History of Polygon and team building
History of Polygon close connected with 1st version of the Matic Network in 2017. The founders posed an ambitious goal for solving problem of decentralized applications (DApps) on Ethereum ecosystem.
One of the founders of Polygon (Matic Network) is Sandeep Nailwal. After graduating from university he worked for several years as a software engineer. Nailwal decided develop projects in spheres of artificial intellect and blockchain systems. In the process, he cooperated with partners Jainti Kanani and Anurag Arjun, the co-founders of Matic Network.
In 2020, when Matic Network officially changed its name to Polygon, Nailwal with partners decided reach more ambitious aims and that time Serbian programmer Mihailo Bjelic joined the team.
Token Polygon – the beginning
To complete understanding what is MATIC or Polygon seems necessary to know all about the digital platform itself. Matic Network is a platform for scaling Ethereum. This means that Matic is not a separate blockchain. Simply- it is an add-on to Ethereum, which allows users to access the functionality. The main function of the Matic Network was to solve the Ethereum scalability problem.
Matic Network and Polygon token as well offered a second-level solution – change of conducting transactions directly on the Ethereum network to the other coin platform. This allowed the Matic Network to achieve a speed of 7,200 transactions per second (TPS). For comparison, Ethereum has about 15. In 2021, was made rebranded the network – it became known as Polygon coin. But in addition to the new name, it also has new functions. Now it is a platform for creating interconnected second-level blockchain networks. In other words, with the help of the Polygo, anyone can write their own blockchain for any purposes.
The platform at first stage of development had own functional crypto currency MATIC or Polygon. Initially this coin released to public crypto market in 2019. Then, during the ICO – the initial market selling of the coin on the exchange – the team sold 3.2 billion tokens, which is about 32% of the total supply.
Polygon (MATIC) is a crypto currency that operates on the basis of the Proof of Stake (PoS) block chain protocol (consensus). This means that coin holders receive reven, which is calculated based on their quantity in possession. Those who store tokens in a wallet connected to the network participate in the process of confirming transactions on the all network and crypto quote solutions. In other words, mining of the MATIC crypto currency is impossible (instead the Bitcoin mining) – it is not used as a mechanism for maintaining the network.
Price and investments perspectives
When the Polygon crypto currency firstly starting trading in open exchange market, it’s value was only 0.002USD. Till the January 2021, price of token not changed significantly and Polygon crypto news were scarce. Everything changed in early 2021. On January 1, the price of the token was 0.017 USD, and in just 10 weeks, the price of the Polygon crypto currency increased by almost 2,200%. By March 14, the coin was trading at 0.4251 USD. This was followed by a correction, but even it did not stop the token. By the end of April, the MATIC token rate reached 0.79 USD. The Polygon coin overcame the dollar line on May 2021.. In December 2021, the coin updated its historical maximum and was trading at 2.7 USD at the moment. By February 2022, MATIC token price maintains around 1.5 USD (see polygon charts).
Summarizing this overview experts and professional traders supposing that Polygon crypto price can reach levels at 5 or even more – up to 10 dollars. But it depends on many factors and how long will be the next “bull run” on the whole crypto market.