What Is Matic Token ?

What is matic token in English and How It effect
so what is polygon previously matic all

about how will it help with scaling

ethereum why does this claim to be

ethereum's internet of blockchains and

why is it sometimes compared to polka

dot and cosmos you'll find answers to

these questions in this video before we

begin if you want to learn more about

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now let's see how polygon came into

existence

before the rebranding to polygon the

project was known as matic or matic

network

matic started in 2017 by three founders

who were active participants in the

cryptocurrency community in india and

decided to band together and tackle

ethereum's scaling problems

the team worked on two main solutions

plasma chains and layer 2 scaling

solution based on matic's implementation

of plasma and a pos chain a

proof-of-stake ethereum side chain

the token behind matic network matic was

distributed through the finance

launchpad's initial exchange offering in

april 2019 and the team was able to

raise 5.6 million dollars

after over two and a half years of work

the matic network mainnet went live in

mid-2020

and quickly started attracting more and

more attention

this was supercharged by the increasing

gas fees on ethereum that showed an

urgent need for finding robust scaling

solutions

at the beginning of 2021 the matic team

decided to expand the scope of their

project and rebranded themselves to

polygon

polygon aims at creating a more

generalized scaling solution when it

comes to scaling there are two main ways

of doing it layer 2 scaling and side

chains

layer 2 scaling relies on the security

of the main layer the ethereum

blockchain plasma optimistic roll-ups

and zika roll-ups are the most popular

options

side chains rely on their own security

models usually by having a separate

consensus mechanism

matic pos chain or x-die are good

examples here

if you're interested in learning more

about these different scaling solutions

you can check out this video here

instead of providing one or two scaling

solutions polygon aims at creating an

ecosystem that makes it easy to connect

multiple different scaling solutions

everything from side chains with

different consensus mechanisms to layer

two options such as plasma optimistic

roll-ups and zk roll ups

we can think about the existing matic

scaling solutions the pos and the plasma

chains basically becoming one of many

scaling options available in the whole

polygon ecosystem

polygon also provides a framework that

makes it easy for new projects to

quickly build their own highly

customizable scaling solutions if they

decide this is the path they want to

choose

now let's have a closer look at the

technology behind polygon to understand

the project a bit better

polygon supports two major types of

ethereum compatible blockchain networks

standalone networks and secured chains

networks that leverage a security as a

service model

standalone chains rely on their own

security for example they can have their

own consensus models such as proof of

stake or delegated proof of stake this

kind of networks are fully sovereign

which presents them with the highest

level of independence and flexibility

but it makes it more difficult for them

to establish a reliable security model

for example pos requires a high number

of reliable validators this kind of

model is usually suitable for enterprise

blockchains and already established

projects with strong communities

secured chains utilize the security as a

service model this can be either

provided directly by ethereum for

example via fraud proofs used by plasma

or by a pool of professional validators

these validators are run in the polygon

ecosystem and they can be shared by

multiple projects a concept similar to

polkadot's shared security model

secured chains offer the highest level

of security but sacrifice independence

and flexibility

this model is usually preferred by

startups and security focused projects

as we've probably noticed the

distinction between standalone chains

and secured chains is even more generic

than the usual split between side chains

and layer 2 solutions that we described

earlier this allows polygon to

accommodate pretty much all possible

scaling solutions

now as we know what kind of solutions

are supported by polygon let's dive a

bit deeper into the architecture

polygon architecture consists of four

abstract and composable layers

the ethereum layer polygon chains can

use ethereum as their base layer and

leverage ethereum's high security this

layer is implemented as a set of smart

contracts on ethereum and can be used

for things like finality and

checkpointing staking dispute resolution

and messaging between ethereum and

polygon chains

this layer is optional as polygon based

chains are not obligated to use it

the next one is the security layer this

is another non-mandatory layer that can

provide a validator as a service

function

this function allows polygon chains to

make use of a set of validators that can

periodically check the validity of any

polygon chain in return for se

this layer is usually implemented as a

meta blockchain that runs in parallel to

ethereum and is responsible for things

like validator management registering

deregistering

rewards

shuffling and polygon chain validation

the security layer is fully abstract and

can have multiple implementations with

different characteristics this layer can

also be implemented directly on ethereum

and leverage ethereum's miners as

validators

the next layer is the polygon networks

layer this is the first mandatory layer

in the polygon architecture this layer

consists of sovereign blockchain

networks where each network can maintain

the following functions

transaction collation

local consensus and block production

last but not least is the execution

layer this layer is responsible for

interpreting and executing transactions

that are included in polygons chains it

consists of the execution environment

and execution logic sub-layers

the main takeaway when it comes to

polygons architecture is that it is

deliberately made to be generic and

abstract this allows other applications

that are looking to scale to choose the

best scaling solution that perfectly

fits their needs

as we know different applications may

want to optimize for different things

such as security transaction speed

transaction cost or sovereignty and to

excel in one of them usually means

making a sacrifice somewhere else

as an example a defy protocol that aims

at storing billions of dollars locked in

smart contracts probably wants to

optimize for security and might be happy

with sacrificing sovereignty a protocol

like this would most likely use the

ethereum layer

another project let's say an nft

marketplace may want to optimize for

ultra low transaction costs and would be

okay with making a sacrifice by lowering

their security from extremely high to

high enough such a project could skip

the ethereum layer and rely on the

security layer with a set of shared

validators

or maybe a blockchain based game wants

to rely on its own consensus mechanism

with ultra fast block time in this case

they can entirely skip both the ethereum

and the security layer and focus on the

polygon network layer

as we can see polygon can provide

multiple options and the teams behind

different applications can decide to

pick the one that perfectly fits their

use cases

it also aims at making it easy to

migrate from one scaling solution to

another one this might be needed if the

circumstances behind the project change

or if another better scaling solution

becomes available

this architecture also allows for

multiple different polygon-based scaling

solutions to communicate with each other

this is super important as it prevents

creating siloed systems

at the moment the only scaling solution

available in the polygon ecosystem are

the matic pos chain and the matic plasma

chain solutions

the team is also actively working on

adding multiple other options such as dk

roll-ups optimistic roll-ups enterprise

chains and other side chains

currently projects launching on polygon

start with the matic pos and the matic

plasma chains

matic plasma chains is an ethereum layer

2 predicate based plasma implementation

plasma in essence is a framework for

building scalable decentralized

applications

plasma allows for offloading

transactions from the main chain into

child chains which enables fast and

cheap transactions

one of the drawbacks of plasma is a long

waiting period for users who want to

withdraw their fans from layer 2 plasma

cannot be used to scale general purpose

smart contracts

matic pos chain is a permissionless

sidechain and runs in parallel to the

ethereum chain

the chain is secured by the proof of

stake consensus mechanism with its own

validators

although matic pos chain has its own

consensus mechanism it also relies on

ethereum security when it comes to

validator staking and checkpoints matic

pos chain is evm compatible which allows

ethereum based projects to effortlessly

migrate their smart contracts

so for matic pos chain and matic plasma

chains were able to onboard over 80

applications process over 5 million

transactions and secure over 200 million

dollars of users funds

some of the projects that have either

already migrated to matic pos chain

launched directly on matic or are in the

process of migrating

include

quick swap a fork of uni swap

sushi swap

avegotchi

poly market

polka markets and super farm

besides that infrastructure projects

such as the graph and chain link also

decided to expand to polygon

recently polygon also announced a

partnership with a big player in the

video gaming industry atari

so far it looks like matic's rebranding

to polygon and the expansion of the

scope of the project was a really good

idea

this is mainly because it becomes

clearer and clearer that there will be a

spectrum of different scaling solutions

available in the future

in the new architecture polygon can

facilitate connections between these

different scaling options

it also looks like there is a big focus

on both optimistic roll-ups and zika

roll-ups which polygon can also add to

the multitude of available scaling

solutions

the main risk here would be if one of

these popular scaling technologies gets

adopted on its own without integrating

with polygon but even if this happens

there is a chance that this technology

would eventually be integrated into

polygon anyway

it will be interesting to track polygons

progress when it comes to adding more

scaling options and onboarding more and

more projects we'll also have to see how

easy it will be to communicate between

different scaling solutions with

different security guarantees

it's also worth mentioning that

polygon's paper has direct comparisons

to other layer 1 blockchains such as

polkadot cosmos and avalanche

that also focus on the interoperability

between different blockchains

in contrast to these projects polygon

focuses on the ethereum ecosystem with

the ethereum chain being the main hub

that connects everything

this of course has a lot of advantages

such as a strong community of users and

developers a well-known programming

language solidity and the most popular

virtual machine in the cryptocurrency

space edm

besides that ethereum has a long history

of serving as a reliable base chain that

handles trillions of dollars in economic

activities

something that took time to develop and

it's hard to be replicated by a

completely new blockchain

the power of familiarity with the

ethereum stack cannot be overlooked

as shown by the recent rise of binance

smart chain

so what do you think about polygon will

this be the ultimate way of scaling

ethereum comment down below and as

always if you enjoyed this video smash

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thanks