What Is Polygon (MATIC)?

Polygon is a cryptocurrency, with the symbol MATIC, and also a technology platform that enables blockchain networks to connect and scale. Polygon—"Ethereum's internet of blockchains"— launched under the name Matic Network in 2017.
The Polygon platform operates using the Ethereum blockchain and connects Ethereum-based projects. Using the Polygon platform can increase the flexibility, scalability, and sovereignty of a blockchain project while still affording the security, interoperability, and structural benefits of the Ethereum blockchain.
MATIC is an ERC-20 token, meaning that it's compatible with other Ethereum-based digital currencies. MATIC is used to govern and secure the Polygon network and to pay network transaction fees.
Polygon uses a modified proof-of-stake consensus mechanism that enables a consensus to be achieved with every block. (Achieving consensus using traditional proof-of-stake requires processing many blocks to achieve consensus.) The proof-of-stake method requires network participants to stake—agree to not trade or sell—their MATIC, in exchange for the right to validate Polygon network transactions.2
 Successful validators in the Polygon network are rewarded with MATIC.3
The Polygon network, as a secondary scaling solution, aims to address the limitations of the Ethereum platform—namely high transaction fees and slow transaction processing speeds. Polygon can:4

• Deploy existing blockchain networks and develop custom blockchains
• Enable communication between Ethereum and other blockchains
• Help existing blockchain networks to become compatible with Ethereum