<s>
Polygon	B-Protocol
(	O
formerly	O
Matic	B-Protocol
Network	O
)	O
is	O
a	O
blockchain	B-Application
platform	O
which	O
aims	O
to	O
create	O
a	O
multi-chain	O
blockchain	B-Application
system	O
compatible	O
with	O
Ethereum	B-Application
.	O
</s>
<s>
As	O
with	O
Ethereum	B-Application
,	O
it	O
uses	O
a	O
proof-of-stake	B-Protocol
consensus	O
mechanism	O
for	O
processing	O
transactions	O
on-chain	O
.	O
</s>
<s>
Polygon	B-Protocol
's	O
native	O
token	O
is	O
named	O
MATIC	B-Protocol
.	O
</s>
<s>
Matic	B-Protocol
is	O
an	O
ERC-20	O
token	O
,	O
allowing	O
for	O
compatibility	O
with	O
other	O
Ethereum	B-Application
cryptocurrencies	O
.	O
</s>
<s>
Polygon	B-Protocol
is	O
used	O
in	O
decentralized	B-Application
applications	I-Application
(	O
dApps	B-Application
)	O
such	O
as	O
Defi	B-Protocol
,	O
DAOs	B-Operating_System
,	O
and	O
NFTs	O
.	O
</s>
<s>
The	O
Matic	B-Protocol
Network	O
was	O
launched	O
in	O
2017	O
by	O
four	O
Mumbai-based	O
software	B-General_Concept
engineers	I-General_Concept
:	O
Jaynti	O
Kanani	O
,	O
Sandeep	O
Nailwa	O
,	O
Anurag	O
Arjun	O
,	O
and	O
Mihailo	O
Bjelic	O
.	O
</s>
<s>
In	O
February	O
2021	O
,	O
the	O
project	O
rebranded	O
into	O
Polygon	B-Protocol
Technology	O
,	O
and	O
began	O
describing	O
itself	O
as	O
a	O
Web	O
3.0	O
and	O
metaverse	O
company	O
.	O
</s>
<s>
In	O
December	O
2021	O
,	O
Polygon	B-Protocol
acquired	O
the	O
Mir	O
blockchain	B-Application
network	O
for	O
250	O
Million	O
MATIC	B-Protocol
tokens	O
(	O
about	O
$400M	O
at	O
the	O
time	O
of	O
the	O
deal	O
)	O
.	O
</s>
<s>
ZK-rollups	O
were	O
intended	O
to	O
offload	O
data	O
from	O
Ethereum	B-Application
to	O
reduce	O
fees	O
and	O
speed-up	O
the	O
transaction	O
process	O
while	O
maintaining	O
security	O
.	O
</s>
<s>
In	O
December	O
2021	O
,	O
Polygon	B-Protocol
disclosed	O
a	O
security	O
vulnerability	O
that	O
resulted	O
in	O
the	O
theft	O
of	O
801,601	O
MATIC	B-Protocol
tokens	O
.	O
</s>
<s>
In	O
February	O
2022	O
,	O
Polygon	B-Protocol
raised	O
$450	O
million	O
by	O
selling	O
MATIC	B-Protocol
tokens	O
in	O
a	O
round	O
led	O
by	O
Sequoia	O
Capital	O
India	O
including	O
Tiger	O
Global	O
and	O
Softbank	O
Vision	O
Fund	O
.	O
</s>
<s>
On	O
December	O
15	O
,	O
2022	O
,	O
Donald	O
Trump	O
launched	O
a	O
series	O
of	O
digital	O
art	O
NFTs	O
minted	O
on	O
the	O
Polygon	B-Protocol
network	O
for	O
sale	O
to	O
the	O
public	O
for	O
$99	O
USD	O
each	O
.	O
</s>
<s>
Polygon	B-Protocol
uses	O
a	O
modified	O
proof	B-Protocol
of	I-Protocol
stake	I-Protocol
consensus	O
mechanism	O
that	O
enables	O
a	O
consensus	O
to	O
be	O
achieved	O
with	O
every	O
block	O
.	O
</s>
<s>
Achieving	O
consensus	O
using	O
traditional	O
proof	B-Protocol
of	I-Protocol
stake	I-Protocol
requires	O
processing	O
many	O
blocks	O
to	O
achieve	O
consensus	O
.	O
</s>
<s>
The	O
proof	B-Protocol
of	I-Protocol
stake	I-Protocol
method	O
requires	O
network	O
participants	O
to	O
stake	O
—	O
agree	O
to	O
not	O
trade	O
or	O
sell	O
—	O
their	O
MATIC	B-Protocol
tokens	O
,	O
in	O
exchange	O
for	O
the	O
right	O
to	O
validate	O
Polygon	B-Protocol
network	O
transactions	O
.	O
</s>
<s>
Successful	O
validators	O
in	O
the	O
Polygon	B-Protocol
network	O
are	O
rewarded	O
with	O
MATIC	B-Protocol
tokens	O
.	O
</s>
<s>
The	O
Polygon	B-Protocol
network	O
aims	O
to	O
address	O
problems	O
within	O
the	O
Ethereum	B-Application
platform	O
,	O
namely	O
high	O
transaction	O
fees	O
and	O
slow	O
processing	O
speeds	O
.	O
</s>
<s>
In	O
July	O
2022	O
,	O
Polygon	B-Protocol
participated	O
in	O
Disney	O
's	O
2022	O
acceleration	O
program	O
to	O
expand	O
into	O
augmented	O
reality	O
,	O
NFTs	O
,	O
and	O
AI	O
.	O
</s>
<s>
In	O
October	O
2022	O
,	O
the	O
Indian	O
Police	O
in	O
Firozabad	O
started	O
using	O
Polygon	B-Protocol
for	O
reporting	O
crimes	O
.	O
</s>
