Ethereum is a great platform, but it always had some issues like low throughput, limited options for developers, and a high gas fee per transaction. And in 2016, three Indian developers Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun sought to find a solution to Ethereum’s problems which resulted in the creation of Matic. Matic later rebranded to the Polygon Network. Even after the rebranding, their coin is called Matic.
Polygon is a Layer-two(L2) scaling platform that allows Ethereum based applications to tackle Ethereum’s problems. While at the same time, Polygon leverages the security Ethereum has. The primary aim of the platform is to increase the use of Defi tons and applications by basically connecting blockchains.
The network currently holds over 3000 decentralized applications of which 80 big names migrated from the Ethereum main chain.
Polygon is very similar to Ethereum. Developers that create useful tools can move them from Ethereum to other EVM(Ethereum Virtual Machine) blockchains like Polygon to increase their reach and usage.
Proof Of Stake
The Polygon uses the Proof Of Stake chain, simply a side chain to Ethereum, utilizing the Proof of Stake consensus mechanism. There are a few other changes to this side-chain, making it way faster. This way the network can handle way more transactions. And this makes it more affordable to the end-user.
The core idea behind the Polygon network is to equip developers with user-friendly and flexible tools.
- As Polygon was made to improve the Ethereum blockchain, it provides much faster transactions. The network can handle up to 65,000 transactions per second.
- The Polygon network has many use cases and is scalable to as many users.
- The per-transaction fee is low compared to Ethereum.
Should You Invest?
Matic’s current price is $2.53. And for a few hundred dollars, you can get a lot of coins in your portfolio. The idea behind Polygon Matic is simple, to solve the problems present in the Ethereum blockchain. And this makes it a good bet to invest in. Its market cap is around $18,004,301,717 and will rise in the future. The company has also partnered with companies like Foster Defi to enhance Bitcoin functionality.