WTF IS POLYGON (MATIC)?
The future is always interesting and there are many reasons to be excited about it. It will really make for interesting concepts and a quicker way of completing the things that they need since it is something that will really make for a better way of life online.
Cryptocurrencies have been taking the world by storm for the last decade. It seems that every day we're learning about a new virtual currency or a new trading platform. This means there are a lot of unique ways for investors to get involved and earn a profit. Today, we're going to take a look at just one of those ways: The Polygon protocol.
What Is Polygon?
At its core, Polygon is a framework and a protocol. It is specifically used for building Ethereum blockchain networks. It is an open-source framework, which means that any tech-savvy developer with enough drive can get their hands on the code and develop a blockchain network that changes the market. It is an incredibly powerful and exciting opportunity for developers and investors alike.
Originally known as the Matic Network, Polygon was designed with the intention of overcoming some of Ethereum's well-known weaknesses. Those weaknesses include the sub-par user experience, the often-delayed transactions, and the unfavorable throughput. The Matic Network was an excellent first step towards overcoming these weaknesses, but Polygon has taken those improvements even further by stepping away from the standard scaling operation style.
The Polygon architecture contains four unique layers. They are:
1. Ethereum Layer
2. Security Layer
3. Networks Layer
4. Execution Layer
The first two layers can be considered optional. The first utilizes Ethereum smart contracts to handle transactions and staking. The second layer runs alongside the Ethereum code to provide validation as a measure of security. The third layer consists of the various Polygon blockchain networks with individual functions. The final layer includes the Polygon Ethereum Virtual Machine that is used when finalizing smart contracts.
All four of the layers work together to create an excellent model that can be used regularly and safely. This ensures that a person's personal information is definitely protected all of the time. The security level is so important because it deals with what people are using for the program and it takes them a long time to make the money that they make. Since people are proud and they want to have the convenience that this will provide for them, they are interested in trying it out. It's crypto that makes a lot more sense than the rest and the people that are using it are benefiting from it in a lot of ways.
Why Is Polygon Exciting?
Polygon presents such an exciting opportunity because of its sheer flexibility and potential. The protocol functions as a core platform that can be further customized to launched fully functioning blockchain networks. Over the coming years, we will undoubtedly see a variety of Ethereum blockchain networks launched which use the Polygon framework at their core.
Every blockchain network launched with Polygon can be customized to the individual needs of the developer. We will begin seeing highly efficient blockchains with unique functionality and specific goals in mind. This is in stark contrast to the cookie-cutter networks we see emerging (and often failing) on the market today.
Another element that makes Polygon such an exciting potential is the idea of saving money. Who doesn't like saving money? With Polygon, users can make faster and cheaper Ethereum trades through the utilization of sidechains. This massive network of sidechains is sometimes referred to as the Internet of Ethereum Blockchains.
Polygon may already feel like a highly refined product but there are still many improvements and additional features planned for the future. For example, they are currently working on a feature that can bundle large groups of off-chain transactions into a single transaction. Another planned feature is referred to as "Optimistic Roll-Ups", and its intended purpose is to provide users with transactions that happen almost instantly.
Polygon's Token Governance Model
Polygon is currently still utilizing the original utility token from the Matic network, which is known simply as the MATIC token. This particular token is used for a variety of important functions inside of the growing Polygon ecosystem. Most notably, it is used in governance by voting on Polygon Improvement Proposals(PIP).
A PIP is a specific document that describes a new Polygon feature or provides useful information to the community of Polygon users. The creator of the PIP tracks community opinions and the overall consensus regarding the documented improvement. The MATIC tokens are used when voting on a particular PIP. A single token is equivalent to a single vote.
Who Is On The Team?
Polygon was created in 2017 as a Polygon is completely open-source project that has contributors from around the world. The team that launched the project are all Indian software engineers. They are Anurag Arjun, Sandeep Nailwal, and Jaynti Kanani. The team has grown considerably over the last year and they are actively seeking new members. We will undoubtedly see more great minds come on board and contribute to the Polygon ecosystem. Over time, the system will only become more effective, reliable, and efficient.
They worked diligently on this project because they had a vision that they believed in. They wanted to create something that would make sense for the general public to want to use and they are using it. When they work together, they have a great way of dealing with each other and therefore, the end product comes out very well. They have made such a great project that works by working on it together and it is so impressive that the billionaire Mark Cubain has invested in it.
Who Has Funded The Project?
A number of well-known finance companies and tech investors have already placed their stake in Polygon. Companies like ZBS Capital and Coinbase helped fund the project during the earliest months. Recent time in the spotlight has attracted even more high profile investors. Most notably, billionaire Mark Cuban recently invested an undisclosed amount in the project. This news came as the platform disclosed stats claiming adoption in more than 250 apps with more than 76 million transactions in its log.
Funding will undoubtedly continue to roll in as the project is refined and improved over the following years. Investors who are interested in a strong, scalable cryptocurrency solution understand that Polygon is simply the best in the business. The company has very few competitors and the services they provide pale in comparison to the flexibility and power that Polygon provides its users.
This increase in funding has led to some exciting fluctuations in the value of the MATIC token. At the beginning of the year, it was estimated that MATIC would end the year near a value of $1. However, the token has already peaked well beyond that at a value of $2.62 in the middle of May 2021. That value slowly equalized and is currently sitting at $2.05. It's clear that the token will end well beyond the original estimate by the end of the year.
How To Participate In The Network?
We couldn't possibly blame you if you were interested in taking part in the Polygon network. It's an exciting and fast-growing ecosystem with a lot to offer. Luckily, it's easier than ever for cryptocurrency coin holders to get involved. Many products already support Polygon and work hard to make the transaction seamless. Most coins can be transferred in little-to-no time at all. And if you don't already have a virtual wallet you can get involved with most standard currency trading platforms.
Most people are already into the Ethereum Wallet where they already have funds in it. What they need to do in order to deposit and withdraw is to switch over to the Matic Wallet. Once they have switched over to the Matic Wallet, they will be able to do their necessary transactions in a very easy format. This way, they will be able to do what they need to do with their funds and it will be easy and efficient for them.
Making Life Easier
When people want to think of making their lives easier, this is one of the ways to do it. Everything is done online and they will be able to deposit, withdraw, and buy things that they need. Since this is so convenient and easy for people to do, they know that will add to the other things that make their lives easier and better. It gives them hope for the future. This is what is needed now and in the future so that people have the ability to do what they need to do when they need to do it.
Using crypto is convenient and easy to do. It makes people's lives so much easier. That is one of the reasons why so many people invest in it because it is there to help people and not to hurt them. Many investors find that it is one of the best investments that they could make especially in troubled times. Since all of this matters, this is one of the best ways for people to make their lives easier. They will love how much that they can do with it and if they want to invest in it, they can.
🙌 Web3 based IDO Platform, Poolz is now coming to Polygon to enable cost-efficient transactions!— Polygon (previously Matic) (@0xPolygon) June 3, 2021
🚀 Now, @Poolz__ users can stake POOLZ and claim their IDO allocations at extremely low costs #PoweredbyPolygon.
🌐 Learn More: https://t.co/XUtxPhwB1o pic.twitter.com/wfp9WoCyux