Exchange Polygon (MATIC) at the Best Rates

What Is Polygon (MATIC) Crypto Coin?

Polygon, formerly known as the Matic Network, is a blockchain solution. It’s essentially a Layer 2 blockchain built on top of Ethereum. The main goal of the network is to provide multiple tools to improve the speed and reduce the cost and complexities of blockchain transactions. In a nutshell, Polygon is a decentralized scaling platform that enables developers to create scalable user-friendly dApps and build bridge infrastructure between blockchains.

Polygon originates from India. It was created in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. Polygon developers claim to be able to process up to 65,000 transactions per second within their network. 

Rather than running on its own blockchain, Polygon tokens are traded on the Ethereum blockchain. That’s because Polygon was developed to help scale Ethereum through side chains. Polygon can be compared to a fast train with fewer stops on the way. Even Polygon’s website describes the network as ‘Ethereum in the fast lane.’

The native token used to pay for transaction fees on Polygon is called MATIC, which has a maximum total supply of 10 billion. MATIC is an Ethereum-based ERC-20 token, but it can also be bridged to the Polygon network. A user can pay gas with MATIC as well as send MATIC to other accounts the same way as they use ETH to pay gas fees on Ethereum and send ETH to others.

Polygon Features

Polygon network offers a number of benefits for every crypto user and developer:

1. ETH compatibility: The network is fully compatible with Ethereum and provides seamless cross-chain transactions.
2. Scalability: Polygon is a stack of protocols that was specifically designed to fix Ethereum's scalability issues.
3. Security: Modular ’security as a service,' provided either by Ethereum or by a pool of professional validators.
4. Developer experience: The blockchain provides experience equivalent to Ethereum. Developers don’t need any protocol level knowledge, no token deposits, fees or permissions.

Polygon Structure

As mentioned before, Polygon uses side chains that run alongside the Ethereum main chain and handle off-chain computations. Side chains can be built using one of three construction scalability methods. First of all, Plasma Chains bundle transactions into blocks and batch them into a single submission on the Ethereum blockchain. Secondly, there are zk-Rollups; these allow multiple transfers to be bundled into a single transaction. Lastly, Optimistic Rollups which resemble Plasma Chains, however, they can scale Ethereum smart contracts.

Polygon uses a Proof-of-Stake consensus mechanism to create new MATIC and secure the network. Users can earn money on MATIC they hold via staking. Validators verify new transactions and add them to the blockchain and in exchange, they may receive a cut of fees and newly created MATIC. Becoming a validator on Polygon requires a full-time node (or computer) and staking your existing MATIC. Additionally, there are delegators who stake their MATIC indirectly via a trusted validator. This is a much lower-commitment version of staking but it requires research into the validator selected: errors made by a validator may result in the loss of part of all of the tokens.

Polygon Use Cases

Here are a few examples of the network’s applications:

1. Digital payments: The list of Polygon use cases would obviously draw emphasis on digital payment use cases. The basic design of Polygon Network serves crucial advantages for helping decentralized applications in speeding up payments. Polygon can empower decentralized apps with almost real-time payment settlement capabilities.
2. DeFi services: The DeFi sector could benefit from the use of Polygon. At the moment, the team is working on a mechanism that’ll allow merchants to evaluate credit ratings of the users signed up for using the platform. The process involves assessment of the transaction history of users to figure out their credit ratings. 
3. NFTs: Polygon started focusing on NFT trading. The network can assist in purchasing and selling NFTs. Most important of all, it helps in conducting NFT trades through the biggest and most popular NFT marketplace, OpenSea. Users can develop, purchase or sell non-fungible tokens on the Polygon Network. You can configure Metamask crypto wallet and pay the transaction fees with the native token of Polygon, MATIC.
4. Gaming: Developers and gamers could efficiently use the Polygon network for creating and playing blockchain-based games. Non-fungible tokens and NFT marketplaces have been fuelling the growth of blockchain-based gaming and the crypto industry in general. 
5. Exchanges: Polygon is famous for facilitating scaling and interoperability between different blockchains. It can also serve as a crucial improvement in the settlement times required for decentralized exchanges. 

Polygon Crypto News

In 2021, the company behind Polygon, Polygon Technology, raised $450 million last year by selling its Matic token to several investors, including Reddit Inc. co-founder Alexis Ohanian.

In July 2021, Polygon launched the Polygon Studios division. The goal was to transition from Web 2.0 to Web 3.0. The new division focuses on supporting developers interested in creating games by using Polygon. Polygon Studios can guarantee support for developers in the form of marketing assistance, support from community members, and investments.

In April 2022, the team behind Polygon announced that it’s eliminating all of the network’s carbon debt and going carbon negative. This means that every transaction – an NFT minted by an artist, a DeFi trade, a token bridged to a project building on the network – is accounted for. Its environmental impact will be offset. When this goal is achieved, Polygon will work on becoming the first blockchain to be climate positive.

At the beginning of August 2022, Polygon was added to Disney's highly prestigious Accelerator program for this year. The Ethereum scaling tool became one of six companies selected by the media and entertainment giant to be a part of its program to develop AR, NFT, and AI Experiences. Disney’s 2022 Accelerator program is a business and development initiative designed to spur the growth of innovative companies around the world. Polygon was the only blockchain-native platform chosen. 

The project also had its share of controversy. Just this week Cyber Capital founder Justin Bons referred to Polygon as ‘highly insecure & centralized,’ claiming only five people are needed to compromise over $2 billion in the ecosystem.

Polygon (MATIC) Price Prediction

Just a few weeks back, MATIC was gaining momentum due to the upcoming Ethereum merge in September. Investors are searching out cryptocurrencies that could indirectly benefit from the upgrade, and they're flocking to Polygon. Since Polygon is the most important Layer 2 blockchain on Ethereum, it’s no surprise that all the excitement surrounding ETH is boosting Polygon (MATIC) price as well. Last week, Polygon crypto token was moving extremely bullish and on August 13th hit $1. 

The coin reached its maximum price in December 2021: its all-time high was registered at $2.92. When it comes to the future of the Polygon coin, predictions differ.

For instance, PricePrediction promises that in 5 years from now, Polygon (MATIC) will cost $7.54 on average. They also believe that by 2030, the average MATIC crypto price will skyrocket to $23.36.

However, the experts at TradingBeasts are less optimistic about the coin’s bullish trends. They believe that in 2025, Polygon crypto price will rise only to $1.718.

Today Polygon crypto price is 0.9293 USD.

Bottom Line

The capabilities of Polygon network are clearly evident in the understanding of the blockchain and its different components. With its native token, MATIC, Polygon is a unique layer 2 scaling solution which has been steadily evolving. With Web3 and Ethereum-based solutions development, Polygon can become the ultimate blockchain for a variety of use cases.

Where to Buy Polygon Crypto?

StealthEX is here to help you buy Ethereum-based solutions like Polygon (MATIC) coin. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 450 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

How to Buy Polygon (MATIC)?

Just go to StealthEX and follow these easy steps:

1. Choose the pair and the amount you want to exchange. For instance, BTC to MATIC.
2. Press the “Start exchange” button.
3. Provide the recipient address to transfer your crypto to.
4. Process the transaction.
5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.