The Matic network, currently known as Polygon, was discovered in India by Anurag Arjun, Jayanti Kanani, and Sandeep Nailwal. It is an easy and well-structured platform to use, which is powered by the Ethereum token for scaling and infrastructure development. It consists of Polygon SDK framework as the core component, to build multiple application types that enable decentralised payment solutions. Moreover, the development of Polygon is focused on supporting an ecosystem of multi-chain Ethereum.
How Polygon aids Ethereum
The Polygon has been incorporated by the first crypto billionaires of India. They were the first to realise the key issues, such as network bottlenecks and high gas fees related to Ethereum, through the white paper of Polygon. The founders united to form a team with a vision of creating a seamless and borderless world, as they were assured they could efficiently run it on an Ethereum chain.
Moreover, Ethereum is transformed into a full-fledged multi-chain system (Internet of Blockchains) effectively by Polygon. Other tokens, such as Avalanche, Cosmos, Polkadot, etc., operate on a similar multi-chain system and benefit from the security and ecosystem of Ethereum.
Polygon operates on Ethereum’s network, and with the presence of Layer-2 solution, its primary blockchain can be dysfunctional without affecting its operability. Along with this feature, traffic and user transactions are intelligently diverted to Polygon through its side chains, which are free of computing power.
Uniqueness of Polygon
Polygon functions on the Plasma framework, which is a more customised version built on proof-of-stake checkpoints running through the main chain of Ethereum. Through this technological setup, up to 65,536 transactions per block can be achieved by each of the side chains of the Polygon.
Moreover, being self-described as a Layer 2 scaling solution, the MATIC project does not require upgradation to the existing basic blockchain layer anytime soon. The project is ultimately focused on reducing the complexity of transactions and improving the scalability of the blockchain.
The Polygon network is working towards extending the support of the base chains from a single Ethereum base chain support as per the suggestions from the community. As a result, the Polygon would be a Layer 2 interoperable blockchain platform.
The Rise of Polygon
Polygon was one of the top gainers in 2021. The price in January 2021, fuelled from $0.01, bumped up to an all-time high of $2.92, by December 2021. Polygon gained a buzz within the crypto community in the past year due to some other reasons as well.
Polygon, in partnering with Seven Seven Six of Alexis Ohanian’ launched an initiative of $200 million for backing social media and Web3 intersectional projects. In addition, US-based fantasy sports betting company, DraftKings, also has upcoming plans for launching an NFT marketplace on Polygon.
Also, the apps that are developed on the Polygon have increased immensely from 30 and reached 3,000 within a year. As a result, one of the biggest exchange platforms of the world, Coinbase, has announced the idea of integration of Polygon PoS and turning it into their maiden scaling solution.
There have been cryptos that Polygon has been working on, such as Polygon Studios, DeFi, DAO, DApps, Web3, and the NFT arm of the network through their development team. One of the biggest NFT marketplace in the world, OpenSea also integrated with Polygon recently.
Moreover, the Polygon network has partnered on projects based on blockchain scale-up with various governments for data related to COVID19. In addition, the scaling solutions from Polygon have been incorporated by more than 400 applications in 76 million transactions having approximately 790,000 unique users.
Where to buy Polygon from?
From contributing majorly to the development of the Ethereum ecosystem, MATIC is a popular DeFi focused online exchange. MATIC token is available on a number of major exchanges for buying, selling, and trading. Here are a few-
- Coinbase Pro
- Huobi Global
For checking the Polygon (MATIC) price live today, you can get on CoinMarketCap. It also offers a converter feature to check the price in your choice of fiat currency.
Performance of Polygon and price prediction 2022
Polygon’s Matic token has an estimated supply of 10 billion tokens, out of which more than 23% have already been released by the network, and the rest of the tokens will be in circulation by the end of December 2022.
The growth of the Polygon network’s MATIC tokens has been significantly faster, probably 2x of the growth rate, than the other prominent cryptoassets like BTC and ETH. Today’s polygon price has skyrocketed. The current MATIC to INR rate is 113.83, up 7.5 percent from yesterday.
Compared to other digital projects offering layer 2 scaling solutions such as OMG, CELR, and LRC. Polygon is the oldest and the only upward trend on the Ethereum network based on market capitalization.