MATIC aims to provide scalability solutions for Ethereum and other blockchains. This is a layer-2 scaling solution that uses a special framework to offload transactions from the main Ethereum blockchain. It was developed by 3 co-founders – Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
Polygon is solving the scalability problem for Ethereum with its plasma protocol implementation. This will enable Polygon to offer transaction speeds that are orders of magnitude higher than those possible on the base Layer 1 Ethereum network today.
Polygon has successfully implemented several scaling solutions on Ethereum, including Plasma and Optimistic Rollups. The team is also working on new solutions such as sharding. Polygon's goal is to make it easy for developers to build decentralized applications on Ethereum with high performance and low costs.
The project raised $5 million in a private sale and $1 million in a public sale in 2019. The token Sale price was 0.001 ETH per 1 MATIC token. The token has a circulating supply of 10,000,000,000 MATIC.