The Beginner’s Guide – What is Polygon? (MATIC)

The Beginner’s Guide - What is Polygon

We are talking about Polygon here and it is associated with the economic activity of the Ethereum blockchain and is considered to be the home of a wide range. Ethereum is perfectly suited for this activity as it is compatible with smart contracts and is only used for a wide range of applications. At the same time, applications are growing in popularity, with which many transactions on the Ethereum blockchain are linked. As a result of this, transactions can sometimes increase and it is going to be economically impractical to invest continuously here. So, if you are planning to trade or mine Bitcoin, then you may consider to Run A Bitcoin Node.

Enter Polygon, which has emerged as a “Layer 2” scaling solution with which users can transact faster and at the same time lower costs. fulfil. It can be used with a “bridge” over crypto polygons as well as interact with a wide range of popular crypto applications and is exclusive to the ETH blockchain.

What is Polygon (MATIC)?

Polygon has its cryptocurrency called MATIC and it is used by the Polygon Network for fee payments and for staking. You can sell or buy MATIC through any exchange. The name matic comes from the evolution of Polygon, which was launched in 2017 as Matic Networks, and rebranded as Polygon in 2021.

How does Polygon work?

The polygon is viewed as similar to an express train as it routes its journey in the same way as the train, due to which it can make fewer stops and is much faster. Polygon uses several different technologies to connect with the Ethereum blockchain to create an accelerated parallel blockchain. Creating a new MATIC first requires securing the network and on the other hand uses a PoS (Proof-of-stake) consensus mechanism with Polygon – which means you can make money with MATIC which is a staking method.

Verifier Lifting – In which all these new transactions are verified which are added to the blockchain. Simultaneously they are deducted from the fee and the new MATIC is obtained. Becoming a validator is a commitment that will require you to stake your MATIC and run the node full time. Assuming you make a mistake or do some malicious act or your internet connection is broken due to poor internet connection then you can still be able to bet your MATIC.

MATIC Staking by Representative

Delegates stake their MATICs indirectly through verifiers and have become a low-commitment variant of staking. You need to research, if your validators try to complete the task with a malicious method or make an error you may lose the MAGIC you bet on forever.

How to Use a Polygon Network?

With Polygon Network you can do the same things you are allowed to do, for which you are allowed by the main Ethereum network, with fees up to 1% included. You can try yield-generating lending, decentralised exchanges and savings protocols such as SushiSwap or QuikSwap through NFT Markets such as OpenSea and “no-loss prize games”. Low charges and instant transactions make the Polygon network a great method for acquiring some certifiable experience in evaluating Decentralised finance (DeFi) protocols.

Why Should You Use Polygon MATIC?

Ethereum is provided by Polygon Networks as a scaling solution and developers can also benefit from Polygon technology with its user-friendly dapps on the blockchain. Instances of decentralised applications (Dapps) based on Polygon incorporate Sushi, a decentralised exchange stage, Augur, a forecast markets stage, and Ocean Protocol, a stage that permits organisations and people to exchange data with individuals and data services. Investors looking to further improve the Ethereum network can rely on Layer2 solutions. Investors can make multiple attempts to buy MATIC and add it to the portfolio.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.