Polygon MATIC: India's indigenous crypto's global journey

Polygon MATIC: Cryptocurrencies have become a significant part of the global financial landscape, but few have emerged from India with the global impact and reach that Polygon (MATIC) has achieved. Polygon is one of the most promising projects in the crypto industry with its Tokem MATIC being the 13th-largest market capitalisation of more than $5.192 billion, according to Coinmarketcap. 

Today, we will delve into how Polygon, an Ethereum scalability platform, crafted in India, has made its mark on the international stage.

Genesis: Birth of Polygon

Polygon was founded in October 2017 by three Indians: Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Initially known as Matic Network, it was rebranded to Polygon in February 2021. The founders envisioned a Layer 2 scaling solution that could address the scalability issues of the Ethereum network.

Scalability issues of Ethereum

Ethereum, the pioneer blockchain of smart contract functionality, faced scalability challenges due to its proof-of-work consensus mechanism. The rising demand for decentralised applications (dApps) congested the Ethereum network, resulting in high transaction fees and slower processing times. This scenario highlighted the necessity for a scaling solution.

Polygon addresses Ethereum's scaling issues by offering a Layer 2 solution, a framework built on top of Ethereum that aims to improve its scalability and interoperability. To give you an idea Polygon can handle around 65,000 transactions per second while Ethereum can only handle 17 transactions per second. The average transaction cost for Ethereum is around $15 which makes it a not-so-cheap blockchain to build upon, Polygon provides a much cheaper solution to this with an average transaction cost of only $0.015.

By providing a more efficient and cost-effective platform for developing and using dApps, Polygon aims to make blockchain technology more accessible to the masses.

Polygon ecosystem

The Polygon ecosystem boasts a vast array of dApps, covering domains like finance, gaming, non-fungible tokens (NFTs), and decentralised finance (DeFi). Notable projects which are based on the Polygon network include Aave, SushiSwap, and Decentraland. 

Polygon is attracting developers globally due to its user-friendly interface and compatibility with Ethereum by enabling developers to interact with the Ethereum blockchain without paying hefty transaction costs. 

 Global expansion and adoption

Polygon's success is not confined to India and projects from all around the world interact with this network. Its seamless integration with Ethereum makes it an attractive choice for developers, making several international projects to migrate or integrate Polygon into their mechanism to enhance their platforms' efficiency and reduce costs. This has positioned Polygon as a key player in the broader blockchain landscape.

Polygon's global success has also impacted India's crypto scene. It has garnered attention from Indian developers and entrepreneurs, motivating them to explore and contribute to the crypto and blockchain space. 

Polygon's trajectory continues to be promising, with ongoing enhancements and updates to improve scalability, security, and user experience. Polygon's journey from a local Indian initiative to a global blockchain powerhouse is a testament to the talent in India's tech community.  Its success showcases the potential for homegrown blockchain solutions to disrupt and enhance the global crypto landscape.