Polygon (MATIC): What it is and How It Works

Polygon (MATIC) is a platform that allows developers to create and connect high-scale blockchain applications at low cost. Polygon uses layer-2 technology that reduces the load on the Ethereum network, thereby increasing transaction speed and efficiency.

In addition, polygon also supports interoperability between various chains, thus expanding the possibilities of developing decentralized applications (DApps).

What is Polygon and How Does It Work?

Polygon is a protocol built on top of the Ethereum ecosystem, which aims to address scalability issues faced by blockchain networks. Scalability is the ability of a system to handle increased demand without sacrificing performance or security.

Ethereum is the most popular blockchain platform that supports thousands of DApps across various sectors, such as DeFi, NFTs, gaming, and more. However, Ethereum also faces scalability challenges, as its network can only process around 15 transactions per second (TPS). This leads to traffic jams, transaction delays, and high gas fees.

Polygon offers a layer-2 solution that can increase Ethereum's transaction capacity to 65,000 TPS, at a much lower cost. Polygon uses the concept of side chains, which are blockchain chains that run in parallel with the main chain (Ethereum), and can communicate with the main chain through bridges.

Polygon's side chains can handle most of the transaction load that Ethereum would otherwise do, thereby reducing congestion and increasing efficiency. Polygon side chains can also be customized to the developer's specific needs, such as consensus, security, and other features.

Polygon also supports interoperability between various chains, both inside and outside the Ethereum ecosystem. This means that developers can build DApps that can interact with various protocols, assets, and services that exist on various blockchains. Polygon aims to create an internet of blockchains, where all blockchains can connect and collaborate.

What is MATIC and How to Stake?

MATIC is the native token of the Polygon network, which has several functions, such as:

• Pay Transaction Fees: MATIC is used to pay transaction fees and services on the Polygon network.
• Governance: MATIC is used to participate in decision-making processes in the Polygon network, such as validator selection, parameter changes, and protocol upgrades.
• Staking: MATIC is used to stake on the Polygon network, which is the process by which users place their tokens as collateral to validate transactions and earn rewards.

Staking MATIC on the Polygon network allows users to contribute to maintaining the security and decentralization of the network, while earning passive income from the MATIC tokens they place. The MATIC staking process involves a Proof-of-Stake (PoS) consensus mechanism, which requires validators to place a certain amount of tokens as collateral to validate new blocks.

Validators who successfully validate new blocks will be rewarded with new MATIC tokens created and transaction fees paid by users. Validators who cheat or are dishonest will lose some or all of the tokens they placed as collateral.

Users who do not have enough MATIC tokens to become validators can join the delegator, i.e. users who submit their MATIC tokens to trusted validators, and get a portion of the rewards received by validators. Delegators can choose the validators they want based on criteria such as reputation, performance, cost, and more.

Conclusion

Polygon (MATIC) is a platform that offers a scalability solution for Ethereum, using layer-2 technology that combines side chains and bridges. Polygon enables developers to create and connect high-scale DApps at low cost, and supports interoperability between multiple chains. Polygon also has a native token called MATIC, which is used to pay network fees, participate in governance, and stake.

How to Buy MATIC on Bittime

You can buy and sell MATIC in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappbeti. MATIC is available on Bittime with MATIC IDR pairing.

To be able to buy MATIC/IDR tokens on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make MATIC purchases in the application. Complete Guide on How to Buy MATIC on Bittime.

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

Also Read:

Polygon Deploys POL Token on Ethereum Mainnet

Polygon (MATIC) Outperforms Solana (SOL) In Weekly NFT Sales

Understanding Second Layer Solution

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