Blockchain technology is a game-changer but also has its own challenges. Transactions on the blockchain can be slow and costly, which means that many people are looking for new ways to improve their speed and reduce costs.
Polygon Coin (MATIC) offers a scaling solution that provides multiple tools to improve the speed and reduce the cost and complexities of transactions on the blockchain network. In this article, we will explore everything you need to know about this crypto token!
How does Polygon Coin work?
At a high level, MATIC is a protocol that offers various tools to users on the blockchain. The most notable of these tools are:
The ability to create smart contracts with ease using ST-20 tokens. This allows developers to easily build apps and platforms on top of the Polygon network without worrying about writing complex code.
The Polygon Network Token (PNT) allows users to easily send transactions back and forth on the Polygon network. With PNT, developers can create apps that allow users to transact securely over the blockchain without writing smart contracts.
Finally, MATIC is resistant to quantum computing attacks. Quantum computers are expected to be faster than current computers by several orders of magnitude. This means that they will be able to break the cryptography used on existing blockchains, including MATIC. However, the Polygon Network has developed algorithms that are resistant to quantum computing attacks, allowing the network to continue operating securely even if quantum computing advances were made.
Why is Polygon Coin (MATIC) a good investment?
Now that we’ve explained how Polygon works, it’s important to examine why MATIC could be a good investment. Here are three reasons why:
- A high-quality project backed by multiple development teams
MATIC is built and maintained by experienced teams in Asia and the U.S. This is not some fly-by-night project with no one on the team accountable for making sure everything goes smoothly. MATIC has a solid foundation and backing, which means it’s likely to last long-term.
- Multiple platforms that allow developers to build their own apps.
Even before launching, MATIC has already partnered with a few companies building apps using the Polygon blockchain protocol. As more and more companies create apps using this protocol, the value of MATIC will continue to grow.
- (Third Party) Regulation-compliant.
Last but not least, MATIC is a fully regulation-compliant cryptocurrency. This means that it adheres to all Know Your Customer (KYC) and Anti Money Laundering (AML) regulations which means MATIC is likely to be adopted for use more quickly by corporations and exchanges which require strict compliance.
Overall, this crypto token has many of the hallmarks of a good investment. It has many developers building apps on top of it, it’s highly regulated, and the token (MATIC) itself is likely to see continued growth in value based on its adoption by corporations and exchanges.
How to Buy MATIC Coins?
To buy Polygon (MATIC) tokens, you need first to purchase another cryptocurrency such as Bitcoin (BTC) or Ether (ETH) and transfer it to an exchange that allows you to trade MATIC. Many exchanges allow crypto-to-fiat and crypto-to-crypto trading, but we recommend using Binance for its low fees and ease of use.
Once you have BTC or ETH, transfer it to Binance and use it to trade for MATIC. If you don’t already have Bitcoin or Ether, you can purchase them with a debit/credit card on Coinbase.
Remember that if the prices of BTC and ETH fluctuate a lot, your Polygon (MATIC) holdings can sway in value by quite a bit. If you want to avoid this, we recommend transferring most of your holdings into a stable coin such as Tether (USDT).
History of Polygon (MATIC)
Polygon was founded in February 2018 by a group of professional engineers and business leaders. It is based in the Cayman Islands but has team members spread out worldwide, with most located in North America. Although MATIC is relatively new, its founders have been active since 2014 when they were founding members of another blockchain project called PeerCoin. In July 2018, Polygon also partnered with professional soccer team FC Basel and blockchain company Block Sports to launch a token for ticket purchases.
As you can see, Polygon Network (MATIC) is a blockchain-based project with many applications for businesses and individuals alike. If you’re looking to invest in cryptocurrencies for the future, MATIC may be one to keep your eye on.
Polygon (MATIC) FAQ
What are ST-20 tokens?
ST-20 is a token standard developed by Polygon that allows for smart contract capabilities. Smart contracts allow developers to program in rules about how tokens are transferred between users, which can automate complex transactions on the blockchain network.
What is PNT?
PNT is the Polygon Network Token, and it’s an ERC20 token that is used for transactions on the Polygon network.
What does Polygon do?
Polygon uses a combination of ST-20 smart contracts and PNT tokens to provide various tools to developers so they can create decentralized apps more easily.
How does Polygon compare to other blockchain projects?
Many projects are trying to simplify the process of building on the blockchain. However, no other project offers tools that simultaneously cover so many different possibilities.
What is Quantum resistance?
Polygon has implemented algorithms that are resistant to quantum computing attacks, which would knock out the cryptography used on many other blockchains today.
Who can use Polygon (MATIC) tools?
Any developer interested in building decentralized apps can utilize MATIC and PNT to simplify their development process.
How does MATIC get its value?
MATIC is used to pay for transactions on the Polygon Network. As more developers use the platform to create apps, the demand for tokens will increase, and their prices should rise proportionally.
Is Matic proof of stake?
MATIC is not a proof-of-stake token as it is ERC20 compliant.
Is Matic mineable crypto?
It cannot be mined like other cryptocurrencies like Bitcoin (BTC) or Ether (ETH).