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POLYGON (MATIC)



What Is Polygon (MATIC)?

Polygon is a cryptocurrency, with the symbol MATIC, and also a technology platform that enables blockchain networks to connect and scale. Polygon—"Ethereum's internet of blockchains — launched under the name Matic Network in 2017.
Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The platform now supports over 7,000 blockchain-based projects

The Polygon platform operates using the Ethereum blockchain, and connects Ethereum-based projects. Using the Polygon platform can increase the flexibility, scalability, and sovereignty of a blockchain project while still affording the security, interoperability, and structural benefits of the Ethereum blockchain

MATIC is an #Erc20 token, meaning that it's compatible with other Ethereum-based digital currencies. MATIC is used to govern and secure the Polygon network and to pay network transaction fees.

The Polygon network, as a secondary scaling solution, aims to address limitations of the Ethereum platform—namely high transaction fees and slow transaction processing speeds. Polygon can:

i, Deploy existing blockchain networks and develop custom blockchains

ii, Enable communicate between Ethereum and other blockchains

iii, Help existing blockchain networks to become compatible with Ethereum

Advantages and Disadvantages of Polygon

Polygon's strengths/ Advantages include:

Ability to process transactions quickly: By using a consensus mechanism that completes the transaction confirmation process in a single block, Polygon can maintain fast transaction processing speeds. Polygon's average block processing time is 2.1 seconds.

Transaction fees are consistently low: Polygon keeps its fees low to use the platform, with a typical transaction fee of around $0.01.

Weaknesses/ Disadvantages are:

Not an autonomous blockchain: Polygon is a Layer 2 solution that works atop the Ethereum platform. If the Ethereum platform experiences serious disruptions or ceases to exist, then Polygon would likely lose its value.

Limited use cases for MATIC: The MATIC token is designed to govern and secure the Polygon platform and pay transaction fees. Unlike some digital currencies, MATIC is not generally used for everyday purchases.

This is not a financial advice before investing in cryptocurrency make sure you have done your own research 

(Investopedia)

Learn more about Polygon Matic: https://polygon.technology/



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