So what is it and what is it used for? Let’s break it down!
Imagine you’re at a busy train station, waiting for your regular local train (that’s Ethereum). But right next to it, there’s an express train called Polygon. It runs on the same tracks but makes fewer stops, so it moves much faster. That’s what Polygon is: A speedy parallel blockchain that works alongside Ethereum.
This is why it is called a Layer-2 Scaling Solution. Polygon is like a sidekick to Ethereum. It helps speed up transactions and reduces fees. Think of it as a shortcut for crypto transactions.
It is also known as a multi-purpose ecosystem. Beyond just speeding things up, Polygon has become a hub for various fun crypto apps. It’s like a hangout spot where you can do more with your digital money.
MATIC is Polygon’s own cryptocurrency. Here’s how it fits into the picture.
When you use Polygon, you pay with MATIC. It’s like using tokens at an arcade. MATIC keeps the Polygon train running smoothly.
Holders of MATIC can play a special role. They become validators, which means they can “work” for the ecosystem, securing the network by checking transactions. This is called “staking”. In return, they earn more MATIC tokens.
MATIC holders also get to vote on changes to Polygon. It’s like being part of a crypto democracy.
Polygon solves some of Ethereum’s problems. Imagine Ethereum as a crowded train with delayed stops. Polygon adds extra tracks, making the journey smoother. It’s like upgrading from a slow local train to a speedy express.
Polygon (MATIC) makes crypto life easier and faster. Polygon also claims to be carbon neutral, and hopes to be carbon positive soon.
Blockchain games are popular on Polygon.
Yuliverse operates within a future cyberpunk world. It uses NFTs which players can buy and sell.
Another top Polygon game is Matr1x Fire. It is a mobile shooting game within the Metaverse that operates on the Polygon network. Matr1x Fire immerses players in a futuristic cyberpunk world with captivating visuals. The game’s art style combines neon lights, advanced technology, and dystopian elements.
Players take part in fast-paced shooting battles and players can combat for NFTs (non-fungible tokens) and digital art assets. These assets have appreciation potential and include avatars, weapons, profile pictures (PFPs), gloves, and other props. Collecting rare and valuable NFTs adds an interesting layer to the gameplay.
NFTs can be created directly on Polygon or moved there from other blockchains.
Generally speaking, Polygon NFTs have low transaction fees and speedy transactions compared to Ethereum’s mainnet.
More well-known NFT collections include y00ts and Hell Cats. There are NFT marketplaces like OpenSea and Magic Eden on Polygon too. They are like NFT shopping malls where users can buy and sell these digital treasures.
Over 843 million NFTs have been minted (created) on the Polygon blockchain so far.
There are a lot of ways to use MATIC in the Polygon ecosystem. First, users have to connect to the MATIC Bridge. This just means that you can move your digital assets between Ethereum and Polygon networks.
Once funds are on Polygon, users can explore over 19,000 decentralized applications (dApps). Users will need MATIC to pay for transaction fees (gas) within the Polygon ecosystem.
Polygon has gained significant attention in the crypto space due to its scalability solutions for Ethereum. Polygon aims to address Ethereum’s scalability issues by providing faster and cheaper transactions.
It is a growing ecosystem of dApps, NFT projects, and DeFi platforms. Many projects are integrating with Polygon to leverage its benefits. In this way, MATIC is expected to grow in usage.
Polygon MATIC was launched in 2017 with a price of US$0.00263.
Since then, like all cryptos, it has experienced some wild volatility in price.
At its all-time high price, at the end of 2021, it reached US$2.92. After that peak, the price corrected heavily to US$0.38 just 6 months later. Since then the price has risen to US$0.89 (at the time of writing).
Current thinking, at the time of writing, is that because Ethereum is going up in price, that Polygon MATIC will follow. But that’s not a given and nothing can be certain in the volatile world of cryptocurrencies.
If you want to buy Polygon (MATIC), follow these simple steps:
-Download the CoinJar App: Get the CoinJar app on your iOS or Android device.
-Create an Account: Sign up and verify your ID. This process usually takes just a couple of minutes.
-Make a Purchase: Once your account is set up, you can buy MATIC along with almost 50 other cryptocurrencies. You can use cash or credit card to make the purchase.
-Payment Options: CoinJar offers various payment methods. Choose the one that suits you best.
In summary, Polygon is a powerful scaling solution that combines the best of Ethereum with its own unique features.
Whether you’re interested in games, staking, NFTs, or smart contracts, Polygon offers a vibrant ecosystem for crypto enthusiasts.
As the Polygon ecosystem grows, it is likely that the MATIC value will rise. However, nothing is certain in the world of crypto, and don’t invest anything you can’t afford to lose.
Polygon is a layer two or sidechain scaling solution that runs alongside the Ethereum blockchain. It provides speedy transactions and low fees for users.
The network’s native cryptocurrency is called MATIC, which serves various purposes like paying fees, staking, and participating in governance.
Polygon uses technologies like Plasma Chains, zk-Rollups, and Optimistic Rollups to achieve scalability and efficiency.
Validators secure the network using a proof-of-stake consensus mechanism. They verify transactions and add them to the blockchain, earning fees and newly created MATIC tokens.
Delegators can stake MATIC indirectly via trusted validators, requiring less commitment but still involving research.
Polygon’s scalability solution supports the Ethereum Virtual Machine (EVM), allowing connected chains to maintain self-sovereign security while ensuring interoperability.
Developers find it approachable due to its similarity to Ethereum development. Polygon enhances Ethereum’s size, security, efficiency, and usefulness, enabling faster deployment of impressive products.
ETH Compatibility: Polygon seamlessly integrates with Ethereum, offering tech stacks, tools, and standards for dApp development.
MATIC Token: MATIC, an ERC-20 token, facilitates payments, settlements, and staking within the Polygon ecosystem. Plus, the new native token on the Polygon chain is called Polygon Ecosystem Token (POL). It is designed to gradually replace the current MATIC token over a period of four years as part of Polygon 2.0.
Scalability Methods: Polygon employs Plasma Chains, zk-Rollups, and Optimistic Rollups to handle transactions efficiently.
Interoperability: It bridges the gap between Ethereum and other blockchains, benefiting developers worldwide.
You can buy and sell MATIC on exchanges like CoinJar and other platforms. MATIC was previously known as Matic Network before rebranding to Polygon.
Digital assets refer to any form of value or ownership that exists in a digital format. In the context of cryptocurrencies, tokens like MATIC are considered digital assets.
When buying MATIC, you’ll typically need to provide personal details such as your name, address, and identification documents as part of the verification process.
Digital currencies, also known as cryptocurrencies, are decentralized forms of money. MATIC is one such digital currency built on the Polygon network.
Several crypto exchanges, including CoinJar, Binance, Kraken, and Crypto.com, offer MATIC trading pairs. Users can purchase MATIC using various payment methods on these platforms.
As of the time of writing, MATIC has a market capitalisation of approximately US$4.6 billion.
You can use credit cards, debit cards, bank transfers, and stablecoins like USDC to purchase MATIC on different exchanges.
MATIC is actively used within the DeFi ecosystem, where it supports various financial services and applications built on the Polygon network.
Yes, MATIC can be used for peer-to-peer transactions, allowing users to transfer value directly without intermediaries.
Yes, exchanges like CoinJar allow users to buy MATIC using fiat currencies such as USD.
MATIC operates on the Ethereum Layer 2 scaling solution, utilising blockchain technology to enhance scalability and functionality.
Crypto assets encompass all digital tokens and cryptocurrencies. MATIC, being a native token of the Polygon network, falls under this category.
Smart contracts on the Polygon network enable automated and trustless transactions, contributing to MATIC’s utility.
Hardware wallets provide an extra layer of security by storing MATIC offline.
Social media platforms play a role in spreading awareness about MATIC, its use cases, and developments.
While MATIC operates independently of traditional financial institutions, its adoption may eventually intersect with the broader financial landscape.
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