Ethereum has some problems. But Ethereum provides a smart-contract feature that makes it easier for making novel currencies and widens the ecosystem of the Mainchain. Polygon (MATIC) is a currency undertaken to give a solution to these issues.
Polygon (MATIC) is aiming at constructing such a protocol and a framework that will connect different Ethereum-compatible blockchain networks. In order to do this, Polygon targets six areas.
First are snail-speed transactions. The problem with transactions is that they are not fast. They may either work on Proof-of-Work (POW) or Proof-of-Stake (POS). Both have their own problems. Polygon (MATIC) resolves the issue by employing a consensus protocol of Block Producers that are picked by selected Stalkers. Every stalker point is a verification area. On the mainchain is subsequently uploaded the fragment of the proof. As a result, there is a significant degree of decentralization.
Secondly is the low transaction lag. The first layer of the Producer constructs the transaction collection faster. The decentralization is caused by the selected points.
The third is the problem of scalability. By adding chains side-to-side, total transactions undertaken in a second can be increased. Million in a second, as claimed by Polygon (MATIC).
Fourth is the size of the chain because a large number of blocks have to be verified. But if only particular blocks are stored from one point in the initial layer to the point in the final layer. Through this, the proof itself is preserved on the Ethereum chain with the low occupation of space.
The fifth is costly gas values. The initial layer is used here to ensure cheaper transactions.
Finally, there’s poor usability. Different kinds of user interfaces are trying to be put within the protocol to resolve this issue.
Polygon (MATIC) has been gaining traction in the media. Recently, a celebrity investor, Kenvin O’Leary has taken an interest in MATIC because of its intuitive approach. Furthermore, has also completed its migration to the Polygon Network for its metaverse aspirations.
Matic Price Movement
At the time of writing, the value of MATIC is $1.61 with a trading volume of $858,282,268. The high trading volume is an excellent indicator because the market is currently in a slump. Polygon has also been audited by CertIK which has given it a security score of 92. The prospects of the coin are positive as well.
