Polygons' multi-chain network provides the infrastructure to facilitate blockchain networks that can interoperate with each other outside of the Ethereum main chain, while maintaining Ethereum's liquidity, security, and interoperability. Polygon, formerly known as Matic Network, is a scalable blockchain platform and framework for connecting and building Ethereum-compatible blockchain networks. Formerly known as the Matic Network, Polygon is an interoperability and scaling infrastructure for building Ethereum-compatible blockchains.
It still focuses on the MATIC token, which is used for management, rates, and gas fees. In February 2021, the Ethereum Matic Network's Layer 2 scaling solution was renamed to Polygon, a compatible blockchain scaling framework.
Polygon (formerly Matic Network) is the first well-structured and easy-to-use Ethereum scaling and infrastructure development platform. Its main component is the Polygon SDK, a modular and flexible platform that supports the creation of many types of applications. Unlike its predecessor, Matic Network, which is a simple scaling solution, Polygon uses a technology called Plasma to process off-chain transactions and then complete them on the Ethereum main chain. Polygon is designed as a monolithic platform that aims to Run an interoperable blockchain.
Using Polygon, developers can run a pre-built blockchain network and tailor attributes to their needs. Polygon provides a series of extended architectures for Ethereum, namely the Matic PoS chain and the Plasma chain, which have been implemented at the time of writing. Polygon's main goal is to reduce the high fees paid for the Ethereum blockchain, while expanding the scale of encryption projects and companies.
Ethereum 2.0 will mitigate some of the blockchain's scalability issues, but Polygon will remain relevant as it has already demonstrated significant success in integrating a network of enterprises and partners. It is a response to some of the problems Ethereum faces today, such as high fees, poor user experience, and low transactions per second (TPS). The project aims to stimulate the massive adoption of cryptocurrencies by addressing scalability issues across multiple blockchains.
The protocol allows instant transactions that cost a fraction of a cent ($ 0.002). Polygons' focus on scalability makes it very attractive for decentralized applications running on the Ethereum blockchain. Polygon has acquired startup Zero Knowledge Zero Knowledge, a company developed by Polygon, to create its new project: Polygon Zero-Rollup. Therefore, Polygon announced plans to improve support for the Ethereum network to scale faster and reduce rising transaction costs. The increase in user requests has led cryptocurrency exchanges such as CoinSwitch Kuber to list this currency on their platforms. Polygon (formerly known as MATIC) is an Indian scalable blockchain platform called Ethereum Internet of Blockchains.
The Polygon ecosystem is very popular thanks to the numerous projects built on it, as progress is maintained, we see the MATIC price rise to $ 1, making it a new all-time high. After the inverse pattern is complete, MATIC is ready to break through again and test its high $ 2.7 watermark again. Polygon's growing reputation as a blockchain network with integrated scaling solutions and Mark Cuban's recent investment will boost MATIC's long-term valuation. Trade Bitcoin, Ethereum, BNB Futures, and more on Binance. MATIC's biggest historic win is to surpass $ 1 and have an estimated ROI of around 4,730%, which is why it's worth betting on Polygon with a 5-year HODL.
MATIC remains one of the best results in recent weeks, despite a 70% decline from the peak. The MATIC price has shown an amazing 230% recovery from the May 23 low, forming an inverse base that could push MATIC to hit new highs in the coming days or weeks.
While cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc., experienced a downturn in the past week, Polygon Value (MATIC) has surged nearly 35% over the same period. The fallout from the bear market has led many savvy investors to notice the next big thing. MATIC, Polygon's proprietary token, launched at the end of 2017, is currently in the top 15 cryptocurrencies by market cap and is up more than 30% this week despite falling market-wide prices for other cryptocurrencies. MATIC, Polygon's own token, is an ERC-20 token running on the Ethereum blockchain.
The MATIC token is used for a variety of purposes in the Polygon ecosystem, including to participate in network governance by voting on Polygon Improvement Proposals (PIP), to ensure security by bidding and paying gas taxes. As of March 2021, it is not yet clear whether the MATIC token will have additional utility in Polygon's broader vision.
Its $ MATIC token is listed on various major cryptocurrency exchanges, including CoinSwitch Kuber. The Polygon network also has its own $ MATIC token, which is currently trading at $ 2.35, with a market cap of $ 16.1 billion, making it the 14th largest cryptocurrency.
MATIC is used to power the network and act as Polygon's utility token. The ecosystem was originally called Matic Network, a simple scaling solution based on plasma technology for processing transactions with lower gas consumption.
Before migrating to their network in 2019, the Polygon team made a huge contribution to the Ethereum ecosystem. Polygon is the co-founder of Janty Kanani, Sandeep Niallwal and Anurag Arjun. They are two experienced blockchain developers and business consultants. As a cryptocurrency backed by billionaire investors who support Bitcoin, Ethereum and other major cryptocurrencies, Polygon can look forward to more adoption in the future. A cryptocurrency originating from India-Polygon quickly became popular. It includes the growing hype surrounding Polygon, Google BigQuery announcements, and Mark Cuban's investment. Polygons' immeasurable growth is partly due to the popularity of the Ethereum network and the adoption of its blockchain.
The value of Polygons' scaling technologies is also reflected in the price action of MATIC, as the token rallied during two major corrections in the cryptocurrency market this year. Subscribe now! Ethereum (ETH) gained more than 14% last week, posting a sustained recovery from the May 19 plunge.
BitPanda - If you live in Europe, this is one of the best exchanges to buy cryptocurrencies with cash, including Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC) and many more. If you decide to invest in Polygon (MATIC), I recommend using a cash exchange platform like CEX (worldwide and US users) or Bitpanda (Europe only), which allows you to easily buy and sell cryptocurrencies for cash. Polygon (MATIC) has already established itself as a viable scaling solution for Ethereum; adding ZK-Rollup to its arsenal will further increase its scalability.
Matic intends to provide Matic wallets, payment APIs and SDKs, products and other solutions to enable developers to develop, implement and port DApps based on platforms such as Ethereum. The Matic Foundation is also committed to providing Matic wallets, payment APIs and SDKs, products, identity solutions and other solutions to make it easier for developers to develop, deploy and migrate decentralized applications based on major platforms such as Ethereum.