What is the Polygon Network?

Kells
Kells
  • Updated

Polygon is a Layer 2 blockchain designed as a scaling solution, to run alongside Ethereum, the Layer 1 parent blockchain. The creation of Polygon aims to solve scalability issues, such as slower transactions speeds and the rising cost of fees associated with the popularity of Ethereum.

Polygon is not intended to change or replace Eterheum, rather aid in making it a more efficient and secure blockchain. Ethereum has become bogged down due to the number of smart contracts and decentralized applications created on the platform, and because transaction fees (gas fees) vary based on the network demand, these can become quite costly.

Polygon, previously known as the Matic Network, has its own native cryptocurrency, MATIC, which is used to pay for transaction fees on their network. Users are able to "bridge" their cryptocurrency, essentially sending crypto between two separate networks. For more information on funding your MATIC account, you can review our article here.