Polygon MATIC is a scalability platform that allows blockchains that are Ethereum-supported to connect. It also allows you to develop new Ethereum blockchains that are suitable for businesses and institutions that require decentralized payments solutions.
The network is referred to as “Ethereum’s network of blockchains” since one of its major responsibilities is to provide the multiple chains Ethereum ecosystem.
Polygon was among the best-performing cryptocurrency assets listed on CoinSwitch by trading volume.
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Polygon, previously called Matic, was formerly known as the Matic network established by India on October 17, 2017, by Jaynti Kanani Sandeep Nailwal and Anurag Arjun.
In the white paper of Polygon, it was the first company to tackle the main issues that arise with Ethereum, the high cost of gas along with network bottlenecks. They formed a group committed to creating a seamless, unbound world that could operate on Ethereum effectively to overcome these issues.
What is the best way to help Polygon help Ethereum?
Polygon is a creative problem-solver. Ethereum is a unique set-of issues regarding scalability and costs, leading to a poor user experience. Ethereum’s networks often get blocked with a huge user base, which makes transactions costly for all users.
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With these problems on Ethereum and the absence of a replacement, Polygon has emerged as an icon. The Indian-based blockchain platform has tackled these issues with the following.
The rise of Polygon (MATIC)
MATIC is the primary token used by that Polygon blockchain. MATIC is utilized on the blockchain as a staking token used to verify transactions by using its Proof of Stake (PoS) method. Miners can utilize MATIC as capital assets (which grow in value in time) and utility tokens (which can be used to stake for regular income).
The development of Polygon was a way to improve the efficiency of Ethereum. Polygon network was intended to enhance the effectiveness and scalability of Ethereum. Polygon.
Many projects, like Aave and Curve, were launched on Polygon last year, and metaverses such as Decentraland have selected it as their primary scaling solution. Decentralized exchanges like UniSwap and SushiSwap have also been launched on Polygon and allow users to trade their coins without intermediaries.