What is Polygon (MATIC)
Polygon is an open-source Ethereum sidechain. It includes a protocol and framework for building connected chains, which are compatible with the Ethereum network.
Matic platforms are making it easier for companies to work with their suppliers and customers on an individual basis. They make impenetrable records easily accessible and help make different blockchains be able to exchange information and money more easily.
Polygon’s platform aims to help people launch their own custom blockchain based on the Ethereum protocol in just one click.
The Polygon and ecosystem is made up of multiple actors, such as: developers, users, and block producers and stakers.Polygon is a second-layer open-source technology that provides developers with the tools for the fast deployment of a stand-alone network or a sidechain. That can strengthen the security of the Ethereum network via smart contracts. It also allows developers to form DApps much faster than was previously possible.
Users can use sidechains for transactions and interactions with different Ethereum-based decentralized applications, like on any other chain except that it is much faster and cheaper
Block producers are chosen by the stakers to produce blocks on the network that settle transactions. They need to stake a significant sum of MATIC tokens in order to be eligible.
The average Bitcoin block time is about 10 minutes. Bitcoin has many more blocks in a day than Ethereum because Bitcoin’s number of consensus creators (i.e., nodes) produces more blocks in general.
Polygon stakers use the same function as Ethereum PoW miners, which is to lock MATIC tokens by staking them in order to help confirm transactions on the Polygon Sidechain. They can also elect all of the Block Producers listed below.
How does Polygon (MATIC) work?
Polygon’s architecture can be best defined as a four-layer system that includes the Ethereum layer, security layer, Polygon network layer, and execution layer.
Polygon’s architecture can be best defined as a four-layer system that includes the Ethereum layer, security layer, Polygon network layer, and execution layer
A layer of smart contracts & explained with what is typically done in Polygon chains. Yeah, you read that right – no need to look it up online when the information is essentially at your fingertips!
The security layer provides additional validation to your Ethereum smart contract so you can ensure it runs smoothly. This is an included pre-built option, so you don’t need to create or configure it, just use it!
Beyond this, there are two mandatory layers. The first is the Polygon network built on blockchain networks.
Their tech has its own communities and each layer of tech is responsible for local consensus and producing blocks. The EVM layer handles smart contracts.
There are chains on Polygon that are capable of communicating with one another and the Ethereum chain.
This will enable a lot of new use cases, such as decentralized applications and simple exchanges between diverse platforms.
You can get hold of Polygon (MATIC) in a few easy steps
- Sign up to an exchange which trades Polygon (MATIC)
- Fund it with cryptocurrency
- Trade your crypto for Polygon (MATIC)
Sign up to an Exchange
We recommend Binance? This for a number of reasons
Binance is a popular platform to trade crypto assets. It has many benefits that are not commonly found in other platforms. These benefits are largely due to the fact that binance has its own token, BNB, which provides perks and incentives for using this platform.
Binance is a digital platform for trading cryptocurrencies. They have low fees, fast execution, and are compatible with almost all cryptos.
Binance is renowned for its convenience. Their fees are among the lowest in the market, their platform is compatible with almost all cryptos, and they also provide an easy-to-use interface that makes investing in cryptocurrency easy for beginners.
Binance also has banking features that make it simple to convert currencies within exchanges. It’s important to note that Binance doesn’t offer margin trading though which means you cannot leverage your investments like most other platforms do.
Binance is a cryptocurrency exchange platform that is becoming popular among cryptocurrency enthusiasts. It is easy to use, provide 24/7 support, and has low fees.
Benefits of using binance are that it allows people to trade with minimal friction, which means lower transaction costs and less risk of loss. It also provides a secure environment for storing your coins without exposing them to the dangers of the internet.
Binanace is an online cryptocurrency exchange which allows users to trade digital currencies. It provides users with a platform where they can trade cryptocurrencies, invest in them, and find ways to make money with binance.
There are many benefits of using binance. One of the most important ones is that you are assured that your assets are safe. This is because binance has gone through rigorous verification processes to ensure that it complies with the necessary legal requirements.
Binanace also has other benefits like low transaction fees, fast transaction times, and quick turnaround on transactions, among others.
Fund your Binance account
Now you need to transfer BTC in order to trade Polygon (MATIC) with it.
It’s really easy to buy BTC with your debit card on binance.
You can transfer your funds from your bank account or use our other options to make the process easier for you.
You can also setup recurring orders! which is another great option for Binance which other platforms don’t offer. In order to make it easier for customers to set up recurring orders on Binance, the company released an official guideline which makes it clear.
Trade your BTC for Polygon (MATIC)
We now need to get into our trading section of the guide.
To do this follow the above picture and click on Classic!
Now we have to find the correct pair BTC/ Polygon (MATIC)
Now type Matic in the top corner like i did.
If you are new to the market, the stock market can be a confusing place. Let’s break down some of the most basic terms you need to know in order to get started.
– Market order: this order type is executed immediately. This means that your trade will execute as soon as possible and the price of the trade will not change.
– Limit order: this order type is put in place so that your trade executes for a specific price and does not execute until it reaches that specified price.
Is MATIC still a good cryptocurrency, Is MATIC worth investing in?
The answer is a massive yes, at the moment MATIC has many positive reasons to invest in the project, and will look to increase 100-200% over the next bull run, which very possible.
Cryptocurrency values are mostly based on two factors: the hype arising from social media and influencers, and the short-term effects it can bring.
One of the main benefits of MATIC is that it provides developers with unmatched liquidity. It also performs very well historically, so it’s important to consider if you’re thinking about investing in this coin.
Polygon has the most number of partnerships and agreements so far. They’ve made a major rebrand to show how reliable they can be and use that power for good.
Polygon is compatible with Ethereum Virtual Machine. This is great for developers as they can build their own dApps or easily port their apps to it. They also offer a number of improvements on the blockchain such as sidechain, one of the first products from Polygon inc.
Ethereun is an Ethereum-based decentralized peer to peer platform that provides various features including scalability, flexibility, and security.
Another interesting point is Polygon tokens used as fees and to help shape their project by voting and making proposals for future action.
You can also stake your tokens and let the network use them for interest.
There is a lot of talk about MATIC but it’s not clear if people believe in the team and the mission. I’m sure this project has a bright future and will help with e-commerce. For those feeling they don’t yet see any value, they will realize sooner or later that it’s worth investing in.
What’s so special about it?
Polygon is one of the more recent blockchain interoperability projects designed to address some perceived limitations of other projects like Polkadot and Cosmos.
Ethereum is compatible with a blockchain called the Ethereum Virtual Machine, which makes it very easily accessible for those with experience building DApps on the Ethereum network. Its up-and-comer Cosmos, on the other hand, uses a virtual machine that runs on WebAssembly.
The shared security model isn’t mandatory; sovereign platforms don’t need to sacrifice anything to get more security if they don’t need it.
It also claims to be flexible enough to incorporate any scalability solution–beyond the current Plasma chains, ZK-rollups, and optimistic rollups planned.