We’re taking a deep dive into the Polygon network, the first-ever blockchain built to scale the Ethereum network. To do this, Polygon created a future-forward, iterative network that uses different chains to create what’s now known as “the internet of blockchains.”
A little history
The Polygon network was originally known as the MATIC network (hence the ticker), which was launched in 2017. The project started in India with a group of crypto developers and entrepreneurs who made it their mission to solve Ethereum’s scaling issues. A worthwhile venture, considering the Ethereum network saw severe congestion just months later due to an influx of traffic for the popular CryptoKitties game release. The network rebranded to Polygon, broadening the scope of the project to accommodate new scaling advancements.
How it works
By using what the network refers to as a Plasma Chain (or Plasma Framework) and a proof of stake side chain, Polygon acts as an additional layer to the Ethereum network and creates a multi-chain solution. Not only that, but Polygon creates an ecosystem where multiple scaling solutions can be applied to the Ethereum network, so developers can customize their own solutions.
Overall, the network functions as four separate layers, with Ethereum being the initial optional layer (meaning the Polygon network can function as a stand-alone) followed by 3 subsequent layers that provide security, consensus, and transaction execution. It also focuses on interoperability between blockchains. In other words, it enables different blockchain networks to speak to each other.
For context, think of Ethereum as a 3 lane highway. During rush hour, 3 lanes are not enough to accommodate the amount of traffic it gets, so the entire traffic flow slows down. Polygon’s layered solution adds proverbial lanes to the Ethereum highway to open up the flow of traffic on the network. Also, when traffic is high on the Ethereum network, transaction fees (or gas fees) are higher, so the less traffic incurred by users the lower the cost to transact.
The MATIC token
Because Polygon works so closely with Ethereum, the MATIC token lives on its own Ethereum-Virtual Machine compatible blockchain and is an ERC-20 token. It serves as a tool for payments in the Polygon ecosystem. Voyager currently only supports the ERC-20 version of MATIC, but is working on native Polygon integration in the near future.
Any transaction fees that users pay when they transact on Polygon sidechains are paid in MATIC. Polygon uses a proof of stake consensus protocol, meaning validators (people who confirm and process transactions) stake their MATIC tokens on the platform to participate and earn rewards.
How to buy MATIC on Voyager
1. Download the Voyager app: Available in Apple App Store and Google Play Store, visit and search Voyager or click here to download now.
2. Open a Voyager trading account: Fill in your personal information to create a trading account. As a licensed financial institution, know that your personal information is always safe with us.
3. Link your bank: Link your bank account by navigating to the User Icon on your Market Screen. On your account page, tap Bank Accounts and add your bank.
4. Fund your Voyager account: To deposit USD, go to your account page and tap Transfer Cash or Crypto, then Deposit to Voyager Account and select USD. Next, enter the amount of USD you'd like to transfer and slide the Slide to Deposit USD banner. Now you can trade instantly.
All investments involve risk and the past performance of a digital asset or other financial product does not guarantee future results or returns. Cryptocurrencies are highly speculative in nature, involve a high degree of risk and can rapidly and significantly decrease in value. It is reasonably possible for the value of Cryptocurrencies to decrease to zero or near zero. While diversification may help spread risk, it does not assure a profit or protect against loss. Investors should consider their investment objectives and risks carefully before investing. Previous gains may not be representative of the experience of other customers and are not guarantees of future performance or success.