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Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum that enables faster and cheaper transactions.
It is an open-source platform that provides developers with the tools they need to build and deploy decentralized applications (dApps) on Ethereum. Polygon’s goal is to make Ethereum more accessible and user-friendly by providing a layer of abstraction between the blockchain and users. This layer of abstraction allows developers to create dApps without having to worry about the underlying blockchain technology.
Polygon uses a variety of technologies, such as Plasma, Optimistic Rollups, zkRollups, and Security Exits, to enable faster and cheaper transactions on Ethereum. These technologies are designed to reduce transaction costs by allowing users to transact off-chain while still maintaining the security of the underlying blockchain. Additionally, Polygon provides developers with a suite of tools that make it easier for them to build and deploy dApps on Ethereum.
These tools include an SDK, wallet integration, and a developer portal. In addition to providing scaling solutions for Ethereum, Polygon also provides support for other blockchains such as Binance Smart Chain (BSC), Avalanche, Tron, and Polkadot. This allows developers to easily port their dApps from one blockchain to another without having to rewrite their code from scratch.
Furthermore, Polygon has recently launched its own native token called MATIC which can be used for staking and governance purposes on the platform.