Comprehensive Overview of MATIC


USD 0.93  0.03  3.33%   

The definition of the word cryptocurrency refers to a digital or virtual currency that uses cryptography, rather than banks and the financial system, to validate transactions. The first successful cryptocurrency was created in 2009, and since then, the technology has advanced considerably, resulting in more than 1,000 different types of cryptocurrency currently being traded on exchanges. Polygon is one such currency; this article will provide an overview of Polygon and help you decide whether it's worth investing in or not.

Published over three months ago
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Cryptocurrency markets can be volatile, and prices may quickly change. However, investing in Polygon may be a wise decision in the long run. Polygon is a project that is constantly evolving and improving upon itself. The team behind Polygon is passionate and committed to their cause. As more people become aware of cryptocurrency and begin to invest, the price of Polygon will likely increase. When considering investing in any cryptocurrency, it is essential to do your research.

Watch out for price decline

Please consider monitoring MATIC on a daily basis if you are holding a position in it. MATIC is trading at a penny-stock level, and the possibility of delisting is much higher compared to other cryptos. However, just because the crypto coin is trading under one dollar, does not mean it will be marked for deletion. Most crypto exchanges require tokens, such as MATIC to be traded above a certain level of liquidity to remain listed. If MATIC crypto coin trading activity falls under a certian level, the exchange can delist it. Once the project reaches this point, they will receive an initial listing violation notice directly from the marketplace.

Breaking down the case for MATIC

Known initially as Matic Network, Polygon is a cryptocurrency for a technology platform that connects and scales blockchain networks. It connects Ethereum-based projects using the Ethereum blockchain. By using the Polygon platform, blockchain projects can improve their flexibility, scalability, and sovereignty while reaping the benefits of the Ethereum blockchain's security, interoperability, and structural benefits. MATIC is a cryptocurrency used on the Polygon network to pay fees, for staking, and for governance (stakeholders get to vote on changes to the Polygon network). MATIC can also be bought and sold on Coinbase and other exchanges.  MATIC originated from Polygon's earlier development stage. Upon launch in October 2017, Matic Network quickly rebranded to Polygon in early 2021.

How does it work?

Polygon can be compared to a faster train that still goes the same path as the regular train but bypasses some stations. Ethereum's main blockchain represents the local train in this analogy. Polygon leverages various advanced technologies to make a quick parallel blockchain and links it to the main Ethereum blockchain. One way to earn on MATIC is by staking; Polygon employs a proof-of-stake consensus mechanism to create new MATIC and secures the program.

Why is Polygon suitable for Ethereum?

Rather than competition, Polygon is reliant on Ethereum and vice versa. The purpose of Polygon is to create an infrastructure that can hold up under the increased traffic of Ethereum, given the rapid increase in mass adoption. Polygon relies more on Ethereum than Ethereum relies on Polygon. This is expected since Polygon is built on Ethereum's blockchain. Using Polygon might greatly help with the speed issue but also devalue Ethereum. That would, in turn, make it more difficult for Ethereum to see significant growth and reduce user interaction in certain places. To be more precise. Polygon improves Ethereum, thus increasing the number of users of the Ethereum blockchain. Thus its value will rise despite the potential for total value locked (TVL) to be stolen from Ethereum.

Where can I buy MATIC?

Based on where you live, you can purchase, send, and receive MATIC if you sign up with Coinbase and other major crypto marketplaces. Since MATIC is an ERC-20 token issued on Ethereum, it can also be purchased using a variety of decentralized exchanges such as Uniswap and Sushiswap. You can also exchange assets between Ethereum and Polygon via the official Polygon Bridge.

Polygon's Advantage

Fast transaction processing: Through a consensus mechanism that completes the confirmation process in one block, Polygon maintains fast transaction processing speeds. Processing blocks in Polygon takes an average of 2.1 seconds.

Low transaction fees: With a typical transaction fee of around $0.01, Polygon keeps its fees for using the platform low.

Polygon's Disadvantage

Not an autonomous blockchain: Polygon is a layer two solution for Ethereum. If Ethereum experiences disruptions or ceases to exist, Polygon's value will likely decrease significantly.

Limited Use: MATIC is designed to pay transaction fees and govern and secure the Polygon platform. Since MATIC is not used for everyday purchases, it is not comparable to other digital currencies.

Editorial Staff

This story should be regarded as informational only and should not be considered a solicitation to sell or buy any financial products. Macroaxis does not express any opinion as to the present or future value of any investments referred to in this post. This post may not be reproduced without the consent of Macroaxis LLC. Macroaxis LLC and Aina Ster do not own shares of MATIC. Please refer to our Terms of Use for any information regarding our disclosure principles.

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