MATIC and Polygon: Unique Ecosystems that Appeal to Developers

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Bittime -  In this article, let's talk about a unique ecosystem that solves the problem of scalability. Find out about MATIC and Polygon here!

What is MATIC and Polygon?

MATIC and Polygon are two terms that are often used together because they are closely related. MATIC refers to the native crypto token used in the Polygon ecosystem. Meanwhile, Polygon is a suite of protocols designed to address Ethereum's scalability issues.

Essentially, Polygon functions as a protocol stack designed to fix the scalability constraints faced by Ethereum. One approach taken by Polygon is to handle transactions on a separate Ethereum-compatible blockchain, and then return the transactions to the main Ethereum blockchain once processing is complete.

How do MATIC and Polygon work?

MATIC and Polygon are working together to provide a solution to the main obstacle faced by Ethereum, namely the problem of scalability. Ethereum has a limit on the number of transactions that can be made per second, and transaction fees (gas fees) can increase during periods of high network congestion.

Polygon overcomes this by processing transactions on separate sides of the blockchain called side chains. These sidechains then communicate with the main Ethereum blockchain to ensure the security and continuity of transactions. In doing so, Polygon can increase transaction speed and reduce transaction costs to less than a cent.

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Who is Behind MATIC and Polygon?

The MATIC and Polygon projects were initiated by three founders who had a vision to solve the scalability problem in the blockchain world. Cofounder Jaynti Kanani currently serves as CEO of Polygon. He developed this project together with Sandeep Nailwal, cofounder and chief operating officer, and Anurag Arjun, cofounder and chief product officer. The project started in 2017 with financial support from friends and family in Mumbai.

The development continues to grow, and Polygon managed to raise more than $450 million in two rounds of startup funding in 2019. Currently, the project has financial backing of around $450 million from various investors, including Balaji Srinivasa and billionaire Mark Cuban.

MATIC and Polygon Function

The main function of MATIC and Polygon is to increase scalability and reduce transaction costs in the blockchain ecosystem. By processing transactions on a separate side of the blockchain, Polygon reduces the load on the Ethereum network and allows users to interact with decentralized applications (DApps) without worrying about network congestion.

In addition, MATIC, as a native token in the Polygon ecosystem, has a dual role. First, it is used as payment for transaction fees on Polygon sidechains. Second, as a governance token which gives its holder the right to participate in protocol decision elections.

Benefits of MATIC and Polygon

The main benefit of using MATIC and Polygon is the increased speed and efficiency of transactions in the blockchain ecosystem. With low transaction costs and fast speeds, users can more freely interact with decentralized applications, trade cryptocurrencies, or transfer digital assets without having to worry about high fees or transaction delays.

Additionally, the diversity of protocols offered by Polygon gives developers the flexibility to choose the scalability solution that best suits their application needs. This provides a more dynamic and developer-friendly ecosystem.

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Advantages and Disadvantages of MATIC and Polygon

As with every project, MATIC and Polygon have advantages and disadvantages that need to be considered. Key advantages include increased transaction speed, low transaction fees, and a developer-friendly ecosystem. However, users should be aware of potential risks, including crypto token price volatility and possible security challenges that may arise.

The Uniqueness of MATIC and Polygon

The uniqueness of MATIC and Polygon lies in their approach to Ethereum's scalability problem. By providing a variety of layer-2 solutions, such as sidechains, zk-rollups, and optimistic rollups, Polygon provides developers with diverse options to choose the solution that best suits their applications.

The ability to stake MATIC on the Polygon blockchain is also a unique added value.

MATIC and Polygon Conclusion

MATIC and Polygon bring significant innovation to overcome scalability challenges in the blockchain world. By understanding the basic concepts, how it works, and who is behind this project, users can better appreciate the benefits offered by MATIC and Polygon.

The speed, efficiency and flexibility of the ecosystem are the key points that make MATIC and Polygon stand out in the cryptocurrency industry. For those looking for a solution that combines high performance and low cost, MATIC and Polygon can be an attractive choice.

However, as with any investment, it is always wise to do further research and consider the risks carefully before getting involved in this dynamic crypto ecosystem.

How to Buy Polygon (MATIC) on Bittime

You can buy and sell Polygon (MATIC) in an easy and safe way via Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.  

Polygon (MATIC) is available on Bittime with the MATIC/IDR  market pair. To be able to buy MATIC IDR  on  Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Polygon (MATIC) on Bittime.

Monitor price  chart movements  for Polygon (MATIC) ,  Bitcoin (BTC) ,  Ethereum (ETH ),  Solana (SOL )  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.