Make Ethereum great again. The Polygon Network, formerly known as Matic Network, is doing just that. The by-now classic refrain of Ethereum’s scalability issues being a hindrance to its continued growth is well known among crypto observers.
Many accept that Ethereum’s place in the pantheon of cryptocurrency is assured, but that it risks in time being upended by smoother, sleeker blockchains seeking to usurp its primacy. Vitalik Buterin – and most of the ETH community – are unconcerned, assured that layer 2 solutions like Polygon’s will help to power Ethereum and give it the transaction speed and low-fee processing required for it to serve the real-world economy. Polygon, a suite of Ethereum scaling solutions, hopes it can be so much more.
Overview and Use-Cases of Polygon
The Polygon Network, formerly known as Matic – which is still the name of the token that governs and drives the protocol with the token ticker, MATIC – is a suite of scaling solutions for Ethereum that is widely tipped to satisfy the functionality needed to run a host of applications that would be impossible otherwise. The team initially launched their first scaling solution in 2019, which was their Plasma solution. Shortly after, they launched the Matic PoS Sidechain, which has helped to lead to this ecosystem’s exponential growth.
Chief among possible practicalities unlocked is gaming, with many blockchain-gaming projects citing Polygon’s effect on Ethereum as a key reason they can deliver the experiences they can. eGaming – including blockchain casinos – also uses Polygon’s turbocharge effect on the Ethereum mainnet to provide the fast settlement required for lightning fast gambling experiences and much more besides. The central vision of the Polygon Network is to allow decentralized applications to compete both in speed and accessibility to centralized offerings.
Gaming is of course not all you can build on the Polygon network, and many consider the first mass-adopted dApp will emerge on this solution – as Polygon maintains decentralization so paramount to the crypto vision while offering its fast transaction speed. Polygon wants to be Ethereum’s “internet of blockchains” – a phrase du jour right now as users seek to connect the blockchain economy dots.
How Does Polygon Work?
Polygon’s software development kit allows for teams to build Ethereum-compatible dApps that can then easily interface with the Ethereum main chain. It uses three main scalability methods: Plasma Chains using MoreVP, zkRollups, and their PoS Sidechain. The throughput provided by these methods increases transaction speed and lowers transaction times and lets applications run at a speed commensurate with their ambition.
The PoS sidechain is governed by a proof of stake blockchain that requires MATIC to stake and run a node. If you stake enough, you are then eligible to be chosen as a block creator. The amount of block producers is lower than Ethereum, which allows for extremely high throughput and can settle new blocks within a second. As a user, you are required to spend MATIC to transact on their sidechain. We are yet to see a tokenomic structure for the remainder of scaling solutions that they launch, which will be exciting to see!
What is Polygon Network’s Token?
MATIC is the utility token on the network. Developers hoping to use their sidechain to plug into Ethereum need MATIC to transact on the network. As mentioned previously, staking a significant amount of MATIC makes you eligible for block creation, but even if you don’t stake threshold amounts you can still take part in the governance, with your community vote being proportional to the amount of MATIC staked. The max supply is 10 billion, with just under 5 billion currently circulating – with much of that staked in the network itself. MATIC has seen tremendous growth as more developers flock to it as a viable way to power applications successfully on Ethereum.
Finally, it’s not just Ethereum that the Polygon Network’s excellent tech can be harnessed on. Although no future blockchain-compatibility has been announced, Polygon intends to provide their world-class developer kits and added functionality to the whole blockchain universe.
Is MATIC Hard to Get?
If you are new to the world of digital assets then getting cryptocurrencies can be a confusing prospect. It may be a bit simpler with the top two Bitcoin or Ethereum, but what about that lesser known Ethereum token, such as MATIC, that you have heard so much about?
Numio is a great choice for MATIC. With Numio you can send and receive your stored MATIC instantly and at the touch of a button. If you want to try something a bit more advanced you can use Numio to trade and swap MATIC.
How can I get MATIC?
Getting MATIC is easy on Numio. You can use your credit or debit card to purchase MATIC, you can swap or trade it for other ERC-20 tokens (up to 100x cheaper than other wallets)*, and you can send or receive it as a payment. Whatever way you choose you can be sure that you are always in full control of your MATIC.
*L2 trades for other tokens coming soon