Scalability remains an issue on Ethereum, but the advent of protocols like Polygon has integrated scalable solutions on the Ethereum ecosystem. Polygon was launched in India in October 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Polygon has a team of experienced developers that have immensely contributed to the Ethereum ecosystem.
What is Polygon(MATIC)?
Polygon, is a protocol that allows the creation of different types of applications on Ethereum and connecting it to compatible blockchain networks. Formerly known as Matic network, Polygon is a flexible, easy, and well-structured platform that supports infrastructure development. Polygon (MATIC) is a layer-2 platform that offers scaling solutions, enhance fast, flexible, and secure off-chain transactions and generalize off-chain smart contracts.
Ethereum is the fastest growing network with an increasing adoption rate. However, it has many limitations which include; slow scalability, high costs, delayed PoW finality, no autonomy. Polygon has incorporated new solutions to build blockchains and enhance connection with Ethereum. With Polygon, there are new modules for developing custom networks. Polygon is an interoperable framework that connects Ethereum and other compatible blockchain networks (both new networks and existing blockchain networks). Its developers utilize it to implement Web3, Plasma, and WalletConnect on Ethereum.
Polygon(MATIC) Use Cases
Polygon (MATIC) keeps recording high transactions due to its fascinating features which include; fast, cheap, and secure transactions, enhanced user experience which provides accessibility on mobile apps and WalletConnect support.
Matic tokens power the polygon network. The native tokens are used as exchanges and payment services which include transaction fees. It is also used to support new projects that will enhance Polygon’s ecosystem. Polygon’s MATIC token has a total circulating supply of 7 billion and a maximum supply of 10 billion MATIC coins, and it ranks 14 on the Market Cap.
Transaction fees on the Polygon network
Transactions executed on the Polygon network will be paid in MATIC tokens. Polygon sidechains supports DeFi (Decentralized Finance) protocols and dApps on the Ethereum ecosystem. The transaction fees increase as the transaction volume, and MATIC tokens are the accepted means of payment on the sidechains. The Polygon MATIC tokens are also used for staking rewards
Proof of Stake (PoS consensus)
Polygon protocol allows users to participate as validators by staking MATIC tokens. To ensure consensus, polygon side chains utilize the Proof of Stake layer which is only accessible through the MATIC token.
Polygon aims to create a staking protocol that will support new ecosystem projects and assist developers to work on dApps and adaptive features that contribute to the network. To achieve this, the protocol introduces “block rewards” where a percentage of the transaction fees will be stored to support projects that will enhance Polygon’s ecosystem.
Provide scalability solutions
Users’ experience on Ethereum is a big challenge due to congested network, low speed, higher gas prices, and congested network. However, Polygon offers layer-2 solutions on the Ethereum network. It allows users and projects to access a more advanced decentralized security protocol. It seeks to ensure a scalable consensus, custom Wasm execution environments, and an impressive user experience. Also, it provides solutions to gas higher fees.
Trade MATIC on Delta Exchange
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