Polygon is a cryptocurrency that has a symbol, known as MATIC. Other than a cryptocurrency, it is a platform that allows blockchain technology to link and measure. The MATIC network was launched in the year 2017.
The platform of Polygon runs on the blockchain of Ethereum and links all the Ethereum-based projects. By utilizing the platform of Polygon people can get better the tractability, scalability, and authority of a blockchain project. Furthermore, it controls the security, interoperability, and structural assistance of the blockchain of Ethereum.
The token of Polygon, MATIC is an ERC-20 token that indicates that this token is compatible with all other Ethereum based virtual tokens and coins. The token MATIC is used widely to control and protect the network and to pay transaction charges of the network.
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Overview of Polygon MATIC
The platform of Polygon, which was driven by the token MATIC was created and launched to bridge and grow compatible projects of Ethereum and blockchains. These MATIC tokens are used to administer as well as protect the Polygon network. Through these tokens, the users can also pay transaction charges without any hustle. This crypto project uses an advanced type of Proof-of-Stake (PoS) consensus mechanism to proficiently run the network.
The Rise of Polygon MATIC
MATIC is the native token of the blockchain of Polygon. This token is fundamentally utilized for staking tokens to authenticate transactions that are using the Proof of Stake (PoS) method. All the miners can easily use these cons and tokens as both capital assets which are increasing in their worth by each passing day and utility tokens which can be easily staked for daily profits.
This platform was developed to modify and improve the absence of productivity and scalability in the Ethereum cryptocurrency. The creators of the Polygon platform started MATIC by starting their operations in a city in India, Mumbai. It was planned that when the network development will be completed, it will be able to offer scalable solutions to Ethereum’s unresolved matters and use sidechains as a scalability asset. This network also sidestepped the Proof of Work (PoW) issue by launching itself as one of the only Proof of Stake (PoS) blockchains at present.
Now coming to the year 2021, Polygon went through a rebranding act and entirely altered its purpose in February 2021. From that point on, it turned into a platform that served as a connection or link among blockchains and platforms while also leveraging the security and safety of Ethereum.
The rebranding act became a game-changer for this network. The ability to link various servers and platforms with each other could become the technology that resolves all the issues of scalability related to the blockchains.
One of the creators of Polygon has stated that when it comes to their token flow, it is approximately 60% of their total supply that is estimated to be $14 billion when calculated. When we talk about users, Aave is undoubtedly the biggest Defi application launched on the platform of Polygon and now they consist of more than 30,000 users compared to Ethereum, where there are only 26,000 users.
If we see an overall analysis on Polygon, this platform has approached 1 million+ addresses which makes up to 30-50% of where Ethereum is currently standing. Polygon has the capacity to onboard these upcoming users due to its high scaling platform.
Future of Polygon Platform
In the year 2021, the platform of Polygon launched Polygon Studios which was a subsidiary of Polygon that paid all the attention to blockchain gaming and non-fungible tokens (NFTs). If the newly launched studios of Polygon are successful, they have the potential to establish Polygon as the leading technology provided for all decentralized gaming and non-fungible tokens (NFTs).
In the year 2022 in January, Ryan Watts, who is now the new Chief Executive Officer (CEO) joined the Polygon platform from YouTube, He was a well-reputable head of gaming at YouTube.
Conclusion
There are a variety of projects that were launched on the Polygon platform the previous year, even Metaverse like Decentraland have selected Polygon as their scaling solution partner.
Other than this, decentralized exchange platforms like UniSwap and SushiSwap have also been officially launched on the platform of Polygon. This also allows the users to sell, purchase or exchange coins without any requirement of intermediaries.
