Polygon

Polygon (MATIC)

What is Polygon (MATIC)?

Polygon, previously called Matic Network, is a second-tier solution aggregator for Ethereum. Polygon brings together various ways to make Ethereum faster and cheaper without sacrificing security. MATICUSD provides the infrastructure for different blockchains to interact with each other and extend the ease of use of many coins as well.

Nowadays, more than 1 million addresses have been created based on Polygon and there are over 80 million transactions per day. More than 50 digital assets — MATIC, Tether USD (USDT), USD Coin (USDC), Quickswap (QUICK), Dai Stablecoin (DAI), Chain Games (CHAIN) — have been identified based on their own PoS blockchain.

How does Polygon work

Polygon uses a modified Proof-of-Stake consensus mechanism that allows consensus to be reached with each block. The proof-of-stake method requires network participants to stake — agree not to trade or sell — their MATICs in exchange for the right to test Polygon network transactions. They use validators who help them to validate these transactions. Successful validators on the Polygon network are rewarded with MATIC.

The Polygon network, as a secondary scaling solution, aims to remove the limitations of the Ethereum platform, namely high transaction fees and slow transaction processing speed. Polygon can deploy existing blockchain networks and develop its own blockchains, provide connectivity between Ethereum and other blockchains, and help existing blockchain networks become compatible with Ethereum.

The platform now supports over 7,000 blockchain-based projects.

What is special about Polygon?

Polygon greatly expands the original Matic Network project by providing developers with a set of tools they can use to build super-scalable and high-performance blockchains and decentralized applications (DApps).

It is unique to the market that it is the only scaling solution that supports the Ethereum Virtual Machine (EVM) and allows connected chains to remain independent in terms of security while guaranteeing interoperability both with each other and with the Ethereum main chain.

Unlike other platforms, the chains in the Polygon ecosystem are not required to use its security layer as their own service layer, but can still exchange messages with each other thanks to the built-in random messaging capability. This ensures that developers can build truly versatile Dapps that can leverage the unique properties of multiple chains at any scale.

Since the development on Polygon is very similar to the development on Ethereum, the platform is immediately available to the largest community of blockchain developers in the world. Now they can build highly scalable applications that can take full advantage of the Ethereum network without any compromise.

As previously mentioned, Polygon is unusual because it supports several different scaling mechanisms that projects can use as they need. With such a strategy, Polygon still wins, even if one scaling solution becomes dominant or vice versa is eliminated.

Disadvantages of Polygon

There are two main downsides of Polygon. First, it’s not a standalone blockchain. Polygon is a layer 2 solution running on the Ethereum platform. If the Ethereum platform experiences major disruptions or ceases to exist, Polygon will likely lose its value. Second, use cases for MATIC are limited. The MATIC token is designed to manage and secure the Polygon platform, as well as pay transaction fees. Unlike some digital currencies, MATIC is not usually used for everyday purchases.

How much are MATIC coins worth?

Polygon (MATIC) tokens have traded for less than $0.05 for most of their history. At some point, the price of MATIC increased significantly, but remained below $3.00. As of February 18, 2022, MATIC is trading at around $1.60.

The future of Polygon (MATIC)

Now many projects have either migrated to Matic PoS Chain or are in the process of being monitored; they’re Decentral Games, SportX, Easyfi, Neon District, 1inch Network, Quickswap, Uniswap, SushiSwap, Aavegotchi, Polymarket, Polkamarkets, and Superfarm. Adding support for Polygon is planned by The Graph and Chainlink. The project also announced a partnership involving Atari video gaming industry players.

In May 2021, Polygon entered the Mark Cuban Companies, a list of companies that support billionaire Mark Cuban. The amount of investment is not disclosed.

In 2021, Polygon launched Polygon Studios, a Polygon subsidiary focused on blockchain gaming and non-fungible tokens (NFTs). If successful, Polygon Studios could make Polygon a leading technology provider for decentralized gaming and NFTs.

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2022-03-24 • Updated

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