What is Matic (Polygon)
Previously known as Matic Network, Polygon is a well-structured, easy-to-use Ethereum scaling infrastructure platform.
Since its release in 2017, it has stood out for its Layer-2 scaling solution (or sidechains).
The Polygon platform operates using the Ethereum blockchain and follows a EVM oriented design at core.
Ethereum can be used for many different types of activities, from NFT markets and games to the growing DeFi ecosystem.
However, the increasing popularity of these applications increases transaction fees (gas fees), and therefore making small or frequent investments may no longer be economically viable.
Hence, Polygon’s Layer-2 scaling solution reduces gas fees and also facilitates faster transaction processing.
Polygon enables blockchain projects to be flexible, scalable, and sovereign while still maintaining Ethereum’s security, interoperability, and structural benefits.
Over 7,000 blockchain-based projects are supported by Polygon which has become one of the most popular Indian blockchain platforms, founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.
MATIC Token
MATIC, Polygon’s cryptocurrency, is used to pay network fees, stake, and participate in governance (holders vote on changes to the network).
Matic(Polygon) Utility
Applications and use cases related to Decentralized applications (DApps) include DeFi, DAOs, and NFTs, as well as extending into the metaverse.
As a governance token, MATIC is used by token holders to vote on proposals and help shape the project’s future.
Staking Polygon (MATIC) tokens will earn you interest, and you can currently earn an annual rate of over 15% staking Polygon, although rates will fluctuate over time.
As recently as October 2022, the Indian Police in Firozabad began using Polygon to report crimes.
Putting FIRs on the blockchain prevents lower-level officers from manipulating or denying the reports, which would be a game-changer for ensuring justice.
Polygon vs. Ethereum
The Polygon blockchain enables the secondary scaling of Ethereum. With Polygon, Ethereum is enhanced as a blockchain development network and enhanced in terms of security, blockchain sovereignty, user and developer experience, and modularity.
As of now, Ethereum uses the proof-of-work consensus mechanism but is gradually converting to proof-of-stake. Polygon, however, uses a modified proof-of-stake mechanism that facilitates fast, cheap transactions.
Others are too offering interconnected blockchains, such as Polkadot and Avalanche. It is possible that projects like these will coexist, or that one project may create a better solution and leave the others behind.
Ethereum has also been rolling out a series of upgrades to Ethereum 2.0.
In that case, Polygon’s efforts there could become redundant.
Follower Trend
On Twitter, Polygon (MATIC) has 1.7 million followers, making it one of the most popular Indian cryptocurrencies on social media.
While they don’t post much on their other social media outlets (like YouTube, Facebook, and Instagram). With over ten separate Twitter handles for its various applications, the majority of its community interaction happens on Twitter.
MATIC’s Nature
Matic aims to address scalability and usability concerns while maintaining decentralization, security, and the ability to leverage the existing developer community and ecosystem.
It also swears to be the cleanest crypto platform going carbon negative in 2022 with a $20 million pledge.
Competition
As it focuses on different rollups, NFTs and Layer-2 technologies, some of its most bullish competitors are Immutable X (IMX), Celer Network (CELR) and mainstream chains like Polkadot cosmos on IBC end. Competition from ZK players like zkSync and Starkware is immense as well.
Investors
Matic’s Investors are Disney , Sequoia Capital India, Coinbase Ventures, Mark cuban
