This article is about Polygon and its native token, Matic. At first, you will read about its creators, supporters, unique features, goals, and road maps. Also in the following, we will talk about the wallets and official exchanges that provide this token. And finally, we will provide a complete conclusion to help you to become more familiar with this network.
What Is Polygon (MATIC)?
MATIC is an ERC-20 token, meaning that it’s compatible with other Ethereum-based cryptocurrencies. MATIC is the native token of Polygon which is used to govern and secure the Polygon network and to pay network transaction fees also protects the security of the Polygon network. MATIC token is used for various other purposes in the Polygon ecosystem, which we have discussed below.
1. Is a payment unit for the Polygon ecosystem.
2. Increase the network security by providing staking platforms.
3. To vote for any change or improvement to the Polygon platform.
Polygon, formerly known as MATIC network. In addition to increasing the scalability of Ethereum Blockchain, the Polygon platform seeks to build a platform for Ethereum Network to collaborate with Dapp applications so that developers can access decentralized applications at a lower cost and higher accessibility. Ethereum, as an extremely powerful and well-known platform, has some problems due to network congestion and high gas fees; Polygon has provided solutions to the network such as speed improvements and fee reduction, which have been able to help the Ethereum blockchain. Polygon is a platform for creating and connecting Ethereum-based blockchain networks and makes Ethereum accessible for all.
Technology, Targets, and Goals
One of the goals of Polygon is to be able to create an open and borderless world where users can interact with decentralized products and services without the need for intermediaries. Another goal is to create a hub to which different blockchains can be easily connected. simultaneously it is overcoming some of its individual limitations such as high gas fees, poor scalability, and limited security.
Consensus Mechanism, How Does Polygon Work?
Polygon uses a Proof-of-Stake (PoS) consensus mechanism for its Plasma/POS commit chains. Polygon architecture can be described as a four-layer system, which is defined below:
1. Ethereum layer: This layer contains part of the smart contracts that are executed in the Ethereum platform.
2. Execution layer: this layer executes the generated transactions in the chains of the Polygon network.
3. Polygon layer: The task of this layer is to generate blocks and integrate transactions.
4. Security layer: this is an optional layer that examines various aspects of the Polygon chain and provides security for the blockchain network.
Built By Developers, For Developers
Polygon solves blockchain-related vulnerabilities, such as high commission costs or gas fees and low speeds, without compromising security. This multi-chain system is similar to other systems such as Polkadot, Cosmos, Avalanche, etc., but has at least three major advantages that we have described below.
1. This platform can take full advantage of the facilities of the Ethereum network
2. It has a higher level of security than its competitors
3. It is more powerful.
Who Are the Founders of Polygon?
The Polygon Network, known as the Matic Network, was created in 2017 by Jaynti Kanani and Sandeep Nailwal, you can see their photos above. Their purpose in making polygons was to increase the scalability of the Ethereum network.
Jaynti Kanani is a professional and creative technology developer and architect who is currently the CEO of Polygon.
Sandeep Nailwal, Polygon’s Chief Executive Officer, is in charge of programming and entrepreneurship. Before joining Polygon, he was CEO of Scope Weaver and Chief Executive Officer of Welspun Group.
Anurag Arjun is the Chief Product Officer at Polygon and one of the co-founders of this project. He is an experienced project manager who has designed and implemented the Matic network roadmap.
Main Network (Alpha) Releasing
Permission to deposit and withdraw assets on the Ethereum platform using Matic Plasma implementation in alpha
Plasma-exchange between assets between ERC721-ERC20, ERC20-ERC20, and ERC721-ERC721 on testnet
DApps developer program (programs or platforms that are decentralized are called DApps)
Matic Wallet – Connect the wallet to DApps (for Ethereum and Matic network transactions)
Main Network Releasing (Beta)
Plasma Ethereum based asset exchange (ERC721-ERC20, ERC20-ERC20, ERC721-ERC721) main network support
General Smart Contract Support (with PoS Guarantee)
Plasma Observer Nodes
Q4 2019 & Q1 2020
Main Network Releasing
The fast exit of plasma service in the main network
Transaction and Trading without ETH – for easy movement of assets/status from Ethereum to Matic
General support for smart contract (with plasma guarantee)
Plasma – Release of NFT Marketplace platform for Ethereum assets.
Polygon (MATIC) Wallet
Where Can You Buy Polygon (MATIC)?
Please note that due to the current circumstances, you need a VPN connection to trade in the above exchanges. Also, we do not recommend choosing Binance at all as this exchange bans Iranian accounts. Kucoin Exchange can be a suitable alternative but like always please do your research.
Market Cap : $ 9,248,841,344
Circulating supply : 6.65
Total Supply : 10.000.000.000
Volume (24h) : $ 980,557,848
Rank : 22 in the market
All time high : $ 2.68
Mkt dominance : 0.42%
In this article, we evaluated the MATIC token, which is the native token provided by the Polygon platform. To summarize, the goal of the Polygon platform is to reduce transaction gas fees by increasing scalability not only in its own blockchain but also in the Ethereum blockchain . MATIC is used as a platform for smart contracts, network payments, and network security. Given the ideas that this platform has provided for blockchain networks, it seems that the Polygon (MATIC) will be the future.