Polygon – Matic
The Polygon protocol is a system that lets you connect link blockchains that are compatible with Ethereum’s ecosystem. Over the last few years, decentralized finance has become quite popular, leading to an increase in transaction charges.
Polygon was created to sort out issues common to blockchains, like slow speed of transactions and high transaction fees while offering safety and security.
What is Polygon
Previously known as MATIC network, Polygon is a protocol and framework that lets users connect and build networks that are compatible with Ethereum. It facilitates alt-chain adaptability and scalability while also allowing infusing the security and liquidity that Ethereum offers.
Although Polygon changed its name, it retained the name of its native currency MATIC. Those who access the platform can use MATIC to pay for units and make settlement. In addition, to work with Ethereum’s decentralized applications, Polygon users can leverage MATIC’s side chains. These offer improved speed, and are low cost.
How Does Polygon’s System Work?
The Polygon infrastructure offers a software development platform that can be used to build applications and side chains that can function of Ethereum via Optimistic Rollups, plasma chains and zk-Rollups. These can then be linked to major blockchains.
Those who want to explore and use decentralized applications domiciled in the MATIC sidechain have to meet several requirements. They must store tokens on MATIC’s sidechains after their predicate contracts are verified. Also, they must authenticate the predicate contract that is conveyed by Ethereum’s network.
The Polygon MATIC Token
The MATIC token is Polygon’s cryptocurrency. It is used for various reasons such as protecting Polygon’s network or make payments. Upon rebranding, MATIC’s price surged after more people started to buy and use it. The MATIC token has over 10 billion units under its name. The current supply is at least 5 billion a unit costs $1.77.
Why is Polygon Special?
Polygon came into the market to improve interoperability and scaling. There are a number of features that make the framework quite popular. For one, it is works very well with Ethereum’s virtual machine, which is useful for people who develop applications via solidity.
Polygon offers an optional security model, so you do not have to compromise flexibility over added security features. Additionally, Polygon is quite flexible to the extent it can incorporate various scalability options other than Plasma chains, zk and Optimistic Rollups.
There are various unit price targets with regards to MATIC’s forecasts. Presently, the market is quite volatile, and the price of MATIC could change without notice. Consider all underlying fundamentals and perform a technical analysis before making an investment.
Market analysis shows that the crypto’s current value might go up, and even reach the $10 mark, although this won’t really happen overnight. MATIC has shown potential this year, with the price going up from $0.01 at the start of 2021 to $1.77 as of writing this article.