What is Polygon ?
Matic is an altcoin by the Polygon Network. Polygon provides a scalable, sustainable, and interoperable infrastructure for connecting together various Ethereum-based solutions.
Owing to the huge volume of transactions, Ethereum started to face a heavy network load. Consequently, it hampered user experiences and increased transaction fees and computation time. Therefore, MATIC (now Polygon) initiated an easy-to-navigate multi-chain Ethereum ecosystem.
Primary features of Polygon
- Polygon is based on Proof of Stake architecture for enhanced security & scalability.
- Leverages Sidechaining using Layer 2 networks to improve user experience & provide inter-connectivity between Ethereum solutions.
- ETH can be easily converted to/from Matic Coins using smart contracts.
- Uses Plasma, ZK-Rollups and Heimdall architecture to offer a distributed but secure scalability solution to ETH solution providers.
- EVM Compatibility for building customized ETH-based solutions.
Is Polygon a promising cryptocurrency?
Currently ranked in the top 15 Cryptocurrencies by Market Capitalization, Polygon has set records by crossing prevailing throughput of 14 transactions per second on the Ethereum platform. It has enhanced Ethereum’s capability to the extent of delivering 1000 times more transactions with minimum transaction fees.
Backed by Mark Cuban, Polygon participates in government-led blockchain projects and supports over 800,000 unique users, 76Mn transactions & 400+ apps, including Aave & EasyFi.
Polygon is a part of some of the most awaited emerging technologies in the crypto-world, including:
- Decentralized Finance (DeFi)
- Decentralized Applications (DApp)
- Non-Fungible Tokens (NFT)
- Decentralized Autonomous Organizations (DAO)
How to use Polygon coins?
- Payment On Matic Network: Either invest in Polygon to help them expand & support their operations or use it to settle payments with other Users on Polygon or Ethereum DeFi Ecosystem. Matic Tokens can be used to pay for transaction (gas) fees.
Some of the platforms accepting Polygon Wallets are:
- QuickSwap & SushiSwap: Swap and offer liquidity
- AAVE: Lend & Borrow
- Curve: Offer Liquidity
- Slingshot: Open Beta Decentralized Trading Platform
Recently, Binance also announced its integration with Polygon Wallet.
Voting On Polygon: Token Holders can vote for a consensus on various governance & security matters on Polygon Network.
Pros & Cons of Polygon coin
Increasing Transactions per Second with a surge in Number of Users on the network. Processes Record high of 65000 TPS.
Lower Transaction Costs:
ETH averages $3.65 per transaction, whereas Polygon costs $0.001 to transfer $200. It is further promoted by DeFi Boom.
Polygon has partnered with key players in the Crypto & Tech industry, including Binance, Google, OKEx, Curve, UniLend, ETH.
Independent of BTC prices:
Empirically, it is observed that Matic Crypto has a negative coefficient with Bitcoin. So if BTC prices increase, Matic prices decrease & vice versa. This helps investors resist Bearish markets.
Backed by Mark Cuban & Binance.
Polkadot & Chainlink offer similar solutions.
Ethereum 2.0, planned to launch by 2022, may hinder Matic Sidechains.
Trade Polygon coin on CoinSwitch kuber
- You can start investments and trade with just Rs.100.
- Allows instant withdrawals and deposits directly to bank accounts.
- Trade-in Polygon (Matic) at zero fees.
- Intuitive and straightforward UI.
- Easily track your transactions and manage your portfolio.
FAQ's on Polygon
How does Polygon Matic work?
Polygon Framework consists of 2 Optional Layers:
- Ethereum Layer-1: Key Staking, Security & Communication Network.
- Security Layer: Validation Purposes.
And 2 Mandatory Layers:
- Polygon Network Layer: L-2 Sidechain with Plasma & Algorithms for Improved Security, Transaction Management & Interoperability.
- Execution Layer: Supports Smart Contracts & Functionality.
How to buy Polygon cryptocurrency?
You can buy Polygon coins on a cryptocurrency exchange platform, like CoinSwitch.
How Many Polygon Coins Are There?
6.04Bn Matic coins in circulation, out of 10Bn Total Supply.
How to invest in Polygon cryptocurrency?
You can invest in Polygon using CoinSwitch.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.