transaction fees on Polygon sidechains.

Polygon is a new blockchain technology that has recently emerged.