Polygon (formerly Matic Network) is a Layer 2 Ethereum scaling solution that allows developers to create interoperable, scalable blockchain applications and smart contracts with lower gas fees and faster speeds. Polygon strives to address scalability issues faced by blockchain networks in the crypto market, with the aim of promoting the widespread use of cryptocurrencies. Ethereum is the blockchain of choice for building decentralized applications (dApps) and self-executing smart contracts. However, as more applications are deployed on Ethereum, network congestion causes issues such as slow transactions, low transaction throughput, higher transaction fees, and poor user experience. Polygon solves these issues by providing a Plasma-based framework for building decentralized applications. How does Polygon work? The Polygon network uses Plasma technology to process transactions off-chain before finalizing them on the Ethereum network, which helps achieve a high transaction throughput. Theoretically, with the Plasma framework, Polygon can process 65,536 transactions per second on a single sidechain at near-zero fees while maintaining the security and integrity of the main Polygon chain. Polygon's Plasma framework is built on the Proof of Stake (PoS) consensus mechanism and relies on a set of PoS validators to ensure the accuracy and security of the transactions processed off-chain. These validators are randomly chosen based on the number of tokens they staked on the network. Polygon's sidechains are designed to support a variety of decentralized finance (DeFi) protocols available in the Ethereum ecosystem. Although Polygon uses Ethereum as its parent blockchain, it is blockchain-agnostic, meaning it is interoperable with other blockchains. As such, developers can deploy preset Ethereum-compatible blockchains in one click. Polygon also provides modules like a pluggable consensus, staking, and governance, allowing developers to build customized blockchains. Some of Polygon's use cases include DeFi applications, blockchain-based games, and non-fungible token (NFT) marketplaces. Native token MATIC can be used to participate in the network's governance, pay transaction fees on the platform, distribute staking rewards, and stake collateral to become a validator.