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Polygon (previously known as Matic) is a layer-2 scaling solution for the Ethereum blockchain. Its purpose is to speed transactions on Ethereum while cutting down costs by a significant amount.
Polygon was previously known as the Matic Network and it happens to be the first crypto unicorn to come out of India. Polygon is basically a layer-2 network on top of the Ethereum blockchain and enables faster and cheaper transactions.
The Polygon tokens are also called MATIC. MATIC can be used for conducting transactions, staking in the ecosystem, and paying the transaction fees.
You can store MATIC tokens in your CoinSmart account.
Polygon uses a proof-of-stake algorithm wherein validators can stake their MATIC tokens to validate blocks. The algorithm is named “Peppermint,” which is a variation of Cosmos’s Tendermint.
Polygon was founded by Jaynti Kananim, Sandeep Nailwal, and Mihailo Bjelic. Kanani was previously a Data Scientist for Housing.com, while Nailwal worked for Deloitte.
Most recent update: February 7, 2022
This overview provides a summary of certain risks involved trading any crypto asset and is not exhaustive. Investors are encouraged to conduct their own research prior to trading any crypto asset.
No securities regulatory authority has expressed an opinion about the Crypto Contracts or Polygon , made available on the CoinSmart Platform, including an opinion that Polygon is not itself a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange or value of your crypto assets and such changes may be sudden and without notice.
Prior to listing Polygon on the CoinSmart Platform, Simply Digital Technologies Inc. (SDT) conducted due diligence and determined that Polygon is unlikely to be a security or derivative under Canadian securities legislation. Our analysis including reviewing publicly available information concerning:
Like all crypto assets, there are general risks associated with Polygon including: volatility risk, liquidity risk, short history risk, demand risk, forking risk, code defects, regulatory risk, electronic trading risk and cyber security risk. For additional information of general risks associated with crypto assets, you may refer to the Risk Statement. Further, Polygon’s development is centralized when compared to Bitcoin since it is dependent on the efforts of Polygon Technology. Informal governance by Polygon Technology may result in new changes or updates to MATIC that impact its value.
As a reminder, this Crypto Asset Statement is not intended to be exhaustive of all risks associated with trading Polygon and we encourage you to conduct your own due diligence to determine whether trading Polygon is right for you.
SDT is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re Simply Digital Technologies Inc. dated December 21, 2021 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada, do not apply in respect of the Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.