Everything one needs to look out for in Polygon

One of the most revolutionary innovations of the recent decade was blockchain, a distributed, decentralized ledger for digital information. In addition to powering cryptocurrencies and NFTs, this technology has the potential to have profound effects across a wide range of industries, including healthcare and payments.

According to recent studies, 55% of Indian companies have already implemented blockchain technology.

The magnitude of the Indian blockchain technology market was highly appraised. In the realm of information technology, blockchain has made a name for itself as a promising new development. It’s a distributed, open, and immutable public ledger that can be accessed by all participants to the transaction and serves as a central repository for all of those transactions. 

An important aspect driving the rise of the cryptocurrency market in India is the country’s growing acceptance of the digital asset class. Blockchain technology is now being used by commercial banks and central banks all over the world to process payments and issue digital currencies.

To sum things up, the crypto market is exceedingly unpredictable and uncertain. Recent years show a quick rise in market prices, followed by a swift decrease. Many new monetary systems emerged and were heralded, but they soon vanished without a trace.

Talking about today’s market, we have a wide range of cryptocurrencies from which to choose. These include prominent cryptocurrencies like Ethereum, lite coin, Bitcoin, and Dogecoin.

 However, as is customary, the crypto market’s latest newcomer is a currency dubbed Polygon. Despite being new to the game, the currency is already among the top twenty virtual currencies in terms of market capitalization.

Inception

Polygon

The startup was founded in 2017 by four software developers from India: Anurag Arjun, Jaynti Kanani, Mihailo Bjelic, and Sandeep Nailwal in Mumbai. At first, the currency was called the MATIC Network, but as it started to expand, the name was later changed to Polygon on February 9, 2021, it was done to get global recognition.

Polygon’s goal and vision is to provide many blockchains that may be freely utilised to exchange information and value. The Bengaluru-based company’s goal is to make blockchain technology more widely accepted in the country. With the help of the Plasma framework, Polygon has created a decentralised platform for the main chain that allows for faster and more cost-effective transactions.

Decentralized applications, non-fungible tokens, decentralised finance, and decentralised autonomous organisations are all part of the cryptocurrency business, and this virtual currency Polygon (Matic) is no exception (Decentralized Autonomous Organizations).

The currency has managed to rank among the top fifteen virtual currencies globally, In the near future, its creators have big plans to make it the world’s third-largest crypto after Ethereum and Bitcoin.

 In addition, the currency’s unstoppable rise is due to the increasing popularity of the Ethereum network and the blockchain is adopted. Because of the digital asset’s side-chain architecture, which makes transactions cheaper and faster, the public’s impression of the digital asset and its prices are predicted to rise.

Founders

Jaynti Kanani was the son of a diamond industry worker who lived in a modest cottage on the outskirts of Ahmedabad, Gujarat, and struggled frequently to pay his school tuition. His goals at the time were to get a good-paying career that would help him pay off his father’s debt. 

However, fate had other ideas for Jaynti Kanani, the co-founder & CEO of Polygon, a made-in-India cryptocurrency technology that recently crossed the $10 billion market capitalization threshold.

He studied engineering and computer science and then did an MBA with a specialization in information technology, He then worked for Deloitte before becoming the CTO of Wellspun E-commerce. He subsequently established a website for white-collar services, similar to a Flipkart for services. 

The company did not scale as much as he had hoped. He then began researching artificial intelligence and technologies such as blockchain, and then returned to programming, where he met his co-founders.

What exactly is a polygon? (MATIC)

Polygon, formerly known as the Matic Network, is a scalability solution that seeks to give a variety of tools to improve the speed, lower cost, and simplify transactions on blockchain networks.

The rapid acceptance of Ethereum has resulted in large expenses, with exchange fees frequently costing more than the transferred cash. This is because Ethereum has a large number of customers accessing the network, which significantly reduces exchange scalability.

Polygon aims to facilitate Ethereum’s increasing size, security, efficiency, and utility, as well as to encourage developers to bring appealing products to market as soon as humanly possible.

Polygon kept its MATIC cryptocurrency, the digital coin that powers the network, after the rebranding. MATIC is utilised as a payment and settlement unit amongst network participants.

How does Polygon work?

Polygon is a multi-tiered platform that aims to scale Ethereum thanks to a large number of side chains, all of which aim to unlock the main platform efficiently and profitably.

If you are unfamiliar with the term side chains allow me to break it down for you, side chains are single blockchains tied to the main blockchain of Ethereum and support many decentralized financial (Defi) protocols available on Ethereum.

Polygon’s MATIC sidechain works like any other Proofstake-based blockchain, its structure, tokens, client nodes, local apps, validation nodes, etc. are similar to other networks except for the factor that they are grouped and set up on the main chain of Ethereum. 

Polygon launched a Layer 2 network to build viable and interoperable Ethereum blockchain networks. 

Layer2 scaling solutions refer to out-of-chain solutions. This includes downgrading or removing assessment performance components from the main blockchain before executing them elsewhere, such as in the sidechains. This builds up the throughput in the main chain and distributes the assessment authority over the network. 

Layer2 solutions are enjoying increasing popularity as they play an essential role in the massive preservation of cryptocurrency.

The architecture of the platform:

At the center of the network is the Polygon software program improvement kit (SDK), used to construct Ethereum-like-minded decentralized programs as sidechains and join them to its principal blockchain.

Sidechains may be constructed with the use of one of the following production scalability methods: Plasma Chains – Bundles transactions into blocks, batched right into a single submission at the Ethereum blockchain.

Optimistic Rollups – Similar to Plasma Chains, however with the functionality of additionally scaling Ethereum smart contracts

Polygon’s principal chain is a Proof of Stake (PoS) sidechain where community members can stake MATIC tokens to validate transactions

What is a MATIC Token?

The Polygon token called MATIC is the backbone of the Polygon system. The token is used for all trade payments, it’s also used for storing tokens to guard the Polygon network. Since its rebrand, the Polygon MATIC token has obtained an extremely good price surge following a wonderful growth in its usage. 

 The MATIC token has an included stockpile of 10 billion tokens, The token is available on all popular crypto platforms both decentralized as well as centralized-based platforms, including some of the famous names like Binance, 1inch Exchange, and Coinbase, etc.

Matic, Polygon’s native token, has grown in value from $26 million when it was originally released in 2019 to over $14 billion.

Bottom line:

Polygon’s flawless growth has been aided by Cuban’s funding. Polygon should expect increased popularity in the future as a cryptocurrency backed by the billionaire investor who backed Bitcoin, Ethereum, and other major cryptos.

Polygon, an Indian cryptocurrency, has quickly gained popularity. It has also collaborated on several government-led blockchain projects aimed at growing COVID-19-related data. Over 400 apps, 76 million transactions, and approximately 790,000 unique users have used its scalability solutions. Its token, $MATIC, is available on a number of major cryptocurrency exchanges.

Polygon’s future is bright and luminous, Today it is a successful endeavor, and its growing every day, in searching for solutions for blockchain problems.

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