Matic Network is a scalability solution for public blockchains. Matic seeks to address scalability and usability difficulties while preserving decentralisation, security, and the ability to utilise the existing development community and ecosystem. Matic Network is an off/side chain scaling solution for current platforms that enables scalability and a better user experience for DApps and user features. However, this begs the issue of how.
Various key components of Matic Network will be explored in this lesson on “What is Matic Network?”
What Exactly Is a Polygon?
- Polygon, formerly known as the Matic Network, is a scaling solution that aims to provide multiple approaches for increasing the speed and minimising the cost and complexity of transactions on blockchain networks.
- Polygon touts itself as a layer-2 network, which implies it is an Ethereum add-on layer that does not aim to modify the original blockchain layer.
- It has many sides, forms, and uses, just like its geometric namesake, and it promises to be an easier foundation for developing interconnected networks.
What Exactly Is Matic?
- Following the change, Polygon preserved its MATIC cryptocurrency, the digital token that runs the network.
- MATIC is the payment and settlement unit for network members, and it is also used to keep tokens secure on the Polygon network.
- MATIC is offered on a number of well-known decentralised and centralised trading platforms.
- The crypto community is banding together to make Polygon (MATIC) tokens more accessible by making them available in both fiat and crypto.
- It offers blockchain performance optimization tools such as sidechain, which was one of the first things it introduced to increase its performance. Transactions are handled more quickly, and the charge is drastically reduced.
- Its main purpose is to lay the groundwork for blockchain networks. Instead of being fully separated, users will be able to create interconnected blockchain networks.
- It works with the Ethereum Virtual Machine (EVM). Developers may easily port their programs to Polygon because it is EVM compatible.
- Other blockchain networks, such as Ethereum 2.0, may present certain challenges. Polygon is one of the blockchain network concepts being developed to address these issues.
- The Polygon token is used to handle fees, governance, and staking.
How Does Matic Operate?
- Polygon is a multi-tiered platform that aims to expand Ethereum by utilising a number of side chains to unclog the main platform in a cost-effective and efficient manner.
- Sidechains are independent blockchains that are linked to the main Ethereum blockchain and may handle a number of Decentralized Finance (DeFi) protocols.
- Polygon may therefore be linked to networks.
What Is the Importance of Ethereum?
- Matic works with the Ethereum Virtual Machine (EVM). Polygon is very straightforward to use for developers that are familiar with Ethereum.
- Polygon features a security layer that can be toggled on and off, allowing sovereign platforms to forego greater security while retaining their independence and flexibility.
- MATIC tokens may be voted on Polygon Improvement Proposals and utilised to engage in network governance.
Matic’s Cryptocurrency Market Value
- Polygon’s current price is 1.43 USD, according to Market cap.
- And the maximum supply of Polygon is 10 billion, with a circulating supply of 6.67 billion.
Is Matic a Reliable Investment?
- If you are considering investing in MATIC, you need first understand What exactly is Matic? And how it works, and be prepared for significant price fluctuations because cryptocurrencies are highly volatile.
- Put your money where you can afford to lose it, and start with an emergency fund and a retirement account.
Polygon also has a lot to offer. Investors should monitor the actions of Polygon’s rivals as well as the adoption of Eth2. There is still a lot at stake in this area, and no one knows what will happen.