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What is Polygon Blockchain (MATIC)? How does Polygon MATIC work?

What is Polygon Blockchain (MATIC)? How does Polygon MATIC work?

There are over 5,000 different blockchain networks in the borderless world. Each of them has its characteristics, functions, and values. Among them is MATIC from Polygon, which stands out from the rest. Launched in 2017, the MATIC token is currently in the top 15 cryptocurrencies by market capitalization. And all this despite falling prices in a recession.

Polygon ecosystem allows you to increase transaction processing speed and reduce the transaction costs of conducting them. This is also called gas fees. Furthermore, this platform enables developers to create their blockchains and decentralized applications. All this allows you to deploy interconnected blockchain networks with easily customizable functionality. To understand the Polygon network, you need to understand its functionality and highlight its features. Furthermore, you can order a polygon smart contract audit.

Polygon Overview

Polygon is a main blockchain scalability platform and framework for connecting and building Ethereum blockchain networks. Another name for the network is Ethereum’s internet of blockchains since Polygon is closely related to the main Ethereum blockchain. The network positions itself as a layer 2 scaling solution, the purpose of which is to create a multi-chain ecosystem of blockchains.

The MATIC network uses a modified Proof of Stake consensus mechanism that allows consensus to be reached with each block. This mechanism requires network participants to agree not to trade or sell their MATIC tokens. In return, they get the opportunity to confirm the transactions of the Polygon network. The network is used as a secondary simple scaling solution and aims to remove the limitations of the Ethereum platform. Thus, it solves the problem of high transaction fees and low transaction processing speed, also known as gas fees.

Advantages and Disadvantages of Polygon

To understand how polygon works, it is necessary to understand the advantages and disadvantages of the system known as MATIC Network. If you are still thinking about whether to buy a native token, then keep reading.

Benefits of polygon project:

  • Transaction speed. The proof of stake consensus mechanism completes the transaction confirmation process in a single block. This allows the blockchain to support fast processing times, while the Ethereum virtual machine lacks this capability. Thus, the average processing time for Polygon Matic validate transactions is 2.1 seconds.
  • Low transaction fees. Unlike the same Ethereum blockchain, Polygon has a low transaction tax. Typically, the fee is around $0.01.

Polygon Disadvantages:

  • Non-autonomous blockchain. Polygon is an additional layer running on the Ethereum main chain platform. In the event of the collapse of this blockchain, the landfill will most likely lose its value as well.
  • Limited scope of MATIC tokens. This token is designed to manage and protect the Polygon platform. MATIC is not typically used for everyday purchases, unlike some of the more popular cryptocurrencies.

Ethereum vs. Polygon

Polygon is a secondary scaling solution compatible with the Ethereum blockchain, so its main purpose is to improve the polygon software development kit. The Polygon team is developing various innovations that provide additional security features, user experience, and modularity.

Ethereum uses the Proof of Work consensus mechanism but is gradually moving to the use of Proof of Stake. At the same time, Polygon already uses a modified proof of stake mechanism. This allows the system to process transactions with minimal fees quickly.

Future of Polygon Matic

In 2021, Polygon developers opened a subsidiary, Polygon Studios. This company develops games based on blockchain technology using non-fungible tokens (NFTs). If successful, this could make Polygon a global technology provider for decentralized gaming and NFTs. In January 2022, personnel changes are overdue in the company. There is a new chief executive officer (CEO). All this gives good prospects in the foreseeable future for the company and the Polygon blockchain as a whole.

How to buy a MATIC token?

MATIC token is one of the largest cryptocurrencies by market cap and has high liquidity. Currently, the token is available for purchase on Tier 1 cryptocurrency exchanges and platforms such as Binance, Coinbase Pro, Huobi Global, Poloniex, and Uniswap decentralized exchange.

For example, we will look at how to buy MATIC on one of the most popular crypto exchanges, Binance, using a debit or credit card.

  1. Go to www.binance.com and create an account. If you have already used the platform, log in to the site.
  2. After logging in, hover your mouse over “Buy Cryptocurrency” and select “Credit/Debit Card”.
  3. Select the payment currency and the amount for which you want to buy MATIC tokens. Next, select the appropriate token from the list of available cryptocurrencies in the drop-down menu. After checking the correctness of the specified data several times, click on “Buy MATIC”.
  4. If you have not yet completed an identity check, you must complete it now. Follow the instructions on the screen to complete the verification. This is a mandatory step in many crypto exchanges. The process takes a few minutes. However, you have to have a photo ID with you. When the verification is successful, you will see the payment screen.
  5. Enter your payment details and click on the payment button. Your order will be processed at the best rate, and the corresponding tokens will be sent to your Binance account wallet.

Congratulations. You became the owner of MATIC tokens from Polygon.

Conclusion

Matic network is one of the promising DeFi projects regarding blockchain scalability and interoperability. An extensive set of tools and functions for developers, an innovative mechanism, and modules will enable new projects to develop in the Polygon ecosystem.

FAQ

How much are MATIC coins worth?

MATIC tokens have been trading at 5 cents for most of their time. Now the price of MATIC has increased significantly compared to the original. As of February 2022, the MATIC token is worth $1.6.

Is Polygon crypto a good investment?

Is MATIC polygon an attractive investment option? Polygon prices are very volatile. It may have bigger plans, but it can’t assure that other Ethereum-based networks will cause less of its popularity or value.

Is Polygon better than Ethereum?

Achieving a high level of trust and scalability is a key criterion in determining whether blockchain is differentiated from traditional technology. While Ethereum focuses on functionality and protection, Solana and Polygon are more concerned with lower prices, faster speeds, and scaling potential.

Does Polygon have its own blockchain?

Polygon network is based on the Ethereum platform and is not an independent blockchain.