- 1 Polygon Matic crypto & its network
- 1.1 What is the Polygon cryptocurrency based on?
- 1.2 Uses of Polygon Matic crypto
- 1.3 Wrapping Up
Polygon Matic crypto & its network
Polygon (MATIC) is a new generation cryptocurrency seeking to master a different level of scalability than today. This is why they chose to join the Ethereum network, whose benefits, compared to the Bitcoin blockchain, are well known. However, Ethereum has serious problems with scalability. (But they want to solve it by moving to Ethereum 2.0.).
This is why the Polygon MATIC team, formerly known as Red Matic, operates with more enthusiasm. Since the Ethereum network started presenting problems, the developers responsible for this coin have improved in various aspects. Including interoperability between different blockchains.
Now, as an ambitious project, it is important to know how safe, reliable and profitable it is. Thus we thought to present this article and keep reading to learn everything about polygon Matic crypto & its network.
What is the Polygon cryptocurrency based on?
Polygon’s proposal is to solve the scalability problem, adding a second layer of scaling elements. How is this procedure executed?: Through an implementation that makes it easy for you to perform transactions in the lateral blockchain or sidechain. This is the reason why MATIC has fixed a mix of issues that arose when performing operations on Ethereum.
But, more specifically, you want to provide a solution that allows communication flow between different blockchains. In addition, Polygon makes improvements in usability, without interfering with decentralization. The developer tries to optimize the operation of the DApp and the user experience.
It should be noted that the number of MATIC is limited, the maximum value is 10,000 million units. However, currently, around 6,300 million units are circulating. That represents 63%.
What are MATIC tokens?
Polygon’s native token is based on Ethereum’s ERC-20 protocol, to thus making it easier so you may trade on your blockchain. One of the most impressive aspects of MATIC is that it is used for validators to have an interest in test consensus. (Thus ensuring chain safety). On the other hand, commissions can also be canceled using this token.
What are the characteristics of Polygons (MATIC)?
Among the features that make MATIC stand out from the rest of the market, the features are below
- Optimize customer experience through a more automated interface. Because it also provides a mobile application that is programmed from scratch & a software development kit along with WalletConnect.
- Maintain better security Regarding participation experiment consensus. Famous for PoS (Proof-of-Stake.)
- Trade on the blockchain with different support, consensus types, and protocols.
- Provides interoperability between sidechains, enabling the exchange of assets and data between different blockchains.
- Resolve major scalability conflicts, adding more capacity to be able to make transfers in seconds. At the same time, it reduces commissions while offering security guarantees.
This is how the MATIC network works
This cryptocurrency is based on the ERC-20 protocol. But what its designers least expect, is that it will spread through the Ethereum network quickly. In 2019, after gaining seriousness, the project was christened as Polygon without changing the token name.
Since then, one of the most endorsed aspects of Polygon is its two-layer solution: one blockchain within another. MATIC facilitates the creation of an ecosystem of equivalent blockchains, which can communicate with each other. And by being shared, the validation process will have a greater capacity and commissions will go down.
Polygon’s primary goal is to eliminate proof-of-work consensus. Which is considered slow, but with a high degree of security. And you want to use proof-of-stake consensus, which is fast but lacks security. At this point, the operation of this methodology is simplified in the Polygon network phase update. Which is added to the new Ethereum blocks.
This suggests that both transfers and blocks on the Polygon network are done autonomously. Regarding the information, it is sent to the Ethereum network periodically to store it.
In this way, the information stored during this process is saved in the Ethereum blockchain. In turn, a bridge is formed that allows the connection between both blockchains to recover it at all times.
Uses of Polygon Matic crypto
1. Cancellation of goods and services
The Polygon token can be used for paying the services and goods. Either through the payment API or the DApps SDK, for example. This is why a robust interface has been established for MATIC and ERC-20 ether transfers.
Tokenized debts are issued based on the user’s trading history. In this way, the person who issues the loan has information on the solvency of the interested party and their ability to pay off this debt. Everything will be done in a simple way, without revealing information from either party.
3. The exchange of crypto assets
The exchange of cryptocurrencies and MATIC between different blockchains is now possible. But the emphasized aspect of this procedure is that no AML or KYC action is required. Two policies that reduce user privacy.
4. Decentralized exchanges
After DEX is created, the need for a third party is eliminated. In addition, procedures that exclude personal data can be carried out, becoming reliable and profitable in front of society.
5. Digital identity
It allows you to access different services on the web. Currently, you can register using the digital identities of:
- And google
However, Polygon can become a more reliable option. What is sought with this action is that it passes to a centralized system that collects little or no information about the user’s personal data.
With the innovation of decentralized finance, a larger storage capacity of transfers per second is needed.
Polygon provides both scalability and a capable network to process an amalgamation of operations. If we add to this the interoperability between various blockchains, a Defi level higher than the rest of the market is achieved.
Polygon proposes to develop a method that makes it easy for you to process data for Ethereum. It offers to find the modular solution, in real-time and scalable.
8. The Games
In the world of video games, a new way of interacting with blockchain technology is being developed. MATIC, through its scalability, allows the development of complex games, whose information will be accumulated in its blockchain.
So, today we listed the new Polygon Matic crypto and its uses. Also, we declare the network on which it is based. So hope you got to your knowledge upon your quest, hope you liked our article, stay tuned for next.