Polygon was first established as Matic Network in 2017 but was renamed to Polygon in 2021. While based on Ethereum, the original Matic Network was intended to be a scaling option for a blockchain project wanting to increase throughput. However, with the rebranding to Polygon, MATIC shifted its focus to Ethereum’s Internet of Blockchains instead of a multi-chain solution.
What Is MATIC?
Polygon is a solution that offers several methods that boost the speed of operations on blockchain systems while reducing the complexity and cost.
Ethereum is at the middle of polygon’s vision, a decentralized app interface that enables one to join play games, virtual worlds, purchase art, and engross in a range of different financial activities. But, with high quantities of traffic on its blockchain, ETH has become nearly useless, as costs related to transmission are enhancing and traffic is getting compressed.
Then there’s Polygon. Polygon is an L2 network, which means it works as an add-on layer to Ethereum, and it does not intend to alter the fundamental blockchain layer. Just like its geometric namesake, Polygon has many forms, sides, and applications, and it offers a more straightforward base for producing linked networks.
How Does MATIC Work?
Polygon (MATIC) is a multi-layer system that is inclined towards the growth of Ethereum by utilizing a myriad of side chains to free the leading platform efficiently and cost-effectively.
Sidechains are isolated blockchains connected to the main Ethereum blockchain and may aid a range of DeFi protocols. Due to this, Polygon may be correlated to networks such as Cosmos, Polkadot, and Avalanche.
Pros & Cons of MATIC Coin
Polygon MATIC has its share of advantages and disadvantages. Listed are a few of them:
- Transaction costs are low.
- Transactions per second are speedy.
- It can scale and gives staking incentives.
- Great for decentralized financial apps
- There will be competition from alternative scaling options.
- Once Ethereum’s Proof-of-Stake is adequately implemented, acceleration will subside.
What is the future of MATIC coin?
Matic has surfaced as one of the most attractive cryptocurrencies. According to Matic coin price prediction experts, MATIC is a fantastic investment that can rise much faster in the future. Matic powers the Matic Network and is used to pay transaction fees. The growth in MATIC’s price is linked to an increase in Ethereum’s price. Matic/Polygon is an Ethereum-based network that dramatically cuts transaction costs for customers transferring coins. In terms of security, scalability, and user experience, Matic/Polygon provides several benefits over the networks. Matic/Polygon collaborates with a diverse range of businesses, seen on their website.
The process to buy MATIC coin
- One needs to sign up for a trading platform. This means including one’s full name, residence address, email.
- The second step includes verifying the account. One may have to upload a government-issued card that validates the legal name. This is to ensure there is no credit card fraud or identity theft.
- Depositing funds is the third step. One can deposit funds in the approved currencies of USD, EURO, or GBP using various payment methods, and one can’t buy a MATIC without fiat cash.
Matic is a low-risk investment with a lot of upside potential. Technical and fundamental analytics should be combined to make a more informed judgment on the item. People will migrate to Matic when the value of Ethereum climbs, and the Ethereum network gets more crowded. Furthermore, several crypto specialists feel Matic has significant growth potential in the foreseeable future. All of such variables are causing Matic’s value to grow.