Polygon, formerly known as the Matic Network, is out to fix the Ethereum (ETH) scaling problem. With increasing demand and congestion, simple ETH transactions are costing up to $20, with more complicated transactions nearer to $100. Matic Network's name has changed to Polygon, the token name still remains Matic.
Everyday users are reporting leaving transactions stuck or abandoned because they simply cannot afford to move their funds. Migrating to another network is deemed as a last resort for diehard crypto fans.
To solve this issue, Matic created layer 2 solutions which are solutions designed to help Ethereum to scale up, by handling transactions off the main Layer 1 Ethereum chain using smart contracts, whilst on-chain transactions are delegated to side chains to extend the utility and ease congestion. But when it comes to security, proofs to guarantee validity remain on the trusted Ethereum chain.
Matic is a Plasma-based Layer 2 solution, but with the recent shift to Polygon, Matic has evolved beyond a Layer 2 solution into a powerful catch-all ecosystem made up of Layer 2 solutions, secured Layer 2 chains and standalone sovereign blockchains with Ethereum at the heart of it all.
As a Layer 2 solutions aggregator, Polygon will offer support and interoperability for all Layer 2 solutions on top of its existing Matic Proof-of-Stake Chain and Matic Plasma Chains which remain fully functional and will remain as important components of the Polygon ecosystem.
With this new strategy, Polygon will rise above the other Layer 2 solutions and instead be on par with other multi-chain platforms like Polkadot, Cosmos, and Avalanche. Polygon will have Ethereum as its base layer. This offers significant advantages over the other platforms such as:
It is able to fully benefit from effects
It is inherently more secure
It is more open and powerful
Polygon will be an Ethereum native built on Ethereum, and hence not only adhering to its ethos but also readily interoperable with all existing and future Ethereum infrastructure.
Polygon's ambitious multi-chain architecture will provide a much-needed framework for Ethereum interoperability with other Layer 2 solutions, sovereign blockchains, and secured Layer 2 sidechains.
Polygon - a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.
One-click deployment of preset blockchain networks
A growing set of modules for developing custom networks
Interoperability protocol for exchanging arbitrary messages with Ethereum and other blockchain networks
Modular and optional “security as a service”
Adaptor modules for enabling interoperability for existing blockchain networks
MATIC token- Polygon will still utilize the MATIC token for validator staking and network transaction fees will continue to be paid in the MATIC token. Also, the token will gain more utility as it will be used to further secure and incentivize the network and assist in the governance of the new Polygon system.
MATIC is available on many of the leading centralized and decentralized exchanges around the world:
1 CoinBase is a platform to purchase MATIC using a credit card or even your Bank Account. You only need to follow the steps and link your Bank Account or Credit Card for purchasing your first cryptocurrency. Use this link and you can get AUD 13.84 in free Bitcoin when you buy or sell AUD 138.41 or more.
2. Binance Exchange - you can purchase MATIC on Binance using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB) instead of cash. Use the link above for a bonus 10% discount.
3. Crypto.com MCO/CRO - this is a favourite for many reasons, as you can earn interest on a wide variety of coins, as well as apply for a crypto debit card. This operates similar to a pre-paid Visa card, where you top up before use, however, you can choose to top up with cash or crypto. For example, you can transfer Bitcoin (BTC) to the card and spend it like cash, or let it sit in the account and earn interest. Rates of interest on deposits vary from 2% up to 10% or more. New investors may receive up to $50 when using the above link to create a new account.
4. Coinspot- you can purchase MATIC on Coinspot. You only need to follow the steps and if you sign up using this link above you will get $10 worth of Bitcoin.
5. FTX -- you can purchase many coins on FTX, and also stake coins to earn interest. Use the link here to get a free random coin when you open a free account. Will it be Bitcoin, ETH or DOGE? Who knows, but it's free :)