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Polygon: What is it and What is the Use of this Cryptocurrency?
09/25/2023
Polygon (Matic): What is it and What is the Use of this Cryptocurrency? This is perhaps the most famous coin within the Ethereum Scalability niche. Get to know a little more about her.
Polygon: What is it and What is the Use of this Cryptocurrency?
What is Polygon?
Polygon Cryptocurrency (Matic) is a token that works on the Polygon network, a platform that allows scalability of the Ethereum Blockchain. The Polygon network uses sidechains, which are chains parallel to the main Ethereum chain, to carry out faster and cheaper transactions.
Polygon coin is used to pay gas fees on these sidechains, as well as participate in network governance and staking. Polygon was created in 2017 by Indian developers who wanted to solve Ethereum's congestion and cost issues.
Polygon is considered one of the most complete networks in the crypto universe, as it allows the integration of several blockchains and the creation of various types of applications, such as metaverse projects and NFTs.
Polygon was created by four developers: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. They are from India and were already contributors to the Ethereum ecosystem before founding Polygon. They aimed to solve the scalability, cost and speed problems of the Ethereum network using sidechains and smart contracts.
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What is the use of Polygon?
The utility of the Polygon cryptocurrency is to allow users and developers of the Ethereum network to enjoy the benefits of scalability, speed and low transaction costs.
Polygon also offers an open and flexible platform for creating a variety of decentralized applications, such as gaming, digital art, finance, and more. Polygon is one of the most innovative and promising networks in the crypto ecosystem, as it seeks to connect and integrate different blockchains, creating a richer and more diverse environment for blockchain technology.
Polygon is a cryptocurrency that has the potential to grow and appreciate in the future, as it has great demand and an engaged community. Remembering that this is not an investment recommendation, ok, dear reader?
What is the difference between Ethereum and Polygon?
Ethereum and Polygon are two blockchain networks that allow the creation and execution of decentralized applications, that is, applications that work without a central intermediary. However, they have some important differences, which can be summarized as follows:
- Polygon is a second-layer blockchain network, which works as an extension of Ethereum, offering solutions to improve scalability, cost and speed of transactions, using sidechains and smart contracts;
- Ethereum uses the cryptocurrency Ether (ETH) as its native currency, which is used to pay network fees (gas), participate in network governance and staking;
- Polygon uses the Polygon cryptocurrency (MATIC) as its native currency, which is used to pay network fees (gas) on sidechains, participate in network governance and staking;
- Ethereum allows the integration of several decentralized applications, but has a more rigid and standardized architecture. Polygon allows the integration of several decentralized applications, but has a more flexible and customizable architecture;
- Ethereum is compatible with most existing blockchains, but has difficulties communicating with them. Polygon is compatible with Ethereum and other blockchains, and facilitates communication between them.
Lucas Lippe
The idea of freedom is fascinating and Bitcoin gives us that in many ways. Explaining ideas of a decentralized web on the Bitcoin Lovers website.
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