Polygon is a project built on the Ethereum network that aims to address the blockchain trilemma by establishing various scaling solutions. The project utilizes optimistic rollups as a core protocol, providing an environment where anyone can create value. This approach aims to offer users a fast and cost-effective blockchain experience while providing developers with a developer-friendly ecosystem.
In 2017, the explosive popularity of Crypto Kitties, an NFT (Non-Fungible Token) on the Ethereum network, led to significant congestion on the Ethereum network. In response, the co-founders of Polygon created and deployed the Matic Network protocol with the goal of improving Ethereum's scalability.
Initially, Polygon used the Plasma framework to improve Ethereum's scalability. Plasma involves creating another chain beside the Ethereum main chain and submitting summaries of blocks created on that chain to the Ethereum main chain, leveraging Ethereum's robust security.
This combination of Polygon's Proof of Stake (PoS) mechanism and Plasma is referred to as Polygon PoS. Polygon PoS is one of the most widely used protocols globally, with $5 billion in assets on the network and tens of thousands of decentralized applications (dApps) generating over 3 million transactions daily.
Polygon incorporates various Layer 2 solutions, with Polygon zkEVM being a prominent example. Rebranded from the Hermes Layer 2 rollup project acquired in 2021, Polygon zkEVM offers high compatibility with Ethereum. EVM (Ethereum Virtual Machine) compatibility means that smart contracts written in Ethereum's programming language (Solidity) can be executed as is. Polygon zkEVM provides a high level of compatibility despite the inherent technical challenges of zk-rollups.
Additionally, Polygon facilitates seamless onboarding of existing smart contracts, developer tools, and wallets that were previously operational on Ethereum. This enables users to utilize a high-throughput chain at a low gas cost while relying on Ethereum's security for their assets.
Apart from Polygon zkEVM, Polygon offers several other knowledge rollup solutions. Still, Polygon zkEVM stands out as the protocol with the most extensive ecosystem, making it the backbone of Polygon, as evident in the Polygon 2.0 upgrade.
The CITY token is created using Solidity and follows the BEP-2 standard for compatibility with various exchanges. Designed on the Polygon network, the token is crafted to adapt to different metaverse environments.
Being Solidity-based allows for easy network migration, enabling portability to EVM-based networks beyond Polygon or the creation of a proprietary network. The CITY token exhibits some characteristics of cryptocurrencies while maintaining full financial transparency through Polygon Scan, accessible for verification at any time.
The operator can manage currency amounts using the Lock system and monitor real-time currency consumption through the Burn account. The CITY token provides flexibility for operations beyond the Polygon network while ensuring transparency and traceability.