Ethereum is fantastic; it’s the most popular DeFi development hub and, by far, the most secure smart-contract capable blockchain in terms of miner and node activity. However, it has a couple of serious drawbacks. It does not work well with other blockchains and suffers from severe congestion due to massive user demand.
However, Polygon, a framework for creating Ethereum interoperable blockchains, may have the answer.
So, what is Polygon?
Formerly known as Matic Network, Polygon’s native cryptocurrency token is MATIC, and the project was created in 2017 by Jayanti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. It is a Layer-2 solution designed to help scale and improve the functionality of the Ethereum network. The protocol aims to make Ethereum transactions faster and cheaper by utilizing sidechains, which are blockchains that run alongside the Ethereum main chain, like fast HOV lanes.
Polygon is one of the popular projects in the crypto industry, developed to make Ethereum blockchain transactions much faster and cheaper than they are on the mainnet. In other words, it aims to improve network issues, which is one of the main reasons why it has a high level of appeal for many investors.
Polygon is not a separate blockchain network, but rather an add-on that runs on top of the Ethereum blockchain, allowing users to access its functionality.
What is MATIC?
MATIC is the Polygon blockchain’s native token. MATIC is primarily used as a staking token on the blockchain to validate transactions using the Proof of Stake (PoS) method. Polygon Matic can be used by miners as both capital assets (which increase in value over time) and utility tokens (which can be staked for regular returns).
What is the issue Polygon Matic is solving?
You might be wondering what Polygon’s main advantages are. Keep reading to learn about Polygon’s benefits, especially if you’re thinking about purchasing MATIC.
- Polygon Matic focuses on interoperability and scalability, two of the technology’s most frequently mentioned challenges. It provides a comprehensive set of tools for developers to design high-performance, high-scaling blockchain protocols and dApps.
- Polygon is the first scaling solution that fully supports the Ethereum Virtual Machine (EVM), the blockchain-based software that allows developers to build decentralised applications on Ethereum (dApps). As a result, dApps built on the Polygon network will benefit from Ethereum’s network effect while retaining their high security.
- Polygon can maintain fast transaction processing speeds by utilising a consensus mechanism that completes the transaction process in a single block with very little transaction fees.
How does Polygon Matic work?
The Polygon blockchain is based on its proof-of-stake (PoS) sidechain. It leverages a network of validators off the blockchain and then finalises transactions on Ethereum’s main chain. It can significantly reduce the load on the main blockchain, resulting in less network congestion, faster transaction speeds, and lower gas fees.
The Polygon network supports two types of chains: stand-alone chains, which are self-sovereign blockchains based on the Matic PoS chain and are compatible with Ethereum, and secured chains, which fortify their security through the use of a network of professional validators.
Polygon achieves this broader vision through the use of some technologies, including:
- Polygon Plasma
- ZK Rollups
- Optimistic Rollups
- Validum Chains
- Stand-Alone Chains
- Shared Security Chains
Polygon uses more than one scaling solution, in keeping with its goal of lowering entry barriers by attempting to keep transaction fees minimum.
What is the Polygon Matic ecosystem?
Many native dApps are gaining popularity and attracting new users to the Polygon ecosystem.
- Aave
- QuickSwap
- Decentraland
- Polymarket
- Atari
- Kuku token
- KeyFi
- Poly Network
- PolygonME
and many more.
What does Polygon Matic’s historic and predicted price look like?
MATIC was the best cryptocurrency gainer last year. In 2021, the price increased from $0.01 in January 2021 to its highest level of $2.92 at the end of December 2021.
Polygon’s current price is $1.44, with a 24-hour trading volume of $932,606,916. Polygon has dropped 6.10% in the last 24 hours. CoinMarketCap currently ranks #16, with a live market cap of $11,034,772,896 USD. There are 7,664,713,456 MATIC coins in circulation, with a maximum supply of 10,000,000,000 MATIC coins.
As of 10th March 2022, several algorithm-based forecasting services have shared MATIC crypto price predictions for this year and beyond.
MATIC could rise to $7.49 this year, then it may hit $60.7 by February 2027 – GovCapital.
MATIC may break the $3 mark in 2022 before continuing its upward trend. By the end of the year, MATIC’s average exchange rate could reach $5 – TradingBeasts
Polygon price predictions predict that the polygon price will reach $35, which will benefit investors for the next five years of investment – Coin Quora.
Where can you trade Polygon Matic?
You can trade Polygon Matic on several exchanges, the most popular of which is carret.in. It is critical to consider the cryptocurrency exchange’s security and reputation. Carret is a safe and trustworthy cryptocurrency exchange platform where you can trade Polygon Matic. With 24Carret’s product offering, you can now earn up to 10% APY on Matic and up to 17% APY on stablecoins.
Depending on where you live, you can buy, trade, and earn on MATIC with Carret. Now is the time to trade safely on Carret.in!
Conclusion
Polygon Matic’s ability to constantly upgrade and innovate is a major jewel in its crown. It has already implemented a PoS mechanism and thus expects rapid growth in the coming years. It has a promising future based on the polygon price prediction horizon and does not rely solely on decentralisation.
Polygon (MATIC) has a lot of room for growth through 2022 and well beyond. It is an extremely active ecosystem, with over 700 dApps being developed for it regularly.
Polygon takes down critical challenges, such as high fees, poor user experience, and low transaction throughput. The Matic token is currently one of the top 20 most valuable cryptocurrencies in terms of market capitalization. It is used as a scaling system for the Ethereum blockchain, making transactions faster and cheaper.