Scalability, decentralization, security are the three key parameters of the blockchain. The dream blockchain should be completely decentralized, invulnerable, and process millions of transactions per second. However, this is an unattainable ideal. In practice, the improvement of one of the parameters inevitably occurs at the expense of others.
Insufficient bandwidth of one or another blockchain is what is most obvious to users. This problem is effectively solved by second-level blockchains.
What is Polygon (MATIC)
The Polygon project (formerly Matic Network) – launched in the fall of 2017. It is a second-layer solution based on Ethereum. Among the stated goals of the project is the mass adoption of cryptocurrencies.
The polygon is built on the Plasma Framework and uses the Proof-of-Stake consensus mechanism. Plasma provides the ability to scale the system, create globally accessible decentralized applications and smart contracts.
The Polygon throughput is about 65,000 transactions per second, block confirmation is completed within 2 seconds.
Polygon infrastructure can host an unlimited number of DApps. To date, the Polygon network is used by more than 50 Dapps.
The network uses its own ERC-20 standard token – MATIC. MATIC pays transaction fees, it is used as a settlement currency between users and for the provision of payment services.
Like any other digital coin, MATIC exchange for other digital and fiat currencies and is used as an investment tool.
The token was created on the basis of the Proof-of-Stake mechanism. This means that token holders can earn on staking.
Price history and prospects for MATIC
The starting price of the token looked very modest: $0.00263. Until January 2021, there were no significant changes in the exchange rate.
In the first quarter of 2021, the price began to rise. MATIC easily and naturally rose to $0.4 by mid-March. After a slight correction, the token continued its ascent to the dollar line and overcame it in the first ten days of May, and towards the end of the month, it reached $2.45.
The summer turned out to be difficult for the entire industry, the price of the asset fell sharply and reached $0.67 per token.
However, the general decline was followed by growth and MATIC partially regained lost ground. At the time of writing, the token is trading at $1.47 and analysts believe that the coin has good potential for further growth. It is expected that during 2024 the price of the coin may double.
Where to buy MATIC
In the CoinMarketCap ranking, MATIC ranks 16th. The coin is traded on many DeFi-focused exchanges. You can buy a token for fiat currency and some cryptocurrencies on Binance, Kraken, Gate.io, Poloniex, and many others. In addition to traditional exchanges, the coin is available on LetsExchange. It is much more convenient because registration on the platform is not required.
