4.1 k views

The Beginner Guide to Polygon (MATIC)

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:

  1. 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. 
  2. 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. 
  3. 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. 
  4. 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:

  1. 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.
  2. 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.
  3. Complete your Polygon purchase.

Closing Words

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

Polygon live price
price change

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.

Stay up to date with our latest articles

More posts

Cryptnox Presents New Key Management Solutions for Consumers and Businesses

The team at Cryptnox has a clear plan to change how individuals and businesses manage their cryptocurrencies. Focusing on convenience and security, their crypto-innovative hardware wallet solutions cater to the needs of both consumers and businesses.  Cryptnox changes the way key management works, offering a seamless experience for consumers and providing a crypto-friendly solution for businesses. This Swiss-based company is establishing itself as a trusted name in the ever-evolving world of blockchain technology.  Reimagining Key Management in the World of…

Bitcoin Vault (BTCV) Announces Listing on the P2B Crypto Exchange

The team behind Bitcoin Vault (BTCV) is happy to announce the listing of their token on P2B. As one of the top-rated crypto exchanges in Europe, BTCV’s listing announcement has created excitement in the crypto community. The operation marks a pivotal moment for BTCV, solidifying its market position and highlighting its innovative ecosystem. BTCV offers a secure and innovative 3-Key Security Solution for transactions. With its listing on P2B, users can access this groundbreaking technology for their trading needs.  Why…

WMA: Bitcoin Nears $40K as the Market Prepares to End 2023 on a High Note

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,48 trillion. Bitcoin increased by nearly 5% to reach around $40,000. Ethereum is up by almost 4% to cement its price above $2,100. XRP lost almost 1% in value this week. Almost all altcoins are trading in the green, with some exceptions. The DeFi sector increased the total value of protocols (TVL) to around…

Orca Uprising Announces Official Presale Launch on December the 20th

The Orca Uprising team is proud to announce the official launch of their presale on December the 20th at 13:00 pm UTC.  With its ambitious tokenomics and roadmap, this project plans to make waves in the crypto community. From staking rewards to NFTs and top-tier exchange listings, Orca Uprising will have a busy schedule for crypto enthusiasts. What the Upcoming Presale Means for Crypto Enthusiasts The Orca Uprising introduces a novel perspective in the crypto sphere. The project transforms the…

WMA: Bitcoin Challenges $38K, Changpeng Zhao Leaves Binance

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,44 trillion. Bitcoin increased by over 3% to reach around $37,700. Ethereum is up by nearly 7% to climb above $2,000 again. XRP added almost 4% to its value this week. Almost all altcoins are trading in the green, with some exceptions. The DeFi sector increased the total value of protocols (TVL) to around…

GhostDAG.org Is Placing a Big Bet on KASPA

GhostDAG.org (GDAG) recently announced their acquisition of $350,000 worth of Kaspa Miners. The group is on the verge of scaling the operation to the $1,000,000 mark in their colocated Mining DC, now open for institutional inquiries for Mining as a Service. The operation removes the cumbersome tasks of managing IT infrastructure and associated OpEx by allowing for hassle-free Kaspa (KAS) exposure at a nominal fee. Customers can leverage the top-grade mining facility and pool in the hash to maximize KAS…

ELLIPAL Titan 2.0 Cold Wallet Review – Air-Gapped, Dual Layer Defense for Your Crypto

The ELLIPAL Titan 2.0 wallet just came out and is already a sensation among crypto users. The cold storage device is vastly improved from its predecessor with top security features, including air-gapping, anti-tamper, anti-disassembly, and the newly added CC EAL 5+ Security Chip for enhanced dual-layer protection. With new support for 24-word seed phrase generation, ELLIPAL Titan 2.0 is ready to compete with the market's most popular offline crypto wallets. Users can rely on it to store and manage over…

Libertum Launches Innovative Real Estate Investment Platform: Democratizing Property Investment

Today marks a significant milestone in the world of real estate and blockchain technology as Libertum introduces its groundbreaking platform. This innovative approach is set to change how people invest in real estate, cutting out intermediaries and making it accessible to everyone, regardless of their financial situation. Libertum’s RWA ecosystem unleashes new opportunities to everyone Unlike traditional methods, Libertum's asset tokenization will allow anyone to invest in real estate and own a share of rental income, streamlining peer-to-peer transactions and…

The 2024 Guide to Top 11 Crypto Marketing Agencies

Understand the Importance of Crypto Marketing Agencies In the dynamic world of digital currency, understanding and leveraging the power of specialized marketing is pivotal. As cryptocurrencies, NFTs, and blockchain technologies reshape our financial landscape, partnering with a proficient crypto marketing agency can be a game-changer for projects aiming for prominence. This is especially true in 2024, as the industry becomes more competitive. Let's delve into what makes these agencies indispensable. Tips for Choosing the Right Crypto Marketing Agency When exploring…

WMA: Bitcoin Back to $36K and Altcoins Retreat Amid Market Contraction

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,39 trillion. Bitcoin decreased by over 1.5% to reach around $36,000. Ethereum is down by nearly 5%, dropping under $2,000. XRP lost over 8% in value this week. Almost all altcoins are trading in the red, with some exceptions. The DeFi sector decreased the total value of protocols (TVL) to around $45 billion. Crypto…