A platform for connecting Ethereum-compatible blockchain networks, Polygon (Previously Matic Network) is a protocol that provides scalable solutions on a multi-chain Ethereum ecosystem. It is also called the Internet of Blockchains. Thanks to the Polygon SDK modular framework, Polygon is an easy-to-use platform for building applications. It is the perfect solution to mitigate Ethereum’s challenges like low-throughput, high gas fees etc. Polygon provides the much needed scalability to blockchains without compromising on security.
MATIC is the utility token on the Polygon Network. It is the main unit of payment on the Network and is used as a means of settlement between users who participate in the transactions on the network. It also plays an important role in security of the system and to enable governance. MATIC can be stored in a majority of popular software and hardware wallets like the Metamask wallet, Coinbase wallet, WalletConnect, Ledger etc.