Polygon MATIC is scalability base which allows Ethereum supported blockchains for communicating with each other. Newer Ethereum blockchains are also generated for conducting businesses and institutions requiring decentralised payment solutions. Network therefore, represents itself as “Ethereum’sinternet of blockchains “ as its basic aim at first is to support a multichain Ethereum ecosystem. Also Polygon is most efficient crypto asset on CoinSwitch, when trading volume is concerned.
Polygon at first was recognised as the MATIC network, was found in India in October 2017 by Sandeep Nailwal, Anurag Arjun, and Jayanti Kanani and with the help of Polygon’s white paper, these founders were the first for acknowledging the basic issues linked with Ethereum as higher gas fees and network issues. They had formed a team which had a belief in building of a clear world which could run on Ethereum properly.
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In Which Manner Polygon Helps Ethereum
As Polygon is problem solver, Ethereum does has its very own array of issues alongwith having fees and the capacity to be changed in size as well. Although having large user base, Ethereum networks are mostly blocked, thereby making the transactions expensive for everybody. Therefore, to give an alternate to the issues of Ethereum, Polygon has become a hero for the same. To this, the India based blockchain base which has addressed the issues by applying an innovative layer -2 solution, allowing Polygon for using Ethereum so as to get transaction verification at fraction of cost.
Also having Layer-2 solution, Polygon doesn’t need its very own primary blockchain for functioning, rather it’s operations are done on the top of Ethereum’s network. Polygon so employs side chains which divert traffic in a smart manner and user transactions are made far away from the leading network, thereby freeing the space of computing.
Progress in Polygon
The native token of Polygonblockchain is MATIC, which basically is used on blockchain as staking token for validating the transactions by using the Proof of Stake (PoS) method. Miners could also use these coins as both utility tokens(staked for continuous returns) and capital assets (increase in value over time). Even with the building of Polygon network which was basically made for improving the lack of efficiency and scalability in Ethereum. The Polygon makers had gone to make MATIC work, by making their operations to base from Mumbai.
Once such a base was developed, it could easily give scalable solutions to problems of Ethereum and making full use of side chains as scalability assets. Such a network also helped with coming out of the problem of (Proof of Work), thereby forming itself as the only PoS blockchain at that particular time. Polygon when noticed on 2021, had been gone through a rebranding and had entirely switched its mission statement in February 2021. Since then it had been a network which has proved to be bridge between blockchains and networks while enhancing Ethereum’s security.
The blockchain scalability issue is sorted out due rebranding of Polygon, which helped in connecting with various channels and networks with each other. In terms of Sandeep Nailwal who is one of the founders has shown his concern by mentioning that the tokens in circulation is as 60% of the entire supply, which makes around $14B in terms of valuation. While talking in terms of its users, Aave is the biggest DeFi application being launched on Polygon, where it’s having 30,000 plus users when compared with Ethereum, which is having 26,000 users.
Therefore, on Polygon they are reaching about 1 million unique addresses and that is 30-50% of Ethereum currently. So Polygon is aiding in making such new users on board as its a scaling base.
Achievements of Polygon (MATIC)
Polygon has made its place amongst the top tankers in 2021, where prices had extended from $0.01 on January 1, 2021 to a high of $2.92 by December 27. Therefore, it has been in news in crypto communities and furthermore, more reasons contribute to the same. It has also launched a $200 million with Alexis Ohanian’s Seven Seven Six for backing the projects at intersection of social media and Web3. To this, DraftKings which is large US based sports betting company had also conveyed its plan of launching an NFT marketplace on Polygon. Also, the apps which were grown on Polygon had gone to 3000, which is visible growth when compared with last year. Even Coinbase being the biggest crypto exchange base around the globe, is of the thinking of integrating PolygonPoS as very first scaling solution. The arm of the network was been launched by the development team as Studio, NFT and Web3 and also the largest NFT being OpenSea, integrated with Polygon too.
Conclusion
Last year, various projects were launched on Polygon, amongst them these were also launched as Curve and Aave and Metaverses as Decentraland been selected as dedicated scaling solution. Where decentralised exchanges as Uniswap and Sushiswap had been created on Polygon, thereby giving its users a chance to trade over the coin without having any requirement for intermediaries.
When going through the records of Polygon, they show an upward trend of the Indian made blockchain network. Therefore, while considering the experts view, Polygon is having shiny future with enhanced acceptance and growth in both short term and long term. In addition to this, it is also potential for rigorous and continuous growth, thereby moving towards making its existence in various dApps and DeFi projects.
In case of considering Polygon in continual growth then Polygon (MATIC) is readily available at credible crypto base as one being CoinSwitch and is also responsible for allowing its users to attain current developments on the one of its kind – layer-2 solution.
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