Polygon: use of a decentralized Ethereum scaling platform

Abstract

The Polygon Network is a cryptocurrency initiative with the goal of enhancing the usability of the Ethereum blockchain. In 2017, engineers Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun started looking into ways to increase Ethereum's throughput without compromising its decentralisation. This is when Polygon first emerged. The Polygon team concentrated on creating distinctive blockchain solutions that communicate with Ethereum's main chain to achieve this. Polygon launched in 2020 after raising millions through initial coin offers (ICOs). The Polygon Network was principally constructed by the Indian software company Polygon Technology. The Polygon Foundation, a nonprofit organisation run by Polygon, aids in planning, raising money for, and coordinating the development of the Polygon blockchain. Since its release, Polygon has garnered a lot of interest from corporations, Web3 developers, and well-known investors like Mark Cuban. The Polygon Network predicts that by 2022, more than 20,000 dApps will be utilising Polygon's services. The Walt Disney Company, Atari, and Meta, a division of Facebook, are some other significant businesses that have partnered with Polygon.