What is polygon (Matic)?

Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking, and more. You can buy or sell MATIC via exchanges like Coinbase.

How does polygon work?

As with Ethereum, it uses a proof-of-stake consensus mechanism for processing transactions on-chain. Polygon's native token is named MATIC. Matic is an ERC-20 token, allowing for compatibility with other Ethereum cryptocurrencies . Polygon is used in decentralized applications (dApps) such as Defi, DAOs, and NFTs .

What token does polygon use?

Although Polygon has dramatically expanded on the vision laid out by Matic Network, it still uses the same utility token, known as MATIC.

What is polygon architecture?

Polygon's architecture can best be defined as a four-layer system composed of the Ethereum layer, security layer, Polygon networks layer, and execution layer. The Ethereum layer is essentially a set of smart contracts which are implemented on Ethereum.