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Polygon (MATIC) Amount: 1000 MATIC
(ID: 1wu9ywzmhz)

Last Bids

masternam (auto)
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Winner: masternam
Market price:
BIDs cost (378):
Final cost:
masternam saved:

Polygon (MATIC), previously known as Matic Network, is a layer-2 scaling solution for the Ethereum blockchain, designed to provide faster and cheaper transactions by creating a multi-chain ecosystem. Launched in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, Polygon aims to address the scalability and usability issues faced by Ethereum while maintaining its security and decentralization.

Polygon's native token is called MATIC, an ERC-20 token on the Ethereum blockchain. MATIC is used for various purposes within the Polygon ecosystem, such as paying transaction fees, participating in the Proof-of-Stake (PoS) consensus mechanism, and for governance through the Polygon DAO.

The Polygon platform employs multiple technologies to achieve scalability and efficiency, including the Plasma framework, sidechains, and a PoS consensus mechanism. By creating a network of sidechains, Polygon enables off-chain computation, effectively reducing the load on the Ethereum main chain and allowing for faster and more cost-effective transactions.

One of the key features of Polygon is its compatibility with the Ethereum blockchain, which allows developers to easily port their decentralized applications (DApps) and smart contracts to the Polygon network. This has led to the widespread adoption of Polygon by various decentralized finance (DeFi) projects, non-fungible tokens (NFT) platforms, and other DApps seeking to benefit from its enhanced scalability and lower transaction costs. As a result of its focus on interoperability and scalability, Polygon has gained significant attention and adoption, making it a popular choice for developers and investors within the blockchain and cryptocurrency space.

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