What is Polygon (MATIC) Crypto?
INTRODUCTION TO POLYGON (MATIC)
Polygon, formerly known as MATIC, is a sidechain or a scaling solution for Ethereum. It makes the Ethereum network more speedy with low fees.
People trust Ethereum for its most secure as well as trustworthy features. But due to the dynamic nature of fees, it is costlier sometimes. There comes Polygon, with its cheaper and faster transaction solutions. Read more : https://www.coinbase.com/price/polygon#WhatisPolygonMATIC
HOW DOES IT WORK?
Polygon handles the transactions separately for the Ethereum platform. Thus, the load on Ethereum decreases. After processing the transactions, the transactions return to the main Ethereum network. Thereby, the transactions occur faster with a lower cost of fees.
To know more about Ethereum Network setup , refer :https://www.mxicoders.com/setup-private-ethereum-network/
The scalability issues hence resolve with ease. Therefore, the network congestion on Ethereum is reduced tremendously.
MATIC is the native token for the Polygon network. It is the cryptocurrency that pays fees on this network. Additionally, also used for staking and governance.
Ethereum can make around only 17 transactions per second. While Polygon makes around 65000 transactions per second. Thus, making the fees down to pennies. In contrast, Ethereum charges $15 per transaction.
Polygon uses the following :
1)Zero-knowledge proof variety (zk proofs)
This means that a cryptographic provider verifies the statement with another verifier without the need for additional information.
These sidechains run alongside the primary chain which Is the Ethereum network. The side chains together communicate with the main chain for the transactions.
3)Proof of stake (PoS) blockchain bridge
The PoS bridge allows users to allow transactions from Ethereum to the Polygon network and vice versa. Users can withdraw as well as a deposit on both networks. The deposit time is usually 7 minutes while the withdrawal time is around 30 minutes.
The bridge hence eliminates the need for all of the load on the Ethereum network
Zk rollups are proving to be one of the most scalability-resolving layer 2 solutions. The rollups make hundreds of transactions in a single transaction.
The validity proofs are created and then sent to the main chain. Thus, each of these proofs acts as a proxy bundle and reduces the load on the main chain. Hence, the time and fees both are lessened.
Optimistic rollups use fraud proofs mechanism. This means that whenever a fraud transaction is recorded, the rollups execute. They use smart contracts for the transactions between the two layers.
HOW DO YOU USE POLYGON?
To use this network, you will have to send some cryptocurrency to your wallet say Metamask.
To setup a meta mask wallet, please refer to https://www.coindesk.com/learn/how-to-set-up-a-metamask-wallet/.
Once the metamask wallet has been set up, add a network that is polygon to it.
Import the tokens MATIC to the wallet.
You can buy the tokens from various cryptocurrency exchange platforms like Coinbase or Binance.
Once the tokens have been added, you can now use them for various transactions.
WHY IS POLYGON GOOD FOR ETHEREUM NETWORK?
Polygon is more reliable to Ethereum than Ethereum on it. Ethereum has a wide number of users which has increased the load on it. Thus, users refrain to use it due to speed hindrance.
Polygon works on top of the Ethereum network, reducing the load on Ethereum. It makes Ethereum more efficient and cheaper.
BENEFITS OF POLYGON
- Affordable – The price of the polygon is $1.5 which is an affordable budget for most people. Whereas, Ethereum coins are too costly for an average person to buy them.
- Polygon uses layer-2 scaling operability thereby improving the scaling issues faced by the Ethereum network.
- It fully supports the EVM (Ethereum Virtual Machine). This allows the users to build DApps easily.
- Accessible – As users can make the DApps easily, it is easily accessible to the community. These apps have the dual benefit of being accessible as well as high security due to Polygon.
- Polygon is the only network that has its token that is MATIC. This token can be staked by the users.
- Polygon, can offer various solutions on a single network. Thus, making it the most interesting platform to use.
- Polygon has different scaling solutions which will make it into the long-term future.
Should you invest in Polygon?
None of the blogs you will read for will provide the guarantee of investing tips. But, with rising projects with Polygon, you can be assured of investment in Polygon to be a profit. Polygon promises to have lower costs, Faster transactions, as well as EVM compatibility.
Thus, investment in Polygon for the Ethereum network will be a great opportunity. Polygon fulfills all the scalability issues faced by Ethereum to resolve. Hence, it has a smooth ride for user experience.
In the final words, Polygon has all the capabilities to shine in all directions in the future. In nutshell, it all depends on your capacity and expertise in the field of investment. Thus, the greater the experience, the lesser will be the loss of money.
Polygon has made a good fit for investment in 2022. However, you should always be careful in making decisions involving money.