Oct 27, 2022
Things you should know about Polygon. Overview
1. What is Polygon?
Polygon is Ethereum’s Internet of blockchains, a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security.
2. How does Polygon scale the Ethereum network?
Polygon provides a number of scaling solutions. Three of them are already live, including Polygon PoS (Matic Network), Polygon Hermez, and Polygon Edge.
The most popular Polygon’s scaling solution is Polygon PoS Chain. It has over 1.3 billion transactions recorded, 130 million unique wallets and ~2.7 million monthly active users. Polygon PoS achieves unprecedented transaction speed (up to 7,000 tx/s means exponentially faster performance than Ethereum at 15 tx/s), and cost savings by utilizing side-chains for transaction processing. At the same time, PoS ensures asset security using the robust Plasma bridging framework and a decentralized network of Proof-of-Stake (PoS) validators.
Learn more about Polygon PoS on polygon.technology/solutions/polygon-pos
3. What is the architecture of Polygon?
The Polygon PoS Network has a three-layer architecture:
- Ethereum layer — a set of contracts on the Ethereum mainnet.
- Heimdall layer — a set of proof-of-stake Heimdall nodes running parallel to the Ethereum mainnet, monitoring the set of staking contracts deployed on the Ethereum mainnet and committing the Polygon Network checkpoints to the Ethereum mainnet. Heimdall is based on Tendermint.
- Bor layer — a set of block-producing Bor nodes shuffled by Heimdall nodes. Bor is based on Go Ethereum.
4. What are the MATIC token use cases?
MATIC is Polygon’s native ERC-20 token. MATIC used to:
- pay transaction fees
- govern and secure the network by staking
In addition, MATIC is the currency of Polygon apps that enables users to interact with hundreds of dApps involved in the ecosystem.
Learn more about MATIC: polygon.technology/matic-token/
5. What about the Polygon ecosystem?
More than 19,000 decentralized applications running on the network.Polygon PoS is home to some of the biggest Web3 projects from DeFI protocols like Aave and Uniswap V3 to NFT marketplaces like OpenSea.
The Web3 applications built on Polygon offer low fees, high scalability and high security.
You can explore the dApps ecosystem here: polygon.technology/ecosystem
6. Who is behind Polygon and how it has developed?
Polygon launched under the name Matic Network in 2017. It was co-founded by Jaynti Kanani, Sandeep Nailwal, Mihailo Bjelic, and Anurag Arjun. The original idea came from Jaynti Kanani, who was working at Housing.com as a data scientist.
The mainnet, featuring Plasma Chain and PoS Chain, was launched in 2020.
Matic rebranded to Polygon in February 2021.
7. Where can I keep track of Polygon updates?
Subscribe to Polygon official channels:
Twitter Github Telegram Discord Reddit
If you have further questions, drop us a message to support@citadel.one. You can also join our chat in Telegram, where there is an active discussion of all current updates, as well as round-the-clock support from our managers
About Citadel.one
Citadel.one is a non-custodial Proof-of-Stake platform for the management and storage of crypto assets. Users can create public addresses for all supported networks with one seed phrase, connect their Ledger or Trezor device, or import an address generated by another wallet.
The analytical dashboard provides relevant information on balances of wallets and main metrics of networks. In Citadel.one, we standardize the semantics, making interactions with the platform as easy as possible. The same goes for network metrics. By using universal terms, we are making it easier for users to understand and compare networks.
One of the main functions of the Citadel.one platform is participation in the PoS consensus — users can stake and delegate their assets, claim rewards, and follow the latest network proposals in the voting tab.
Citadel.one offers its users instant cryptocurrency exchange services that allow fast and secure crypto assets swap. It is also possible to buy and sell crypto with a credit or debit card. Citadel.one users can track rewards, withdrawals, transfers, and deposits across all supported networks and add comments to these transactions.
Among PoS platforms, Citadel.one supports BAND network ($BAND) Secret Network ($SCRT), Cosmos ($ATOM), ICON ($ICX), IOST ($IOST), KAVA ($KAVA), BSC ($BNB), Juno ($JUNO), Comdex ($CMDX) and Tezos ($XTZ). We also support Ethereum, Bitcoin, and Tether ($USDT) for our users’ convenience. Mobile and desktop versions, new networks, including Polkadot are scheduled for the upcoming updates. Furthermore, delving into the idea of true decentralization, we envision Citadel.one a decentralized autonomous organization and a genuinely community-owned platform in the near future.
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