PolygonScan - Block Explorers - Coinnav.io

What is PolygonScan?

Polygon(formerly known as Matic Network) was founded in 2017 and is a protocol and framework for building and connecting Ethereum-compatible blockchain networks. The company was founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. This platform, based in India, is an open-source project built by a decentralized community of contributors from around the world. The framework combines Ethereum and sovereign blockchains into a multi-chain system. This multi-chain system, similar to other projects like Polkadot, Cosmos, and Avalanche, operates alongside the Ethereum ecosystem.

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How does PolygonScan Work?

Polygonscan Platform: The core component of Polygon is the Polygon SDK, which is a modular framework that supports the development of various types of applications. Polygon is a platform that enables second-layer (L2) Ethereum scaling and blockchain-based infrastructure development. Its product suite provides developers with all major scaling and infrastructure solutions, including L2 solutions such as ZK-rollups and Optimistic rollups (OR), sidechains, hybrid solutions, standalone and enterprise chains, data availability solutions, and more. Here are some statistics about Polygon's solutions.

• Adopted by over 7,000 hosted applications
• Processed transaction volume exceeding $1 billion
• 2.67 million monthly active users (as of February 2022)
• Approximately 130 million unique user addresses
• Total value locked (TVL) of $5 billion in assets

 

PolygonScan Features

Polygon Network provides various features:

• Ethereum Compatibility: Mature technology stack, tools, languages, standards, and enterprise adoption.
• Scalability: Dedicated blockchain, scalable consensus algorithms, and custom Wasm execution environments.
• Security: Modular security-as-a-service (SECaaS) facilitated by Ethereum or professional validators.
• Sovereignty: Dedicated throughput and resources, fully customizable technology stack, and sovereign governance.
• Interoperability: Native support for arbitrary message passing (such as a token or contract calls) and bridging with external systems.
• User Experience: Comparable to Web2, gasless transactions, and instant (finalized) transaction settlement.
• Developer Experience: Equivalent to Ethereum, no need for protocol-level knowledge, token deposits, fees, or permissions.
• Modularity: Customizable, scalable, upgradable, and community collaboration.

 

The Circulation of the Polygon (MATIC) Token

The MATIC tokens are issued on a monthly basis. As of March 2022, the circulating supply of MATIC is 4,877,830,774 MATIC tokens, with a maximum supply of 10,000,000 MATIC tokens. In the initial private sale in 2017, 3.8% of the maximum supply of MATIC tokens was issued. In the company's launchpad sale in April 2019, an additional 19% of the total supply was sold at a price of $0.00263 per token, generating $5 million. The original release schedule for Polygon planned to release all the tokens before December 2022. The allocation of the remaining MATIC tokens is as follows:

• Team Tokens: 16% of the total supply.
• Advisor Tokens: 4% of the total supply.
• Network Operations Tokens: 12% of the total supply.
• Foundation Tokens: 21.86% of the total supply.
• Ecosystem Tokens: 23.33% of the total supply.

 

PolygonScan Advantages and Disadvantages

Polygon's advantages include:

• Fast transaction processing: By utilizing a consensus mechanism that finalizes transactions within a single block confirmation process, Polygon is able to maintain a fast transaction processing speed. The average block processing time on Polygon is 2.1 seconds.
• Low transaction fees: Polygon has consistently kept its transaction fees at a low level. Typical transaction fees on Polygon are around $0.01, allowing users to transact at a lower cost.

Polygon's disadvantages include:

• Not a standalone blockchain: Polygon operates as a layer 2 solution built on top of the Ethereum platform. This means that if the Ethereum platform experiences severe disruption or ceases to exist, Polygon could potentially lose its value.
• The limited use case for MATIC: The MATIC token is designed for governing and securing the Polygon platform and paying transaction fees. Unlike some cryptocurrencies, MATIC is generally not used for everyday purchases.