- What is Polygon MATIC?
- How does Polygon Blockchain works?
- Key Attributes of Polygon MATIC
- Technical Indicators to consider before investing in MATIC Coin
- Polygon MATIC Coin Price Trends
- Where & How can you invest in MATIC Coin?
The popularity of Polygon’s MATIC token stems from Polygon network’s objective of developing solutions to some of Ethereum’s major challenges, such as high fees, low transaction speed, and a poor user experience. The MATIC coin was created with a 10 billion maximum supply, out of which 76% is already in circulation.
What is Polygon (MATIC)?
Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum scaling and infrastructure development. The project aims to create “Ethereum’s internet of blockchains”, by solving scalability issues of existing blockchains, and offers developers with a set of tools to build ultra-scalable and high-performance blockchains and decentralized applications (DApps).
The Polygon team is led by its four co-founders – Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. MATIC is Polygon’s crypto token, which is largely used for paying gas fees, and participating in the blockchain’s governance.
Polygon is also the only scaling solution that supports the Ethereum Virtual Machine (EVM), which allows different blockchains to easily exchange value and information, and eliminates the technological barriers that exist between most blockchains. Polygon blockchain can process up to 65,000 transactions per second, with a block confirmation time of less than two seconds.
How does the Polygon Blockchain works?
Polygon is a blockchain that combines the Plasma Framework with a proof-of-stake infrastructure. The Plasma framework makes it simple to execute scalable and autonomous smart contracts.
The infrastructure of Polygon is divided into four layers, each of which is in charge of a separate set of functions and services. The first is the “Ethereum layer”, which is a collection of Ethereum-based smart contracts. They allow for staking, transaction finality, and communication between Polygon chains and Ethereum. The “Security layer”, which acts as ‘validators-as-a-service’, adds an extra layer of security to the chains, and is the second layer. The third layer is the “Polygon Network”, where each Polygon-developed blockchain network has its own community and is responsible for producing blocks and building local consensu. The fourth layer is the “Execution Layer”, where Polygon’s EVM is used to execute smart contracts.
There are two types of chains supported by Polygon: stand-alone chains and secured chains. Secured chains can leverage the architecture of the chain to which they are attached, to maintain their security. Stand-alone chains, on the other hand, are self-sovereign blockchains, which means they must develop their own security infrastructure.
|Polygon (MATIC) Consensus Method||Proof-of-stake|
|Use-case||The blockchain provides a set of tools that enables developers to create ultra-scalable, high-performance blockchains and decentralized apps (DApps).
The MATIC coin is used to pay gas fees and take part in the blockchain’s governance.
Key Attributes of Polygon MATIC
- Layer 2 Scaling Solution: Polygon is a Layer 2 chain, a phrase that refers to solutions which help scale an application by processing transactions outside of the Ethereum Mainnet (Layer 1), while keeping the same security and decentralization as the Mainnet. Layer 2 solutions boost transaction speed, while also lowering gas costs.
- MATIC: Polygon’s crypto token that is bought and sold on crypto exchanges is called MATIC.
- Ethereum Virtual Machine: It is the underlying technology that understands smart contracts and allows developers to interact with them. Polygon is the only scaling solution that supports the EVM, allowing different blockchains to easily exchange value and information.
- Blockchain Scaling Mechanisms: Using Polygon, one can create a wide variety of different blockchains, including Matic Plasma, zk Rollups, Optimistic Rollups, and Validum Chains, all of which are aimed to increase the transaction speed of connected blockchains while maintaining security and user experience.
- Decentralized applications (Dapps): Developers can use a set of tools provided by Polygon to build various faster and scalable applications that are known as decentralized applications. A decentralized application is also known as Dapp for short.
- Public Sidechains: Matic sidechains, unlike individual dApp chains, are open to the public, permissionless, and capable of supporting a wide range of protocols.
Technical Indicators to consider before investing in Polygon MATIC coin
|The market sentiments are pretty bearish currently due to some external factors which are impacting the crypto space negatively.||The bearish trend is likely to persist for a little longer in order to reach local support and trigger a flip. Uptrend appears to be intact.||The long term forecast is extremely bullish as the probabilities of yet another spike may be on the cards|
Additional Read: MATIC/BTC Technical Analysis
Polygon MATIC Price Prediction
Polygon MATIC price maintained a pretty silent trend since the beginning of 2021 which later intensified as Q1 was approaching its climax. Later the price surged like a monster to hit the highs very close to $3 from $0.018 levels, jumping by more than 15,500% in a couple of months. Despite the May correction, the asset maintained a notable uptrend within a consistent uptrend channel to mark highs just above $3.
In the second half of 2022, the crypto space is expected to recover from its adverse trend, and hence assets could see a decent uptrend. As a result, assuming the bear market remains passive, MATIC price may test its ATH in Q3 2022 and continue to surge to new highs by the end of 2022.
Additional Read: Polygon (MATIC) Price Prediction
MATIC Coin Current Price Trends
Polygon’s MATIC coin is used for participating in network governance by voting on Polygon Improvement Proposals (PIPs), contributing to security through staking, and paying gas fees. It is now ranked among the top 20 cryptos in the world, with a price of $1.5 per coin.
|Circulating Supply||7.56B MATIC|
Note: Metrics as of March 01, 2022, 12:20PM
Additional Read: Terra LUNA vs Polygon MATIC
How to invest in Polygon MATIC coin?
Investing in Polygon MATIC is as simple as shopping your favorite brands online with CoinDCX, India’s simplest and safest crypto investment app. Beginner in crypto? Don’t worry, we have got you covered.
- Download the CoinDCX app.
- Sign Up. (Ensure the email and password are strong enough for no breach from your end.)
- Complete the KYC (As simple as filling a Google Form).
- Transfer your INR funds (Decide on the amount you wish to begin with and transfer using UPI, Net banking, or MobiKwik).
Voila! Begin your investment journey.
*In case you are already a Pro Trader using CoinDCX Pro, use the same credentials to Log-in to CoinDCX.
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