Gas fees ramp up during times of high network congestion, and Ethereum gas fees can rise quickly to above $50 to $80. This is a massive issue. Having to pay more than $50 at one time for each transaction places Ethereum squarely out of reach for most users.
Network congestion also makes the Ethereum blockchain process slower, discouraging users from engaging with smart contracts on the blockchain.
After the project expanded, Polygon opted to keep the ticker MATIC for its native token. Thus, the Matic network became Polygon. This name change and subsequent rebranding may generate some confusion, but they are the same project. Polygon is the new umbrella for multiple projects including the Matic network. The Polygon (MATIC) token, however, is Polygon’s native cryptocurrency.
Plasma chains are a bit like side chains, except they offer greater security in exchange for convenience. Unlike sidechains, Plasma chains publish their “root” on Ethereum layer 1 and function based on the assumption that its consensus mechanism can fail. This design affords greater security but while rendering these chains unable to run complex operations.
At first, funds from friends and family in Mumbai helped support the venture. But, while Polygon has its roots in India, the platform continues to attract investors from all around the globe. Polygon raised over $450,000 in two rounds of startup funding in 2019. The venture has roughly $450 million in funding from various investors.
Balaji Srinivasa, an angel investor, and Mark Cuban, the billionaire, are among Polygon’s growing list of backers.
The three founders of Polygon
Cofounder Jaynti Kanani is the current CEO of Polygon. He developed the project alongside Sandeep Nailwal, cofounder and chief operating officer, and Anurag Arjun, cofounder and chief product officer. The trio created Polygon in 2017. Back then, it was called Matic Network.
Who is behind Polygon?
Polygon has firmly established itself as the most promising Ethereum scalability project due to its highly capable development team. The expertise behind the team remains the driving force behind Polygon’s growth.
Those who created the Matic network can be credited with foreseeing the needs of today’s crypto industry. The next section examines who is behind one of the industry’s fastest-growing projects.