More than 50% of European families have some investment in digital currency. The average European family sees crypto as a viable investment and savings option. This was discovered in several recent surveys conducted over different demographic areas. Despite the volatility of the crypto space, as recent events highlight, it has seen a continuous rise in new investors. More people are committing to crypto investments and many of them are taking steps to buy into the growing market. The flurry…
This article aims to give you a beginner’s guide to Polygon. By the end of this article, you will have a better understanding of the following:
- What Polygon is?
- What Polygon offers?
- The solutions Polygon offers to common blockchain problems.
- You will also understand how to buy Polygon Matic tokens.
Polygon In a Nutshell
The idea for Polygon originated from the original Matic network, which acted as an effective scaling solution.
Polygon (Matic) network is a highly secured Ethereum-based layer 2 solution blockchain network, meaning Polygon excels in scaling blockchain transaction capacity. By scaling blockchain transaction capacity, it means the speed of transactions improves. The amount of transactions handled by each blockchain also increases to an unprecedented amount. While scaling blockchain transaction capacity, This platform promises to do this retain decentralization benefits.
Polygon has expanded on the original Matic aim by becoming a decentralized open-source project that combines the original idea of offering effective scaling while handling an unprecedented amount of transactions with immediate effect on a single blockchain.
One decentralization benefit is security. In today’s centralized society, it makes everything online prone to attacks or manipulation. Overcoming these security threats would be possible if using the secured chain network where professional validators offer a service that helps improve security.
While the secured chain does improve protection, you do lose a certain amount of independence. The other option for users is the standalone chains. Opting for this chain will provide sovereign networks that give users more control, all be it, with a diminished security level. Increasing security is still a possibility on the standalone chain. It’s just more challenging to implement.
What is Matic?
A vital long-term asset for Polygon is its Ethereum token (Matic token). It is tipped by many to become another form of payment in the future. The Matic token is vital to Polygon and its users. It helps this platform to secure the system and enable governance.
Polygon has undoubtedly improved the overall vision of the original Matic project.
This project continues to grow and become more popular due to the unprecedented transaction speed it provides. At this moment, it can process 65,000 transactions per second on a single blockchain.
Polygon allows developers to combine the best elements of standalone blockchains, such as flexibility and scalability, with the best parts of Ethereum, such as security and developer experience.
How Does Polygon Work?
Polygons architecture consists of four layers:
- Ethereum layer, this layer takes care of finality, stalking, disputes, and messaging. By accessing this optional layer, Polygon chains (Application) can use Ethereum as its base layer and build off that and make the most of Ethereum’s high security.
- Security layer, this layer in the platform’s architecture is also optional. The security layer allows all the chains to use a set of validators. These validators can check any Polygon chain and its validity for a fee, thus increasing security further.
- The polygon networks layer is mandatory in the architecture. The Polygon networks layer consists of sovereign blockchain networks and is responsible for transaction collation, consensus, and block production.
- The execution layer is responsible for executing transactions in all the platform’s chains. It is responsible for the execution environment itself and the logic. An execution layer is a mandatory option that oversees all transactions are processed safely and speedily and delivered to the right places for all Polygon chains.
Once a part of Polygon, developers can access the blockchain’s template and build their scaling solutions. By doing this, they will be able to better cater to their customer’s needs. Using this chain will enable developers to make performance a priority. The overall user experience will be increased mainly due to the fast transaction speeds that Polygon offers.
The introduction of the app and wallet connect support has further enhanced the overall user experience. Another feature that sets Polygon apart from its competition is that assets within different sidechains and blockchains can be managed through this platform alone.
Why You Should Join Polygon
The long-term goal of Polygon is to create a hub where users can plug in and interact with decentralized products. This project aims to provide a platform for all blockchains to interconnect instead of being walled off from each other.
The project’s goal, if successful, would change the customer experience for everyone. It would cut out the middle man and allow the users to go directly to the companies providing the service, which helps the company keep more profits and enables a more well-rounded and seamless customer experience.
If you’re thinking of joining Polygon, you must understand more about this platform. Outside of this platform, transaction fees (Crypto gas) are very high. Ethereum gas is the oxygen of the Ethereum world. One of the main benefits of joining this platform is that they list zero gas as a feature benefit.
Since its inception in 2017 (then as Matic), the Polygon token has grown by a staggering 16,000%. It’s native token is currently trading at $1.53 per token. Some experts are saying, this coin will be back trading above $2 per token by the end of the year. At the start of this year, Polygon was trading at around 4 cents per token. This growth in less than a year shows what an attractive investment opportunity it is.
Looking at its growth this year and projected growth, many industry experts are predicting Polygon in the future will be used in a multitude of ways, including as a method of payment.
It is impossible to know how Polygon will be trading as 2021 ends. However, with its improved user experience and instant transaction promise, it’s difficult to see anything other than this platform increasing in value.
How to buy Polygon (MATIC)
If at this stage you have decided Polygon is for you, then we have three vital steps you should follow before you purchase Matic tokens:
- Open an account on an exchange that supports Matic. Don’t forget to pick a reputable exchange platform that is legal to use in your country. You will need to provide proof of identification to complete the signup process.
- Deposit funds into your account with a debit card, credit card, or PayPal. You can also deposit cryptocurrency from a crypto wallet to buy Polygon.
- Complete your Polygon purchase.
Polygon is revolutionizing the blockchain community by offering scaling solutions in line with the original Matic aim. This platform is also relieving the issues experienced with Ethereum by offering instant transactions at an unprecedented amount and with no transaction fees.
As mentioned, they aim to provide a central hub for all blockchains to be interoperable instead of being walled off from each other. The essential benefit for customers will be, the overall customer experience will continue to evolve and become more efficient.