Polygon coin detail

 Turn0image0turn0image1turn0image2turn0image4 . Polygon, formerly known as Matic Network, is a blockchain platform designed to enhance the scalability and usability of Ethereum by providing a multi-chain system compatible with it. Its native cryptocurrency, initially called MATIC, was rebranded to POL in September 2024. POL is utilized for transaction fees, staking, and governance within the Polygon ecosystem. citeturn0search10

As a Layer 2 scaling solution, Polygon operates alongside the Ethereum blockchain, enabling faster transactions and lower fees. It achieves this by employing a modified proof-of-stake consensus mechanism, allowing consensus with every block and addressing Ethereum's challenges of high transaction fees and slow processing speeds. citeturn0search2

In January 2024, Polygon introduced AggLayer, a protocol designed to aggregate zero-knowledge proofs from multiple blockchains. This innovation allows developers to connect Layer 1 and Layer 2 blockchains, merging them into a seamless network that offers a user experience comparable to the internet, eliminating the need for frequent bridging between different chains. citeturn0search10

Polygon has been instrumental in facilitating various decentralized applications (dApps), including DeFi platforms, DAOs, and NFTs. Its ecosystem has attracted significant partnerships and investments, with notable collaborations involving companies like Starbucks, Mastercard, and Fox Network. In 2023, TIME recognized Polygon Labs as one of the Time100 Most Influential Companies. citeturn0search10

For more detailed information, you can visit Polygon's official website. citeturn0search9