Polygon: Ethereum’s Friend Is Looking To Make Big Strides
November 09 2021 - 8:43PM
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In a time of many new crypto coins, platforms, and contracts,
Polygon is starting to pave a way and rise to the throne of
Ethereum layer 2s. Polygon, formerly known as the Matic Network, is
a scaling solution that aims to provide multiple tools to improve
the speed and reduce the cost and complexities of transactions on
blockchain networks. With recent headlines surrounding both Polygon
and correlating Ethereum, it’s wise to get an in-depth perspective
on Polygon’s market positioning for those interested in Ethereum
alternatives. Related
Reading | Why Cardano Is On A Hot Streak With 10% Gains In 1
Day Friend Or Foe, Polygon’s Start & How It Works
With ETH… Here is a dive in to look at the coin once known to the
world as MATIC. Polygon was created in India in 2017, and was
originally called the Matic Network. It was the brainchild of
experienced Ethereum developers—Jaynti Kanani, Sandeep Nailwal,
Anurag Arjun, and Mihailo Bjelic. The Matic Network went live in
2020, and has since attracted some of the top names in the world of
decentralized finance, also known as DeFi, including Decentraland
and MakerDAO. The Matic Network rebranded to Polygon in February
2021, and in April 2019 during it’s initial offering, the Polygon
team raised the equivalent of $5.6 million in ETH with the sale of
1.9 billion MATIC tokens over a brisk 20-day period. While some
coins in the same field are aiming at top dog coin Ethereum,
Polygon is aiming with them to help bring a new speed and software
to the world. MATIC/POLYGON Is currently trading around $1.83 |
MATIC-USD on TradingView.com In recent times, many coins
have been deemed “the Ethereum killer,” while Polygon is arguably
helping with the blockchain champ. At the core of the network is
the Polygon software development kit (SDK), used to build
Ethereum-compatible decentralized applications as side-chains and
connect them to its main blockchain. While Ethereum recently
reached an all time high, finally breaking the $4K mark and showing
skeptics that it’s here to stay, many are left asking: could this
be a future effect for Polygon as DeFi grows? Polygon has added
some excellent partners to its list, and given the chains
supplementary nature to Ethereum, many have sought investing in
both. Once the the rebranding was done, Polygon retained its MATIC
cryptocurrency ticker – the digital coin underpinning the network.
MATIC is used as the unit of payment and settlement between
participants who interact within the network. Polygon’s main chain
is a Proof-of-Stake (PoS) sidechain, in which network participants
can stake MATIC tokens to validate transactions and vote on network
upgrades. This coin is showing it has strong potential,
particularly for projects around DeFi that are looking for
friendlier attributes relative to Ethereum (gas fees being the most
notable attribute). Related Reading | GreedSwap: Super Producers
Cool And Dre Help Launch New Coin & Crypto Label
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