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Wednesday, May 31, 2023

Polygon (Matic) – The solution to Ethereum’s Problems

Ethereum is one of the most widely used blockchain networks in the world. It boasts a huge number of dApps and  is much more secure. Even though it is widely used it does have some problems in it. First, it gets hugely congested due to the user demand and it doesn’t go well with other platforms. Another problem that the users face is the high transaction fee. This is where Matic comes in.

Matic is working to create an “Ethereum Internet of Blockchain”. It is to create an ecosystem with multiple chains where users can create their own Ethereum compatible blockchain in a few clicks”.

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Who built Polygon (Matic)

Matic was founded by a team of four members Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. Kanani is the CEO of the project.

How does Polygon (Matic)

Polygon has different modules that can be deployed in other blockchains so that custom networks can be created. These include modules such as consensus and governance.

Polygon has two types of chains i.e. secured and stand-alone chains. A variety of different chains such as Validum, zk, and optimistic rollups are supported by the platform.

Native Token

Even though the project has been rebranded to Polygon the token name is still the same i.e. Matic which is used to pay the gas fees and allow the holders to participate in the governance.

At the time of writing MATIC stands at the price of$1.17 with a decrease of 7.99% in the last day and a decrease of 11.08% in the last 7 days. MATIC established its ATH to around a price of $2.7 in May (2021).  After that, the price dropped down to $0.621 before showing the reversal. Matic as compared to other coins has proven to be a hard gainer. Coins like ADA, LUNA, BNB, SOLANA had proven to be a beast.

Long Term Plan

For the long term, Matic is surely a sound investment. According to a wallet investor in 1 year, the price is expected to reach a price of $3.052 and in five years, the price is to reach around $10.

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