What is a Polygon (MATIC)? - Kakiforex.com - Financial Market Media No. 1 in the World What is a Polygon (MATIC)? What is a Polygon (MATIC)?

May 18, 2021

What is a Polygon (MATIC)?

 Did you know, Polygon was actually launched as Matic Network in 2017 before rebranding in February 2021.

It emerges as an Ethereum infrastructure scaling and development platform with its key component, the Polygon SDK that supports the establishment of multiple applications.

Interestingly, Polygon is able to convert Ethereum into a multi-chain system or known as the Internet of Blockchains. The system is similar to other multi-chain systems such as Polkadot, Cosmos, Avalanche with the added features of security and openness of the Ethereum ecosystem.

This platform has already recorded a lot of success with several potential projects such as Decentraland (MANA) and Maker (MKR). Most recently, AAVE was launched at Polygon in April 2021, inviting a surge in evaluations of the network.

Its native token, MATIC is based on ERC tokens. It plays a role as a scaling solution for Ethereum by delivering several layer-2 sidechains that operate in addition to the Ethereum mainchain.

Polygon users can use their Ethereum tokens in Polygon smart contracts, converting ETH to MATIC at a 1: 1 rate.

In fact, MATIC can also be used as a transaction cost payment and joins the Proof-of-Stake (PoS) consensus model. At any time the user can remove the MATIC and return it to the Ethereum mainchain in ETH.

For the 2021 record, MATIC has seen positive movement since the beginning of the year. It has jumped over 7000%, successfully overtaking Bitcoin (BTC) movements, 259.7%and ETH, 90.27%.

As of the day this article is written, the market value of MATIC has managed to reach over $ 13 billion with a current value of $ 2.15 per unit.