What is Polygon (MATIC)?
Polygon is a well-structured framework for Ethereum development. It features a flexible framework called Polygon SDK, which enables developers to create various types of apps. With Polygon(MATIC), one can create rollup chains, ZK chains, and stand-alone chains. It completely transforms Ethereum into a multi-chain system. Its advantages include Ethereum’s robust ecosystem and openness.
The $MATIC token will remain an integral part of the system and its governance. Its role will become more significant as the project grows. The goal of Polygon(MATIC) is to create a blockchain framework that is easy to use and deploy while still keeping the integrity of the existing blockchain.
Nothing will change regarding the existing ecosystem. Instead, it will be built around the current technology and its robust developer ecosystem. Polygon is a blockchain framework that enables anyone to develop decentralized financial applications on their own. Its full block confirmation time and low transaction fees make it an ideal platform for developers.
The concept of the Plasma framework is that it allows decentralized applications to run on their infrastructure without being subjected to the typical drawbacks of proof-of-work networks. MATIC is the native token of Polygon and is used for settlement transactions within the Polygon ecosystem.
Features of Polygon(MATIC)
- A Robust Framework
Polygon is a modular system that enables users to modify and extend its functionalities over time easily. The system’s robust design and modular architecture provide the stability and security required to keep it running smoothly. Polygon is a blockchain project that aims to reduce the complexity of blockchain transactions by focusing on reducing its complexity.
- Proof of Stake Consensus
Polygon uses the Plasma framework. Its proof-of-stake checkpoints are built on Ethereum’s main chain. Sidechains of Polygon are designed to support various decentralized finance protocols (DeFi) in the Ethereum ecosystem.
- Interoperability
While Ethereum is the only base chain supported by Polygon, the network plans to extend its support for other base chains. This would make the platform interoperability with other blockchains. Polygon’ Proof-of-Stake is an energy-efficient alternative to traditional blockchain platforms. It’s also an eco-friendly alternative to Bitcoin and Ethereum.
- High-end Security
Securing tokens for asset security is a layer two solution that uses a network of Proof-of-Stake validators. By submitting tokens for validation, holders will be able to receive tokens in return. Members of the network can still participate in the MATIC staking process and earn rewards if they do not want to become validators. Block producers are layer three members of the chain whose goal is to provide a higher degree of decentralization.
Price History of Polygon
The price of Polygon(MATIC) was worth $2.07 in May 2021; at the time of writing, the Polygon price was $1.62 USD, but have you ever wondered how Polygon reached these new highs?
Polygon has a volatile trading history among the class of assets. It rallies and crashes very frequently. But how did Polygon start gaining so much popularity? Let’s find out.
- 2019
MATIC ICO was first introduced in 2019.
At the time of its release, it was valued at around $0.00035. The price rose to about $0.011 before the first bull run began, with Bitcoin leading the charge. The cryptocurrency fell to a price of $0.017 just before 2020. MATIC started to slide upward in late 2019.
- 2020
2020 was not an excellent year for MATIC, unlike other cryptos. The price of MATIC was in the range of $0.016 and $0.02 for the whole year.
- 2021
2021 was a decider in the history of Polygon‘s price.
This intense bull run attracted numerous investors and helped Polygon gain the #8th spot in the Crypto world.
- The tables turned in 2021; the Polygon price is creating new all-time highs and touching sky heights.
- The vast majority of people began to invest their money in cryptocurrency. Since then, the entire Crypto market has recovered from the loss and has continued to soar to new heights.
- Polygon and the cryptocurrency market are emotionally driven; any news or event in the outside world adversely affects the price.
But what has happened in history will help us figure out how Polygon will perform in 2021.
Polygon Price Prediction
When people believe that something is of value, it is expected to keep increasing, which is happening with MATIC. The public’s interest and attention are growing due to the large number of funds in circulation.
- Polygon already made it’s all-time high and is now $1.17, 20% below its all-time high.
- Polygon has regained its spot and made a new high after crashing even.
- After the recent crash, people looking for opportunities to buy at the dip will now get suitable options, increasing the chances of a one-sided move.
Even various reports by renowned analysts say that the leading cryptocurrencies hold a much greater price potential than they are currently trading at and will explode sooner in 2021.
Polygon price is expected to trade at $1.7 to $2.9 by the end of this year.
Recent Project Updates
EY makes use of the Polygon Network to serve its corporate clients better.
- Ernst & Young, one of the world’s largest accounting firms, has partnered with the blockchain project Polygon.
- EY joins the growing list of companies that are deploying the Polygon protocol for their blockchains. The implementation of the protocol will allow their clients to transact securely and cost-effectively without worrying about delays or fees.
Bullish Speculation Is Finally Observed in Polygon
- Crypto trader and strategist Scott Melker is bullish on Polygon (MATIC) and two other altcoins.
- According to Wolf of All Streets, the decentralized MATIC protocol is ready to continue after successfully testing the support at the $1.04 level.
Polygon’s Ethereum Scaling Solution Will Be Integrated into Coinbase in an Effort to Reduce Exorbitant Prices and Settlement Times Coinbase has partnered with Polygon to improve its user experience. The company has already integrated the Polygon proof of stake mechanism into its wallet.
Scaleup is a company that is focused on Ethereum network expansion through the use of various scaling solutions. It has selected the Polygon network due to its impeccable support network.
Ways to enter the cryptocurrency market
You can enter the cryptocurrency world in two ways.
The first is through mining. Various computer networks are used in this process to generate digital coins.
The second is through investing.
As cryptocurrency is no single authority, it operates on the Blockchain mechanism, which is truly decentralized.
- Crypto is both a decentralized and a distributed system. The record (ledger) of all transactions is public and is stored in real-time on multiple computers in a network.
You’re probably wondering how the transaction is verified before it’s added to the ledger?
- Rather than relying on a central banking system, cryptocurrency uses cryptographic algorithms to verify transactions.
To answer your question, this is where the miners come in.
Miners are the people in charge of the system.
- Completing the calculations for each transaction necessitates a significant amount of computing work.
- The miners use their computers to perform the calculations necessary to enter a new transaction into the ledger.
- Various cryptocurrencies are available on any exchange. Depending on their goals and objectives, investors can buy and sell them.
Before you can begin trading, you must first create a valid account and pay with a cryptocurrency exchange. This step entails verifying your identity and other documents.
Trading via exchange
Choosing a cryptocurrency exchange is the simplest way to invest in cryptocurrencies. This procedure consists of five significant steps. Aside from selecting a cryptocurrency exchange, there are several ways to invest in Polygon.
- To trade or sell Polygon coins, you need to open your account with any Crypto exchange.
- You can buy Polygon on various crypto exchanges and can convert them into any other Cryptocurrency.
- After buying, you can also transfer your Polygon to your wallet and keep your private key safe.
To convert and accept cryptocurrencies, traditional (fiat) currencies can be used.
How to buy Polygon (MATIC)?
A Beginner’s Guide on how to buy Polygon in India
To get started, you’ll need to create a digital wallet. A digital wallet stores all of your cryptocurrencies and uses blockchain technology to communicate with other users. Before deciding where to invest your money, conduct extensive research. BuyUCoin is now one of the most popular and fastest-growing digital wallets on the market.
Step 1: Create a User Account
Visit the BuyUCoin website to register and create a service account.
Open a crypto-trading account by selecting your country and accepting the terms and conditions.
Step 2: Complete the KYC
KYC is required in the Indian jurisdiction.
- Your data is encrypted and only kept in Indian data centres, so it is safe. You will be redirected to another URL to finish your KYC.
- It is necessary to upload a photo of your pan card. The mobile number associated with your Aadhaar must be entered.
Step 3: Verify with 2 Factor Authentication
To add two-factor authentication to your account, download the Authenticator app.
- If enabled, you will be required to enter a 6-digit one-time password in addition to your email address and password each time you log in to your account.
Step 5: Fill in the bank information
Enter the required information, such as your name and credentials, the account holder’s name, and the IFSC code.
Final Words
Cryptocurrency has been around for a decade and has quickly become a haven for investors. Its strong returns have made it an excellent investment.
Cryptocurrencies appear fascinating and have enormous potential, but you should always invest in MATIC or any other cryptocurrency after thorough research and putting your strategies into action.
*This post is provided for informational reasons only; we recommend that you consult with your financial advisor before making any investment decisions.