Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain, enabling fast transactions and low fees. MATIC is the network’s native cryptocurrency used for fees, bets and more. You can buy or sell MATIC through exchanges like Coinbase.
Polygon has its own cryptocurrency called MATIC, which is used to pay fees on the Polygon network, for staking, and for governance (which means MATIC holders can vote on changes to Polygon). You can also buy and sell MATIC through Coinbase. and other exchanges.
The name MATIC comes from an earlier development phase of Polygon. After launching as Matic Network in October 2017, developers changed the name to Polygon in early 2021.
Polygon, formerly known as Matic Network, is a scaling solution that aims to provide multiple tools to improve the speed and reduce the cost and complexity of transactions on blockchain networks.
At the heart of Polygon’s vision is Ethereum, a platform that hosts a number of decentralized applications where you can join virtual worlds, play games, buy art, and access a variety of financial services. However, so much activity on its blockchain has rendered Ethereum almost unusable as transmission costs increase and traffic becomes congested.
Enter the polygon. In short, Polygon bills itself as a Layer 2 network, meaning it acts as an additional layer to Ethereum that doesn’t attempt to alter the original layer of the blockchain. Like its geometric namesake, Polygon has many sides, shapes, and uses. promises a simpler framework for building interconnected networks.
Polygon aims to help Ethereum grow in size, security, efficiency, and utility, and inspire developers to bring compelling products to market faster. After the rebrand, Polygon retained its MATIC cryptocurrency, the digital currency underpinning the network. MATIC serves as a payment and settlement unit between the participants interacting in the network.
You can check the current price of MATIC here.
Some of the features of MATIC include:
- It offers performance-enhancing blockchain technologies like sidechain, which was one of the first things it offered to improve performance. Transactions are processed faster and the fee is significantly lower.
- It is compatible with Ethereum Virtual Machine (EVM). Since Polygon supports EVM, developers can easily port their applications. Aave and SushiSwap are two of the popular Ethereum applications already implemented on Polygon.
- Other blockchain networks like Ethereum 2.0 may present certain difficulties. Polygon is one of the blockchain network projects under development to avoid these challenges. Polkadot and Avalanche also offer interconnected blockchains.
- Its main goal is to create a foundation for blockchain networks. Instead of being completely separate, users could set up blockchain networks that connect.
- Fees, governance and staking are handled through the Polygon token.
MATIC is important to Ethereum for the following reasons:
- Matic is compatible with the Ethereum Virtual Machine (EVM). And Polygon is easy to use for developers who are used to working with Ethereum.
- MATIC tokens can be used to vote on polygon improvement proposals and participate in network management.
- Polygon has a security layer that can be toggled on or off, allowing sovereign platforms to forgo additional protection while maintaining their freedom and flexibility.