Founded in 2017 by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, Polygon is a Layer-2 scaling solution for Ethereum and other compatible blockchains. To combat Ethereum's hefty gas fees, Polygon uses proof-of-stake (PoS) side chains to scale horizontally rather than vertically.
Polygon's network builds on the high decentralization and security provided by Ethereum while offering low gas fees and speed. Its network uses Plasma technology to process transactions off-chain before finalizing them on the Ethereum network, which helps achieve a high transaction throughput. Theoretically, Polygon can process 65,536 transactions per second on a single sidechain at near-zero fees.
Polygon's native utility token, MATIC, powers and maintains the Polygon network. Using MATIC, participants can hold, spend, stake, or participate in other governance activities. Apart from transactions on the MATIC blockchain, Polygon also has a thriving NFT and DeFi ecosystems due to low transaction fees.