Cryptocurrency is a more varied niche than many people give it credit for and it has grown into so much more than an alternative to fiat currencies that can be used to buy and sell goods.
The technology behind these digital coins, the blockchain, has an array of capabilities that are growing in number and function every year – and one of the top examples is Ethereum. Not only does this industry giant offer its own propitiatory coin (ETH) and NFTs, facilitate products and services in the DeFi space and support smart contracts, but it also has its own sidechain, known as Polygon.
What is Polygon?
As Ethereum is so popular and widely-used, it began to show signs of pressure that were leading toward not only lowered productivity, but also raising prices for users performing a host of transactions. Issues were becoming so apparent that the development team behind it needed a solution – and this was to create an effective alternative to the Ethereum blockchain that would work as a supporting network for its larger counterpart. This solution was named Polygon, a side blockchain, and it does everything that Ethereum can do, but bringing cheaper, faster transactions to help ensure that traders, investors, developers and more can continue to utilise the services they know and love.
A key piece of information is that Ethereum is currently able to process 14 transactions per second, whereas Polygon is able to undertake a whopping 7,000 – so speed and lower costs are the driving force for investors and traders worldwide.
What is MATIC?
Just as Ethereum offers its own crypto, so too does Polygon – and this is known as MATIC. Created on the Ethereum blockchain, it is an ERC-20 token that is used to pay transaction fees on the Polygon network, while acting as a governance tool for security and continued function. This works on a Proof-of-Stake Model that rewards MATIC holders performing and verifying transactions on the Polygon network. One of the most attractive features of MATIC is that it acts as a bridge for other cryptocurrencies and facilitates the movement of assets between the Ethereum and Polygon ecosystems.
MATIC price predictions and how to buy
The good news is that, due to MATIC’s features and capabilities, it is considered a well-established crypto – and the MATIC price predictions for the future are positive, especially as it is partnering with both Disney Accelerator and the Metaverse. It is so simple to buy via traditional cryptocurrency exchanges online, directly from the Polygon network, via trading or bridging and even by using dedicated crypto wallets that offer payment processors known as fiat on-ramps.