The Polygon (MATIC) network was founded by three co-founders: Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum, designed to provide faster and cheaper transactions. It is an open-source platform that aims to address some of the scalability issues faced by Ethereum and other blockchain networks.
Polygon uses a Proof-of-Stake (PoS) consensus mechanism, which means that validators are required to hold a certain amount of the network’s native cryptocurrency, MATIC, to participate in the consensus process. Validators are responsible for verifying transactions and maintaining the security and integrity of the network.
20% Workforce laid off
“Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions,” the company said in a blog post.
The company also mentioned that these employees will receive a three month severance pay amidst their levels or tenure in the company.
There has been a lot of laying off activities in the Indian startups these days where Polygon is now added in.
This lay off is expected to be a restructuring activity as mentioned that it crystallized its strategy for the next 5 years to drive mass adoption of Web3 by scaling Ethereum.
Polygonscan Nodes issue
Following these lay off news from 21 the company’s blockchain explorer PolygonScan was not operating properly as the blockchain stopped with the last transaction and block around 8.35 pm UTC on Feb 22.
“About 8.26 UTC , a few nodes went out of sync. This caused a reaction where some nodes could not validate blocks for a very brief period of time”, said a spokesperson from Polygon.
The network was previously suffering from network outages on March 11,2022 due to the maintenance required on one of the network’s three layers.
Anyway this was just a temporary outbreak which happened after this exclusive news on layoff which created curiosity among the community and now almost the explorer is back and even alternative explorers can be used.