- MATIC Token
- Curiosity Over Polygon: Especially by Ethereum Advocates
- Reason for Hype around Polygon
Polygon, formally known as Matic network, is a framework for developing interconnected decentralized blockchain. This new network will overcome Ethereum limitations like lack of community control, poor experience for users (especially in terms of speed of transactions) and throughput because it implements a new side chain approach.
With rebranding to Polygon from Matic, the project also expanded significantly from its previous concepts. The token name however was retained, MATIC.
There are a number of reasons for which this token can be utilized on the Polygon network, for governance via casting votes on pips (Polygon Improvement Proposals), for paying gas fees and for ensuring security through staking.
Curiosity Over Polygon: Especially by Ethereum Advocates
It is the newest project that provides services like scalability and interoperability. For projects like Cosmos and Polkadot, Polygon overcomes the constraint of interoperability.
Compatibility with Ethereum Virtual Machine enables users working with Ethereum and programming in Solidity, to develop apps and to work on Polygon easily.
Even, the shared security architecture is optional. Thus, allowing the autonomous platforms to keep their flexibility or independence for better security. It can be further customized and apart from current scaling techniques additional can be accommodated. Various organizations and projects such as Stablecoin Dai and NFT-powered game Terra Viruta are using Polygon’s scaling technology.
High gas prices of Ethereum have always made its users look for another option like Polygon. Gas price in Polygon is nearly equal to zero, and has attracted a lot of small investors. It has also proved to be a better alternative for NFTs production, allowing the app developers to attain high speeds at low prices.
Reason for Hype around Polygon
Polygon investment is not just being done by traders and retail investors but has also interested many DeFi whales and institutions. Billionaire Mark Cuban, owner of Dallas Mavericks NBA basketball team is backing the project and has connected the project with his portfolio applications.
Polygon Blockchain is also being used by the Swiss Post for the development and launch of “Swiss crypto stamp,” a digital collectible physical stamp.
The flexibility offered by Polygon, to customize as per the requirement of developer has given it a great boost in the market. Growing social media presence and availability in retail exchanges have also given a great boost to the popularity of Polygon.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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