Polygon’s “golden era” is 2022, when the DeFi Ecosystems, particularly the key DeFi and NFT sectors, are growing and rising enormously. This is one of Ethereum’s most promising Layer 2 scaling options. So, what exactly is Polygon?
1. What is the meaning of Polygon (MATIC)?
The Matic Network platform was Polygon’s precursor. Matic Network changed its name to Polygon in February 2022 in order to broaden the scope of the project and offer a more generic scaling solution. On the Ethereum platform, this is a two-layer network project.
Polygon Networks is a Layer 2 scaling solution that uses Sidechain and is supported by Binance and Coinbase. Polygon focuses on the Ethereum ecosystem, treating it as a chain that links everything together.
Polygon is an Ethereum scaling and infrastructure development platform that is reasonably simple to use, well-structured, and of high quality. Polygon’s fundamental component is the Polygon SDK, a flexible, modular platform for developing a wide range of applications.
It aids in the development of Ethereum into an efficient multi-chain ecosystem, often known as the “Internet of Blockchains,” by making versatile and easy-to-use tools available to developers. Users may make Optimistic Rollup Chains, ZK Rollup Chains, and other sorts of Side Chains with Polygon.
2. Polygonal Functions (MATIC)
Scalability: on the Matic sidechain, transactions are quick, low-cost, and secure, with precision on the main chain and Ethereum as the first compatible layer-1 database.
High throughput: on the internal testnet, a single sidechain can achieve up to 7000 TPS. To scale horizontally, more chains will be added.
User experience: a pleasant one, with developer abstraction from the main chain to Polygon. With WalletConnect support, native mobile apps and SDKs are supported.
Operators of polygons are also stakers in the PoS system.
Polygon sidechains are open to the public, permissionless, and capable of supporting numerous protocols.
Investors, partners, and the project team
3. Members of the project team
Polygon’s development team consists of the following individuals:
Jaynti Kanani (Co-Founder) is a blockchain engineer and developer who has worked on projects such as Web3, Plasma, and WalletConnect. Previously worked at Housing.com as a data scientist.
Sandeep Nailwal (Co-Founder) is a seasoned programmer who formerly served as the CEO of Scopeweaver and the CTO of the Welspun Group.
Anurag Arjun (Co-Founder): Formerly of IRIS Sales as AVP (Product Management). Dexter Consultancy, SNL Financial, and Cognizant Technologies are among the companies where I’ve worked.
Mihailo Bjelic (Co-Founder) is an Ethereum platform technology developer.
4. Polygon Consultants:
Hudson Jameson is an Ethereum Foundation member.
Ryan Sean Adams is a character in the film Sean Adams.
Anthony Sassano is an EthHub member.
Pete Kim is the Head of Engineering at Coinbase’s Wallet. Cipher Browser’s founder and former Co-Founder and CTO of Nitrous, Inc.
Former member of ConsenSys, John Lilic.
Investors are number five.
Polygon has raised funding and been invested by Coinbase Ventures, one of the largest and most well-known investment funds in the world, since 2018, demonstrating the company’s growth potential.
Polygon was also backed by Binance Labs (after Binance listed MATIC), Block Capital, Validation Capital, ZBS Capital, MiH Ventures, and others, in addition to Coinbase Ventures.
Polygon has had a lot of success thus far, after over three years of operation, and has become a partner in over 100 large and small projects such as Elrond, Chainlink, The Graph, and others.
With Ethereum’s network congestion still unresolved, Polygon’s scaling solution will undoubtedly grow more popular, particularly for new layer 2 protocol applications such as EasyFi or Quickswap. employed more to compensate for layer 1’s sluggishness and sudden high gas charges.
6. Polygon Highlights (MATIC)
Polygon is a project that is doing more than just implementing PoS Chain and Plasma solutions, like its competitors. Polygon plans to expand all Layer 2 solutions, including Stand-Alone Chains, Shared Security Chains, ZK Rollups, and Optimistic Rollups, in the future.
Polygon Chain is an Ethereum sidechain that has added a Proof of Stake (POS) security layer.
Plasma Chain is a scaling bridge that connects the Ethereum root chain to the Polygon subchain.
ZK rollups: This solution combines a large number of subchain jobs into a single transaction.
Optimistic rollups: An Ethereum client solution that uses “fraud proofs” to best support near-instant transactions.
Polygon’s features include Ethereum compatibility, scalability, security, user experience, and more. Polygon has a lot of features that its competitors don’t have yet. Polygon has all the necessary aspects and enough features, such as compatibility with Ethereum, scalability, security, and user experience, to attract money to the project and develop as soon as the opponent has not implemented the above functionality.
7. Should I put money into Polygon (MATIC coin)?
No one knows what the future holds, but in my opinion, MATIC coin is a currency worth investing in because of its numerous advantages, which include:
Polygon is aiming at speeds of millions of transactions per second if ETH 2.0 takes another 5-10 years to complete and the maximum transaction processing speed is just about 100,000 transactions per second.
Polygon is a solution for overcoming the most basic Blockchain challenges, such as:
Scalability has been improved.
Reduce transaction expenses.
By increasing UX, you can help businesses, projects, and more.
Ethereum compatibility is excellent.
Polygon also integrates a number of different Ethereum ecosystems, including Polkadot, Near, Cosmos, and others.
Polygon is also the most popular Layer 2 project for Ethereum, therefore many projects on the platform use it to develop. As a result, the quantity of money poured into Polygon is enormous, surpassing that of Binance Smart Chain, Polkadot, Solana, and others.
8. What is Polygon’s (MATIC coin) future?
However, it remains to be seen whether Polygon (MATIC) will evolve into a coin worth investing in in the long run.
Remember. Polygon will remain active and well-received as long as it continues to develop decentralized applications on Ethereum’s 1.0 edition.
What happens if Ethereum 2.0 is released? When Ethereum 2.0 is released, it will almost certainly be in direct competition with Polygon. After that, Ethereum’s blockchain can switch to alternative proof-of-stake (POS) algorithms, scale more quickly, and no longer require Polygon’s scaling solution. In the long run, this will have a detrimental influence on the MATIC price.
Polygon, on the other hand, is an ambitious coin that will not sit quietly by, as proven by the fact that it is gradually adopting ZK-rollups and the Validum chain in order to continue to play the role. Ethereum 2.0 scaling game. If it succeeds, it will undoubtedly work hand in hand with Ethereum 2.0, rather than competing with it, and we can have entire faith in the coin’s future.
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