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What is Matic and Why is it Important?

Matic is a cryptocurrency that has just surpassed all previous benchmarks in terms of popularity. Providing an alternative to Ethereum that is less expensive and more user-friendly, the framework serves as a foundation for the emergence of new blockchain-based enterprises. In this post, we’ll look at the advantages of Matic and how it solves Ethereum’s problems.

What is Matic?

In addition to being a cryptocurrency, Matic Polygon is also an Ethereum token that is used to operate the Polygon Network. Solutions for scaling multiple Ethereum chains are implemented. Matic Network, formerly known as Polygon, is the final framework designed to improve interoperability between the parent blockchain and other networks that are compatible with it by utilizing distributed ledger technology.

The Polygon coin has had a considerable surge in traffic during its last stage of development. According to estimates, MATIC will be a worthwhile financial investment in 2021. In addition, you may anticipate receiving further preferences in the future, as described above.

Since its inception, Polygon has established itself as a well-known cryptocurrency company. Polygon has recently joined the Bitwise 10 Large Cap Crypto Index (BITX), which measures and weights the performance of the top 10 crypto assets by market capitalization in free float.

Advantages of the new cryptocurrency

It is worthwhile to consider the most significant advantages of Polygon Matic:

  1. In contrast to Bitcoin and Ethereum, the Matic Polygon coin is not adversely affected by high transaction costs because of congestion.
  2. It is an open-source platform that provides developers with the tools they need to build an autonomous network or a secure sidechain that makes use of smart contracts and the security provided by the Ethereum network, among other things.
  3. Matic, comes with promising future potential, has a significant market capitalization. The value of the digital currency founded by three Indians has exceeded the $10 billion mark in terms of market capitalization.
  4. According to Coinmarketcap.com, it is now one of the world’s top 20 most valuable cryptocurrency tokens at the time of writing.
  5. In March of this year, Coinbase, a publicly traded business on the Nasdaq, began trading the Polygon cryptocurrency.
  6. Polygon is a collection of side roads that developers can utilize to construct apps on the Ethereum blockchain in a more efficient and cost-effective manner than before. This is a tremendously helpful network.

Right now, the most technologically advanced cryptocurrencies with the most beneficial applications are the most important factors in determining success in the cryptocurrency market

Rise of the Popular Cryptocurrency

Polygon (formerly known as Matic) is a blockchain scalability platform that was founded in 2017 by Jaynty Kanani, Sandeep Nailwal, and Anurag Arjun. It was created to solve the high transaction prices and slowness of Ethereum, the second largest cryptocurrency on the market in terms of market capitalization.

It is worth noting the achievements of the new cryptocurrency in the reputational field:

  1. Polygon is a feature provided by WazirX. Clients from all over the world can trade on this exchange, which is one of the most reputable in the business. It uses the Polygon (MATIC) trading system. This exchange is a member of the Binance group, which ensures that it will provide a high level of service.
  2. Polygon Network’s second layer scaling gained popularity, allowing Matic tokens to avoid the fate of other digital currencies when Bitcoin’s price collapsed in May.
  3. According to a June analysis from analyst firm IntoTheBlock, Matic has been able to weather the ill effects of increasing Polygon usage, systemic congestion, and high fees that have hampered Ethereum’s dominating blockchain.

What is Polygon?

Ethereum is the platform of choice for blockchain development , but it has significant limitations, which are noted in customer reviews:

  • slow work;
  • delays in PoW implementation;
  • lack of sovereignty (common performance/clogging risk, individual tech stack, governance dependency).

Many projects are investigating Ethereum-compatible blockchains as a means of circumventing these constraints. There is, however, no infrastructure for establishing such blockchains, nor is there a mechanism for connecting them. This causes major issues for development and leads to ecosystem fragmentation.

Polygon, a protocol and framework for creating and linking Ethereum-compatible blockchain networks, is another option.

Main advantages:

  • Ready-made blockchain networks can be implemented with a single click.
  • a growing collection of modules for creating your own networks.
  • a protocol for sending messages with Ethereum and other blockchain networks.
  • Modular and optional security as a service.
  • Modules that are adaptable and allow interaction with current blockchain networks.

Functionality

Polygon combines the finest features of Ethereum and sovereign blockchains into a visually appealing feature set.

Main functions:

  1. Industry domination: a well-established technological stack, tools, languages, standards, and enterprise use all contribute to ETH compatibility.
  2. Scalability: dedicated blockchains, scalable consensus methods, and Wasm runtimes that can be customised.
  3. Security: Modular “as a service” security provided by Ethereum or a group of professional validators.
  4. Sovereignty: dedicated performance/resources, fully customizable technology stack, independent management.
  5. Compatibility: built-in support for passing arbitrary messages (tokens, contract calls, etc.). Connection with external systems.
  6. User Experience: Comparable to Web2, immediate (deterministic) transaction completion.
  7. Developer experience: equivalent to Ethereum, does not require knowledge of the protocol, token deposits, fees and permissions.
  8. Modularity: high degree of adaptability, extensibility and upgradeability, short time to market, collaboration within the community.

Development plans

The Matic cryptocurrency has the most promising development prospects. The company’s optimistic mood is based on accelerated integration into gaming platforms. The success of joint projects is based on a low transaction fee, which makes the cryptocurrency quite competitive. 

At the same time, many gaming resources from Europe to Asia are already interested in cooperation with Matic. Cryptocurrency is gradually becoming a global means of financing.