Most coins are currently going through a correction — but one token is moving from one all-time high to the next: MATIC, the cryptocurrency of the Polygon network. But what is Polygon (MATIC) anyway? And what are the price forecasts for MATIC? Could an investment in MATIC still be a good investment now?
Ethereum’s Internet of Blockchains — polygon.technology
MATIC is currently experiencing a sensational run: MATIC has gained more than 400% in the last 30 days, and yesterday alone the share price recorded a gain of around 12%. The trading volume has also made a strong leap forward and increased by 127%.
Polygon accelerates the transaction speed and lowers the costs of Ethereum at the same time
Polygon: 2 Layer
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. — — polygon.technology
Polygon ( previously Matic Network) is a so-called Layer 2 scalability solution for Ethereum. However, the protocol does not function as a replacement for Ethereum — but rather aims Polygon to improve Ethereum. The protocol works on top, so to speak, as a second network layer — hence Layer 2.
Polygon accelerates the transaction speed and lowers the costs at the same time. There has been an immense need for this: The success of the Ethereum blockchain results in long transaction waiting times and high fees. Polygon therefore effectively transforms Ethereum into a true multi-chain system, similar to Polkadot, Cosmos, or Alanche; but offers Ethereum’s advantages — such as security and its evolved ecosystem.
At this point, you should have a look at Polkadot. It’s an interesting multi-chain approach with a lot of potentials. Here we go: Polkadot $DOT: Will It Outperform Ethereum? (Analysis, Outlook)
To achieve interoperability, Polygon links the Ethereum network to other Ethereum-compliant networks. This allows Ethereum to scale up to the next level.
In terms of speed and scalability, Polygon is hard to beat: up to 65,000 transactions per second, along with a well above average block confirmation time of fewer than two seconds. In comparison: The new CHIA blockchain for example, which positions itself as a high-speed chain, takes around 5 seconds per transaction. Check: Chia Coin: The GREEN Bitcoin Alternative?
The MATIC token secures the system and enables governance. It is used for payment services on Polygon and by users operating within the Polygon ecosystem. Transaction fees on Polygon sidechains are also paid in MATIC. It is an ERC-20 token — so it runs on the Ethereum blockchain.
The ERC-20 introduces a standard for Fungible Tokens, in other words, they have a property that makes each Token be exactly the same (in type and value) of another Token. For example, an ERC-20 Token acts just like the ETH, meaning that 1 Token is and will always be equal to all the other Tokens — ethereum.org
MATIC is currently in place 15. by market capitalization, two places behind Solana:
As Solana Inc’s focus is on very high scalability, the project has good chances. Fast performance is one of the most important criteria for the success of a blockchain. With 50,000 transactions per second, Solana is one of the best alternatives for Ethereum. — Solana (SOL): The Better And Greener Bitcoin? (Ethereum Competitor)