Skip to content
logo
  • Cryptocurrency
  • Finance Tips
  • Investing
  • Make Money Online
  • Work From Home
  • Quiz
  • About Us
  • Privacy Policy

What is Matic?

Posted on April 30, 2022March 14, 2022 By Stuti Patni No Comments on What is Matic?
Cryptocurrency

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.

History

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.

Current Price

You can check the current price of MATIC here.

Features

Some of the features of MATIC include:

  1. 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.
  2. 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.
  3. 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.
  4. Its main goal is to create a foundation for blockchain networks. Instead of being completely separate, users could set up blockchain networks that connect.
  5. Fees, governance and staking are handled through the Polygon token.

Importance

MATIC is important to Ethereum for the following reasons:

  1. Matic is compatible with the Ethereum Virtual Machine (EVM). And Polygon is easy to use for developers who are used to working with Ethereum.
  2. MATIC tokens can be used to vote on polygon improvement proposals and participate in network management.
  3. 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.
Tags: Crypto Cryptocurrency Investing

Post navigation

❮ Previous Post: IPO or M&A? How Venture Capital Shapes a Startup’s Future.
Next Post: When should you retire or start collecting Social Security? ❯

You may also like

Cryptocurrency
Beginner’s Guide: Decentralised Finance (DeFi)
October 16, 2022
Cryptocurrency
Can You Generate Cryptocurrency?
May 7, 2022
Cryptocurrency
What are Crypto Banks?
July 5, 2022
Cryptocurrency
How to Become Eligible for Token Airdrops
October 9, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

You may also like:

  • What is RBI’s Digital Rupee?
  • Top Money Management Apps
  • Loan Settlement and How Does It Affect Your Credit Score?
  • How to avoid the Debt Trap?
  • Essential Tips for Money Management
  • Buy Now Pay Later vs Personal Loan vs Credit Card
  • Google Pay: Check Limit On Daily Remittance Across India
  • Tax Saving Bank FD Vs Post Office TD: Where Should You Invest To Earn High Returns?
  • Exhausted Section 80C? Here Are Other Ways To Save More Taxes
  • LIC IPO 2022
  • What is FIRE- Financial Independence/Retire Early
  • Beginner’s Guide: Decentralised Finance (DeFi)
  • How To Choose The Best Term Life Insurance Policy?
  • How To Buy, Sell and Gift Digital Gold Through Airtel Payment Bank?
  • What Elon Musk would do with Twitter
  • What Can You Do in Decentraland’s Metaverse?
  • Investing lessons from Raamdeo Agrawal
  • How to Calculate Your DeFi, NFT, and Airdrop Taxes for 2022
  • How to Become Eligible for Token Airdrops
  • Investing tips from V. Vaidyanathan
  • Cryptocurrency
  • Finance Tips
  • Investing
  • Make Money Online
  • Work From Home
  • Quiz
  • About Us
  • Privacy Policy