Polygon’s core mission is to enable developers to build decentralized applications (dApps) quickly, easily and securely using its innovative technology stack. It provides an optimal mix of features to strengthen the Ethereum ecosystem by allowing developers to create their own blockchains without compromising scalability or security.
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What Is Polygon (MATIC)?
Polygon is an Ethereum-based scaling solution aiming to make blockchain more accessible and affordable. It was built on top of the Ethereum network, providing a layer 2 solution that enables faster and cheaper transactions. Polygon uses a combination of Proof of Stake side chains, Plasma frameworks, and other solutions to create an interoperable network of blockchains. It is designed to allow for faster, low-cost transactions and interactions with the Ethereum blockchain and other participating networks.
Polygon also offers a set of development tools that make it easier for developers to build and launch their own decentralized applications (dApps). The platform provides users with an array of features, including a virtual machine for executing smart contracts, a wallet for securely storing digital assets, and a marketplace for trading tokens. It also enables users to build their own decentralized exchanges (DEXs) on the network.
It is powered by its native token, MATIC, which enables users to participate in network activities, such as staking, governance, and trading. It also serves as an incentive for users to build and participate in the Polygon ecosystem. MATIC is used to pay transaction fees on the platform, and holders of the token can earn rewards by participating in network activities.
How Does Polygon Work?
Polygon works by leveraging the Ethereum network and a combination of technologies such as Proof-of-Stake (PoS) consensus, Plasma, and Ethereum Virtual Machine (EVM).
At its core, Polygon is designed to help users move blockchain tokens off of the Ethereum mainnet and onto sidechains. This allows for faster transactions, lower gas fees, and scalability.
One of the most important components of Polygon is its blockchain bridge. This bridge allows users to move their tokens from Ethereum mainnet to sidechains and vice versa in a secure and trustless manner.
In addition to the token bridging system, it also includes several other features such as its own PoS consensus model, gas fee optimization, and staking rewards.
The network provides other additional services that can be used to help developers create their own decentralized applications (dApps) on the Ethereum blockchain. These include a wallet service and the Matic Network SDK which provides an easy-to
The History Of Polygon
Polygon (formerly known as Matic Network) was established in 2017 with a mission to tackle the scalability and usability issues faced by Ethereum and other blockchain networks. It has become a hub for developers, projects and users alike, looking to make decentralized applications easier to develop and use. The platform’s MATIC token was launched in June 2019 and has seen steady growth throughout 2020.
The founder of the concept was Jaynti Kanani, who is currently the CEO of Polygon. In 2017, Kanani was employed by Housing.com as a data scientist. He first became aware of a scalability problem and significant congestion on the Ethereum network as a result of the then-famous NFT project, Crypto Kitties.
Is Polygon (MATIC) A Good Investment?
Investing in Polygon sounds appealing, especially when transactions are being processed more efficiently than other conventional blockchains like Ethereum. Or that it enables the development of smart contracts and decentralized apps (dApps). The project has also been gathering popularity, as more developers and consumers become aware of what it can provide.
The highest that MATIC has ever reached is $2.72 back in December 2021, and is now sitting below $1.
To stay up to date with the current MATIC price data, click here.
Should You Buy Polygon (MATIC)?
Although Polygon sounds like a great investment based on the benefits of the project, every investment carries its risks with no exception to Polygon. There are no assurances when it comes to investing, so before making an investment, take time to do your due diligence and determine whether the project has the potential to be successful in the long run.
Ultimately, the decision to invest in Polygon (MATIC) is up to the retail investor and should be based on an assessment of their risk tolerance, investment goals, and research into the technology.
How Many Polygon (MATIC) Coins Are There In Circulation?
The total supply of Polygon (MATIC) coins is 10 billion. Currently, 8,622,246,447 MATIC tokens are in circulation which makes up 86.22% of the total maximum supply. The remaining 1,377,753,553 tokens are locked in a liquidity pool for the Polygon network’s growth and development. The circulating supply is expected to increase in the future as new tokens are unlocked from the liquidity pool. Polygon (MATIC) coins will also be generated for incentivizing users who stake their tokens, providing gas fees for transactions and more. The price of MATIC is determined by the demand and supply in the market. The circulating supply of MATIC coins has been increasing steadily since its launch, indicating that the demand for Polygon is growing.
In addition to circulating supply, another important factor determining price is market capitalization. Market capitalization measures the total value of all MATIC tokens in circulation and can be calculated by multiplying the current price of MATIC by the total circulating supply. Currently, the market capitalization of Polygon (MATIC) coins is over $13 billion, making it one of the top cryptocurrencies in terms of market cap.
Where Can You Buy Polygon (MATIC)?
Polygon (MATIC) can be purchased on a variety of major exchanges, such as Binance, Huobi Global, OKEx, Uniswap, and many others. There are also certain brokerages, like Changelly and BuyUcoin, where it is possible to purchase it directly with fiat currency.
In addition, Polygon (MATIC) can be kept safe by storing it on a variety of digital wallets as well as hardware devices. Trust Wallet, Metamask, MyEtherWallet, and Coinbase Wallet are just some of the most well-known examples of wallets that are compatible with Polygon (MATIC). When you use a digital wallet, it is important you store your private keys in a safe and secure location, in case you need to access your account.
Not only does Polygon promise to alleviate the challenges that Ethereum is currently facing, but it also contributes to the design of a future in which blockchain interoperability is considered to be the norm. Polygon brings an impressive and custom-designed suite of tools to the entire blockchain ecosystem. Polygon’s modular sovereign security options make it an attractive setting for many projects since it builds solidly on the advancements made by the MATIC network with its iteration of Plasma (which has shown to be a beneficial tool in smoothing out the flow of transactional data).
The project’s overarching goal is to become the internet of blockchains, and it represents an essential intermediate step toward the creation of a fully automated machine economy.