Hello, cryptomaniacs! In this article, we are going to talk about Polygon. If you have been around the block a few times with trading digital currencies or if this is your first time testing the waters, there’s a good chance that you have at least heard of Polygon. But what is it exactly?
Well, strap yourselves in because we are about to take off on a wild ride through space where will dive deep into what makes this one of the most revolutionary technologies of our generation.
What is Polygon?
Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand-alone chains or any other kind of infra required by the developer.
Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc. with the advantages of Ethereum’s security, vibrant ecosystem, and openness.
The $MATIC token will continue to exist and will play an increasingly important role, in securing the system and enabling governance. Polygon (formerly Matic Network) is a Layer 2 scaling solution backed by Binance and Coinbase. The project seeks to stimulate the mass adoption of cryptocurrencies by resolving the problems of scalability on many blockchains.
How does Polygon work?
Connected to the Ethereum mainnet, Polygon is a second-layer scaling solution for Ethereum. It works as its own blockchain network and uses sidechain architecture plus Proof of Stake (PoS) consensus to achieve faster and cheaper transactions without breaking compatibility with Ethereum’s ecosystem.
Security and interoperability are ensured by periodically recording the state of the Polygon sidechain on the Ethereum mainnet through checkpointing. This permits assets to be transferred between Polygon and Ethereum seamlessly due to interoperability features.
Scalability is increased by moving transactions off the Ethereum mainnet which also reduces congestion and transaction fees greatly thus making it possible for bridges to support various scaling solutions such as Plasma-based Matic, zk-Rollups, Optimistic Rollups among others with an aim at creating scalable user friendly environment for DApps based on ethereum
How do you buy Polygon?
If you would like to get Matic coins, follow the steps below:
Initially, you must create an account on a cryptocurrency exchange that trades in MATIC. Some of the popular exchanges that offer MATIC trading pairs include Binance, Kraken, Coinbase and Huobi.
Once your account is fully set up and verified, make a deposit into your exchange wallet. Many exchanges accept other cryptocurrencies such as Bitcoin or Ethereum; they also allow deposits in fiat currency like USD or EUR.
After depositing funds, go to the “trade” section of the exchange and locate the MATIC trading pair which typically reads as either (MATIC/USD) (MATIC/BTC).
Next enter the amount of Matic you want to buy then place your order. You can choose between market orders (buy at current price) or limit orders (specify price).
The moment your order gets filled up with sellers’ ones ,matic tokens will be credited into your account
It is recommended that once you have bought Matic ,transfer them into a secure wallet of which only you know its private keys especially if you are holding them for long term storage .You can use wallets such as MetaMask ,Trust Wallet or Ledger for storing matic securely..
Top Exchange Where You Can Buy Polygon
Binance: Binance is among the largest digital money exchanges in the world. It offers a wide variety of MATIC trading pairs including MATIC/USDT, MATIC/BTC and MATIC/ETH.
Coinbase: Coinbase is a well-known and beginner-friendly exchange which supports USD trading against MATIC. This provides an easy way for people new to cryptocurrency investing to buy or trade digital currencies.
Kraken: Kraken is recognized for its robust security measures; it also offers several different types of trading pairs with Matics such as USD (MATIC/USD), Euros (MATIC/EUR) and Bitcoin (BTC).
Huobi Global: Huobi Global has been around since 2013 making it one of the oldest exchanges still operating today. They have built up a good amount of liquidity on their platform by supporting many different tokens including USDT, BTC and ETH paired with Matic.
Binance.US: Binance.US is a United States based cryptocurrency exchange that operates within the confines of American regulation. They offer support for trading between USD and Matic tokens.
OKEx: OKEx was founded in 2014 as part of OKCoin, which at one point was China’s largest bitcoin exchange. Since then they have expanded globally with offices all over the world catering to users from every country imaginable through various currencies such as USDT (Tether), BTC(Bitcoin)and ETH(Ethereum).
Gate.io; Gate.io is another reputable digital asset exchange that supports Matic Network Token(MATIC). The platform allows you to trade matics with USDT, ETH, BTC among other major cryptocurrencies.
Crypto.com: Crypto.com is known for its user-friendly interface design which makes buying/selling digital currency very simple. On this platform you can trade matic network tokens against usdt usd, btc eth among other popularly traded assets
Is Polygon safe?
Polygon is generally considered safe since it incorporates multiple security features. It checks its status on the Ethereum mainnet from time to time thus offering more protection if problems arise with the sidechain. Being based on a Proof of Stake (PoS) consensus mechanism, validators are required by the system to stake their tokens for purposes of securing the network which makes it difficult for attackers to succeed in their mission.
Furthermore, Polygon has been audited by well-known companies that were aiming at finding out any weaknesses that might be exploited by hackers. Nevertheless, there are still some risks like centralization or smart contract bugs.
Users need to be careful and do their own research before using this platform considering best practices. This may include among others; employing secure wallets as well as being on the lookout against phishing attempts which can significantly enhance transaction safety while trading assets via Polygon network.
Who runs Polygon?
Polygon was founded in 2017 by three entrepreneurs who are Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. But now it has become a decentralized ecosystem managed under the Polygon Foundation which also takes care of its development and governance. They want to support the growth of Polygon Network so they support developers among other things like ensuring security and scalability of the system as well as promoting community engagement around it.
However much this foundation may seem like overseeing everything about this project; that’s not true since validators secure blockchain while developers contribute to its ecosystem thereby making polygon operate more as a decentralized network than central one.
So far so good but still there is more work ahead for those working behind polygons because they have never stopped improving protocols or expanding functionalities ever since its birth and even up to-know team members from diverse backgrounds within blockchain space always collaborate together aiming at achieving scalability plus usability goals for decentralized applications.
How does Polygon have value?
Many things determine the value of Polygon (MATIC). The first one is that it acts as a cryptocurrency native to the Polygon network where it serves various functions within its ecosystem. For instance, transaction fees are paid using MATIC and also people can stake with it thus providing security for the network.
Polygon solves Ethereum’s scalability problem, which is one of its major pain points. This is achieved through creating a layer 2 scaling solution that makes Ethereum based decentralized applications more efficient and usable. Increased scalability means higher transactions per second and lower fees thus becoming attractive to developers as well as users.
Another thing is that polygon is interoperable with Ethereum allowing assets to move freely between these two networks without any friction whatsoever; therefore this widens the use cases for matic tokens even further making them valuable across different blockchains too.
Furthermore, what drives demand for MATIC tokens are new dApps developments, DeFi protocols creation or NFT marketplaces on top of polygon ecosystem itself besides serving as its fuel so the more projects join in together with their users they will need them hence increasing their price eventually.
In summary utility within polygon ecosystem itself combined together with improvements made towards scalability for ethereum alone not forgetting about other chains connectivity plus growth surrounding wider space should always be considered when assessing an altcoin like MATIC.
What are smart contracts?
Smart contracts are contracts that can be self-executed, and whose terms are directly written into the code of the agreement. They operate on blockchain networks like Ethereum, automatically enforcing the agreement’s stipulations without intermediaries. These legal agreements work on pre-set conditions; when met, transactions are executed which eliminates trust requirements between parties involved.
Once deployed, smart contracts become immutable hence cannot be changed or interfered with thus providing security and transparency at the same time. They have numerous uses across different sectors because they allow for process automation as well as building decentralized applications (DApps) that run in an open manner and perform efficiently also.
In summary, what this means is that traditional contract execution gets transformed by smart contracts which offer trustless, automated systems for making agreements and conducting transactions where everything is visible to everyone involved.
Top Polygon Features
- Scalability: Polygon ensures scalability; it gives layer-2 scaling solutions for Ethereum which improves its scalability significantly. Transactions are processed outside the main Ethereum chain thus making transactions faster and cheaper on Polygon than Ethereum hence solving congestion and high gas fees.
- Interoperability: Asset transfers and smart contract interactions can be done between polygon and ethereum networks because polygon is built on top of ethereum. This means that developers and users have an opportunity to maximize their potentials by utilizing both environments without any limitations.
- Multiple Scaling Solutions: Among several other scaling solutions, Matic (mainly based on Plasma), zk-Rollups and Optimistic Rollups are some examples of what Polygon provides. In this regard, security, decentralization as well as performance needs are met since different options for scaling can be chosen by developers.
- Security: Security is paramount in any network design; thus through Proof of Stake consensus algorithm with periodic checkpointing onto Ethereum mainnet; validators stake tokens to secure the network thereby rendering it attack-resistant.
- Low Gas Fees: When compared to Ethereum mainnet, Polygon reduces gas fees tremendously by conducting transactions off-chain. This makes it possible for people to transact affordably hence enabling microtransactions and High Frequency Trading (HFT) within DApps running on the platform.
- Developer-Friendly: Tools supporting ethereum-compatible smart contracts together with a developer-friendly environment are provided by Polygon. With minimal changes from their Ethereum versions, developers can easily deploy their DApps on polygon.
- Community and Ecosystem: A lot has been achieved already within the ecosystem of this network including but not limited to decentralized applications (dApps), DeFi protocols as well Non-fungible token marketplaces(NFTs). The vibrant community around contributes towards growing adoption rates while at same time fostering growth within itself thereby ensuring long term success
- Economic Incentives: To secure & grow the network there are various economic incentives offered which encourage users’ participation like staking rewards, transaction fee discounts and governance participation among others.
How To Store Polygon?
You must have a cryptocurrency wallet that accepts ERC-20 tokens because Polygon (MATIC) is an ERC-20 token. Here’s what you can do to store Polygon:
Hardware Wallets: Hardware wallets such as Ledger Nano S, Ledger Nano X, and Trezor are the most secure option for storing cryptocurrencies like MATIC. They keep your private keys offline, which provides the highest level of security.
Software Wallets: Software wallets are programs or applications that can be installed on your computer or mobile device. Examples include Trust Wallet, MetaMask (browser extension), MyEtherWallet (MEW), and Atomic Wallet among others. Ensure that you go for a wallet that supports ERC-20 tokens.
Mobile Wallets: Mobile wallets are designed for tablets and smartphones. They are convenient and offer accessibility to managing your MATIC tokens while on the move. Coinomi and Trust Wallet are popular options for storing MATIC on mobile devices.
Exchange Wallets: Cryptocurrency exchanges like Binance, Coinbase, or Kraken allow you to store MATIC temporarily if you’re trading actively with it. However, it is generally not recommended to keep large amounts of cryptocurrency on exchanges due to security risks involved.
However, whichever wallet type you choose, there are some best practices which should be followed:
Backup Your Wallet: Safely store your recovery phrase or private keys in a secure location so that if your device gets lost or you forget your password then this will enable you regain access to your funds.
Enable Two-Factor Authentication (2FA): If 2FA is supported by your wallet provider then make sure it is enabled as this will add an extra layer of protection to your account.
Verify Addresses: Always double-check the recipient address before sending out any MATIC tokens thereby ensuring that they reach their intended destination.
Stay Updated: Keep yourself well informed about security best practices as well as any potential vulnerabilities affecting the particular wallet application being utilized.
How To Transfer & Receive Polygon?
To send and receive Polygon (MATIC) tokens, you need a compatible wallet that supports the ERC-20 token standard. Below are the steps to follow:
Steps for transferring MATIC:
Open Your Wallet: Launch your crypto wallet which contains your MATIC tokens. This can be a hardware, software or exchange wallet.
Start Transfer: Proceed to the ‘Send’ or ‘Transfer’ section of your wallet.
Enter Recipient Address: Key in the recipient’s wallet address. Ensure it is correct because blockchain transactions cannot be reversed.
Enter Amount: Indicate how much MATIC you want to transfer.
Confirm Transaction: Check through transaction details such as recipient address and amount, then confirm. Depending on the wallet, you may have to enter your password or verify the transaction with second factor like SMS or email.
Wait for Confirmation: Once confirmed, the transaction will be broadcasted across blockchain networks and left for miners to verify usually taking some minutes.
Steps for receiving MATIC:
Share Your Wallet Address: You must share your wallet address with whoever wants to send you some MATIC. It acts as unique identifier of your wallet and destination for those tokens.
Open Your Wallet: Access cryptocurrency wallet where you intend receiving these MATIC tokens into.
Find Your Address: Go to ‘Receive’ section of your wallet so as to locate address for receiving MATIC coins. Normally it appears as mix-up letters/numbers known technically as alphanumeric characters.
Share Your Address: Copy this string of digits representing your own unique polygon matic network compatible ethereum based digital asset holding place (wallet), pasting it back wherever necessary when asked by sender but ensure accuracy during sharing process because any mistake made here could lead into loss of funds meant for transfer payment .
Wait For Transfer : Once sender initiates transfer & confirms same; thereafter within few seconds/minutes depending on congestions experienced within related bscnetworks;thus among fastest growing defi projects currently in existence on pancakeswap network ;matic tokens should arrive directly into
Check Your Balance: After the blockchain confirms the transaction, you will see the updated balance in your wallet.
Best Polygon Alternatives
Many blockchain platforms serve to offer layer-2 scaling solutions, interoperability, and more. Here are some of the best alternatives to Polygon (formerly Matic Network):
Optimism: Optimism is a second-layer scaling solution designed for Ethereum based on optimistic rollups. It aims at boosting Ethereum’s throughput by significant volumes while reducing transaction fees and maintaining compatibility with the existing ecosystem of Ethereum.
Arbitrum: Arbitrum is also an Ethereum-based second-layer scaling solution that uses optimistic rollups. Its objective is fast and cheap transactions supporting smart contracts as well as compatibility with Ethereum through interoperability among other features.
zkSync: It adopts zk-Rollups as its approach towards being a second-tier expansion pack which increases privacy levels within systems handling token transfers or smart contract operations while still focusing on scalability improvements alongside reduced costs per transaction conducted over ethereum network.
xDai Chain: This sidechain stabilizes the PoS consensus algorithm for ethereum providing quick services at low prices denominated in stablecoins such as xDAI; it has gained popularity mainly due to payment use cases but also DApp creation potentialities are quite high.
Binance Smart Chain (BSC): BSC is a parallel blockchain platform that enables development of smart contracts and integration with Binance Chain; it offers fast speeds along with being cost-effective hence widely appreciated by many developers keen on DeFi apps among others.
Solana: A scalable high-performance blockchain capable of handling thousands TPS; its main focus revolves around enabling faster transactions for dApps.
Final Verdict
Polygon has become a major layer 2 scaling solution for Ethereum, which deals with such burning problems as scalability, high fees and long confirmation times. It offers developers and users worldwide a broad range of opportunities through its breakthrough design, compatibility with Ethereum and various scaling solutions including Plasma-based Matic, zk-Rollups and Optimistic Rollups.
Its quick adoption rate can be explained by reliance on security features, decentralization drive as well as being user-friendly thus attracting many people into it. This is why low gas fees are featured alongside fast transactions while at the same time ensuring seamless asset transfers were possible only on DeFi projects built using Polygon network that acted as cornerstones within broader
DApps ecosystem powered by blockchain technology innovation driven by this platform’s desire to bring Ethereum closer to all in need even when other systems fail or fall short like they did during those days when everything seemed impossible due to slow speed caused mainly by congestion at some point somewhere somehow but not anymore because now we have got Polygon around us forevermore!
