Matic Network was launched in 2017. It offers a layer-2 solution to increase scalability of Ethereum. In February 2021, the Matic Network went through a rebranding and became the Polygon Network
. It is completely decentralized and works on a personalized Plasma network
Polygon aims to bring mass adoption closer by working on the scalability, high fees and slow speeds issues. Using the sidechains, Polygon allows for cheap and fast transactions based on the Ethereum blockchain, as well as interacting with other blockchains.
MATIC Payment Benefits:
The MATIC token (ERC-20) was created to protect and pay for transactions. The security of this utility token is ensured by the Proof-of-Stake consensus mechanism. MATIC coin can be used for staking, delegating, paying for gas, trading, and MATIC can be accepted as payment or donation. You can track MATIC price
on CoinMarketCap. You can buy MATIC coin on Binance
- Low fees
Polygon aims to lower blockchain fees, therefore MATIC transactions fees are extremely low.
While fully benefiting from the Ethereum network, Polygon is also claiming to be more secure.
- Scalability and Interoperability
Possible message passing (tokens, contract calls etc)
: Any Matic Network news?A
: MATIC price
went up by more than 100 percent on May 24, 2021