For public blockchains, Matic Network is a scalability solution. Matic aims to address scalability and usability concerns while maintaining decentralization, security, and the ability to leverage the existing developer community and ecosystem. Matic Network is an off/side chain scaling solution for existing platforms that provides DApps and user functionalities with scalability and a better user experience. But this raises the question of how.
In this tutorial on “What is Matic Network?”, various important aspects revolving around Matic Network will be covered.
What Is Polygon?
- Polygon, formerly known as the Matic Network, is a scaling solution that seeks to give several methods to boost the speed of transactions on blockchain networks while also lowering their cost and complexity.
- Polygon describes itself as a layer-2 network, which means it is an add-on layer to Ethereum that does not attempt to alter the original blockchain layer.
- Like its geometric namesake, it has numerous sides, shapes, and applications, and it promises to be a more straightforward framework for creating interconnected networks.
What Is Matic?
- After the rebranding, Polygon retained its MATIC cryptocurrency, the digital coin underpinning the network.
- MATIC is the payment and settlement unit for participants who engage within the network and is also utilized to keep tokens safe on the Polygon network.
- The MATIC cryptocurrency is available on several well-known decentralized and centralized trading platforms, including Binance, 1inch Exchange, and Coinbase Pro.
- The crypto community is gathering together to make it easier to buy Polygon (MATIC) tokens by making them available in both fiat and crypto.
Features of Matic
- It provides blockchain performance enhancement technologies like sidechain, which was one of the first things they offered to improve its performance. Transactions are processed faster, and the fee is significantly lower.
- Its primary goal is to create a foundation for blockchain networks. Instead of being completely disconnected, users would be able to establish blockchain networks that interconnect.
- It is Ethereum Virtual Machine (EVM) compatible. Because Polygon is EVM compatible, developers can easily port their apps to it. Aave and SushiSwap are two of the popular Ethereum apps that have already been deployed on Polygon.
- Other blockchain networks, such as Ethereum 2.0, may pose certain difficulties. Polygon is one of the blockchain network projects under development to avoid these challenges. Polkadot and Avalanche also provide interconnected blockchains.
- Fees, governance, and staking are all handled through the Polygon token.
How Does Matic Work?
- Polygon is a multi-level platform that intends to grow Ethereum by using a variety of side chains to unclog the main platform cost-effectively and efficiently.
- Sidechains are separate blockchains that are linked to the main Ethereum blockchain and can support a variety of Decentralized Finance (DeFi) protocols.
- As a result, Polygon can be linked to networks like Polkadot, Cosmos, and Avalanche.
Why Is It Important to Ethereum?
- Matic is compatible with the Ethereum Virtual Machine (EVM). And Polygon is simple to use for developers who are used to working with Ethereum.
- Polygon has a security layer that may be turned on or off, enabling sovereign platforms to forgo additional protection while maintaining their freedom and flexibility.
- MATIC tokens can be used to vote on Polygon Improvement Proposals and participate in network governance.
The Crypto Market Value of Matic
- According to the Market cap, Polygon’s current price is 1.30 USD.
- And the maximum supply of Polygon is 10 billion, out of which the circulating supply has reached 6.67 billion.
Is Matic a Good Investment?
- If you're thinking about investing in MATIC, first you should understand What is Matic? And how it performs, and you should be prepared for large price swings as cryptocurrencies are quite volatile.
- Put your money where you can afford to lose it, and make sure to build up your emergency savings and retirement account first.
Also, Polygon has a lot to offer. Investors should keep an eye on Polygon's competitors' behavior as well as the adoption of Eth2. There is still a lot to play for in this area, and no one knows how things will turn out.
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