Crypto coins such as Ethereum, BNB, Cardano, and Polygon MATIC have become quite popular and the profits incurred by various investors at certain times have only made them more popular.
Polygon MATIC has become quite a popular crypto coin with investors over the years. Despite it being one of the hottest Cryptocurrencies on the market, it is still well below $2 and its market cap below $15 billion. And this is good news for those who are new to the cryptocurrency market; the ship hasn’t fully sailed yet. This is another opportunity to enter the cryptocurrency market.
What is Polygon?
Origin
Polygon was founded in India on the 29th of April, 2019, by Jayanti Kanani, Sandeep Nailwal, Anurag Arjun, and later joined by Mihailo Bjelic. It was originally launched as MATIC networks in 2017 and later became Polygon in 2021.
Uses
Polygon serves as a second-layer alternative to the problems Ethereum poses. Although it runs on the Ethereum network, it is much faster and efficient. In addition to that, it also increases the workability of applications built on the Ethereum framework with other blockchain platforms.
It serves as a tool to help developers establish standalone networks or secure side chains (these are separate independent blockchains that run parallel to the Ethereum network) that can (optionally) fall back on the Ethereum main-net.
Polygon Network
Before the creation of the polygon network, the creators had it in mind to provide solutions for the imperfections of the two most popular cryptocurrencies, Bitcoin and Ethereum. Polygon provides these solutions by using separate independent blockchains that run parallel to the Ethereum network. In basic terms, they are forms of blockchains that are distinct but also compatible with the Ethereum network.
Sidechains have become quite popular due to the new and more stable solutions they provide. They help to reduce the cost of blockchain congestion and aid in the linking of the technological benefits of more popular blockchain platforms. They also provide better scalability and also provide better transaction outlets. Also, crypto experts believe that side chains are the future of the crypto universe.
MATIC (Polygon MATIC)
This is the native governance token of the network. It allows its owners to participate fully in Polygon’s running. Just like all other alternative coins, it serves as a monetary asset that could be invested to gain interest. Polygon (MATIC) is ranked 16 on the coin market cap. It is worth over seven billion dollars on the market caps.
How does Polygon work?
Polygon acts as a multi-level platform that helps to improve the scalability, efficiency and helps improve the Ethereum network using sidechains. Polygon shares similarities with other comparable networks such as Cosmos, Polkadot, and Avalanche. At the center of the Polygon, network lies its Software Development Sit (SDK). It is used to develop decentralized applications such as side chains that are compatible with the Ethereum network, and then connect them to the main blockchain.
Polygon, over the years, has developed a two-layer (Layer-2) network for developing and constructing interoperable, Ethereum-viable blockchain networks. The two-layer network scaling solutions refer basically to off-chain solutions. Such solutions reduce the financial cost of blockchain congestion and also, aiding in the linking of technological benefits of more popular blockchain platforms. The solutions offered by the Layer-2 networks have increased dramatically in fame due to the important role they play in the bulk reception of cryptocurrency. The Polygon network allows developers to direct preset blockchain networks easily through the use of a modular system custom for putting together custom networks. Also, Polygon makes it easier for a blockchain to interact flawlessly with other blockchains.
The MATIC sidechain consists of a/or acts as a valuable part of the Ethereum network. It offers clients efficient project execution coupled with a favorable working experience. Decentralized applications that function on the Ethereum network or Ethereum-viable blockchains can be converted to the MATIC sidechain in order to improve its efficiency as well as to make it more conducive.
Sidechains could be developed using these scalability methods:
- • Plasma Chains
- • Optimistic Rollups
- • zk-Rollups
- • POS chain
How does polygon solve Ethereum issues?
As stated previously, Polygon was designed to address some of the limitations and problems faced by Ethereum. Some of the problems include congestion (throughput), terrible user interaction (i.e., delayed or slow transactions), and lack of a governing body. Unlike its predecessor, MATIC network (which acts as a simple scaling solution using a technology known as Plasma to coordinate off-chain transactions before it can finalize the transactions on the Ethereum main chain), Polygon was developed to be a stand-alone platform for launching interoperable blockchains.
Also, Polygon aiding in the introduction of scalability in Ethereum has increased its ability to compete with its major rivals. It is often argued that without Polygon, Ethereum might not have reached its envied potential. In addition to these, it also increases the efficiency of applications built on the Ethereum framework with other blockchain platforms. It serves as a tool to help developers establish standalone networks or secure side chains (these are separate independent blockchains that run parallel to the Ethereum network) that can (optionally) fall back on the Ethereum main-net.
Lastly, Dagger, one of Polygon’s main products, has faster and easier interaction with the Ethereum network.
What is a Polygon MATIC token and where to buy it?
The Polygon token also known as MATIC functions as the exchange currency of the Polygon network. Coupled with the fact that it serves as a form of exchange, it can also function as a form of storing tokens to protect the Polygon network. Since its name change and rebranding, the Polygon MATIC token has increased in value due to its growing popularity.
The Polygon MATIC token has performed considerably well since its launch. It falls into the ranks of alternative coins that have shown a sign of steady growth and potential. The year 2021 has been incredible for the Polygon MATIC token. The Polygon MATIC token which ended the 2020 trading season just under $0.02 has grown in both popularity and price due to its rebranding. It began with a steady climb from March to April, but it gained steady speed in May. This rise allowed it to hit an all-time high of $2.68 on May 18th.
It had continued its steady performance although it experienced a dip on the last day of May. It continues to show a steady performance with a value of $1.60.
Where can you buy the Polygon MATIC token?
The Polygon MATIC token has an amount of ten billion units, with about five billion Polygon MATIC tokens in circulation. The MATIC token is easily accessible on popular decentralized and centralized platforms such as:
The cryptocurrency community is taking an interest in the Polygon MATIC token and has joined hands to simplify its purchase by making it easily accessible with both fiat and crypto. The Polygon MATIC token market has a market cap worth about 1.8 billion dollars. Currently, the value of the Polygon MATIC token stands at $0.36.
Conclusion
An intelligent glance at the steady growth, workings, and future potential of the Polygon MATIC platform, shows that it has been quite successful in finding lasting solutions to the usual blockchain scalability problems and limitations. In addition, the polygon platform has given blockchain developers the ability to build their decentralized network due to the features, tools, and research the platform has laid accessible, and also, giving blockchain developers access to various customization options.
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Written by: Narender Charan
