Polygon For Beginners Explained - A Step by Step Guide
Polygon 🚀 for beginners is an explainer video for newcomers where we touch insightful points around:
What is Polygon?
How to buy MATIC?
How it works?
How to get involved?
Everything you need to know about Polygon for beginners, we delve into all the information you will need to get started.
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Learn more about Polygon:
Polygon: https://polygon.technology/
Twitter: / 0xpolygon
Telegram: https://t.me/polygonofficial
Discord: / discord
Reddit: / 0xpolygon
Youtube: / polygontv
Announcements: https://t.me/PolygonAnnouncements
Github: https://github.com/maticnetwork/
Read our Video Script:
Polygon, formerly known as the MATIC Network, was developed to compensate for the lack of protocols and scalability available for connecting blockchains to the Ethereum ecosystem. Previously, there was no framework provided for building or integrating blockchains with Ethereum, which resulted in many challenges for developers. As a result, developers created Polygon for developers so that Ethereum-compatible blockchain networks could be connected seamlessly in order to create a multi-chain ecosystem with improved scalability solutions. Polygon also addresses the most common issues - such as high gas fees, weak security and low performance - faced by many blockchains. In contrast to Polkadot, Cosmos and Avalanche (which all serve a similar function to Polygon), this multi-chain open-source ecosystem is fully integratable with Ethereum and its network benefits, it has implemented highly increased security measures, and it's performance and speed is superior to other protocols. Polygon aims to help Ethereum expand in size, security, efficiency, and usefulness (by operating as an add-on network layer for Ethereum) and hopes to encourage developers to get more involved with transforming the ecosystem.
Polygon was co-founded by a group of four individuals who share a vision of providing a new generation of scaling solutions that are compatible with Ethereum. Polygon is built by a decentralized team of contributors from all over the world.
We don’t believe in traditional companies, hierarchy and management. Anyone is welcome to contribute code, ideas or anything else that can help make our vision a reality!
MATIC is an ERC-20 token that is used to power Polygon, the gateway to a Multi-Chain Ethereum.
The MATIC token serves dual purposes: securing the network via staking and being used for the payment of transaction fees.
Fees
The MATIC token is used to pay fees for transactions taking place on 400+ Dapps running on Polygon. Staking validators and delegators secure the network by staking their MATIC in the staking contracts, which are used to achieve consensus and ensure the security of the network. Polygon is a multi-level platform with the aim to scale Ethereum thanks to a plethora of sidechains, all of which aims to unclog with the main platform in an effective and cost efficient manner.
If you’re unfamiliar, sidechains are unique blockchains that are bound to the main Ethereum blockchain and are effective in supporting many Decentralized Finance (DeFi) protocols available in Ethereum. As such, Polygon can be compared to other competing networks such as Polkadot, Cosmos, and Avalanche.
Polygon, formerly known as the Matic Network, is a scaling solution that aims to provide multiple tools to improve the speed and reduce the cost and complexities of transactions on blockchain networks.
At the center of Polygon’s vision is Ethereum, a platform that is home to a range of decentralized applications, ones where you can join virtual worlds, play games, buy art, and participate in a range of financial services. However, this much activity on its blockchain has rendered Ethereum almost unusable, as the cost of transmission is rising and traffic is becoming clogged.
Enter Polygon. In a nutshell, Polygon bills itself as a layer-2 network, meaning it acts as an add-on layer to Ethereum that does not seek to change the original blockchain layer. Like its geometric namesake, Polygon has many sides, shapes, and uses and promises a simpler framework for building interconnected networks.
After the rebranding, Polygon retained its MATIC cryptocurrency, the digital coin underpinning the network. MATIC is used as the unit of payment and settlement between participants who interact within the network.
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