Polygon was formerly known as MATIC Network. The main objective of Polygon is to create a framework for building networks of blockchains that can all interconnect. Now Polygon is the talk of the town in the cryptocurrency world because it has some planned features that will reduce the congestion of Ethereum networks and control high transaction fees.
How does Polygon operate?
Polygon’s main feature is its ability to sustain its own longevity while also creating an interconnected blockchain environment for Ethereum. Polygon offers pre-configured blockchains that can be deployed at the press of a button to exchange messages across Ethereum. Polygon functions using four different functional layers:
- The Ethereum layer allows for different operations in Ethereum like checkpoints, staking, and messaging.
- The optional security layer for validation of Polygon chains.
- Then there is the Polygon Networks layer which contains a constellation of independent networks.
- There is the mandatory execution layer that functions on Ethereum smart contracts and virtual machine implementation.
How was Polygon created?
Polygon has evolved out of the former MATIC network. Matic was originally a scaling project for Ethereum using PoS side chains. But gradually, Matic was able to transform its scope, and Polygon was born. Polygon is an open-source project that employs people from all over the globe.
How to buy Polygon?
Polygon tokens can be purchased from different cryptocurrency wallets. The steps to buying MATIC are:
- Choose an exchange– MATIC is available only at top exclusive cryptocurrency exchanges. Binance and Bittrex are the common destinations to purchase Polygon MATIC.
- Open your account– To purchase cryptocurrency from an exchange, one needs to sign up for an account. Contact details and photo ID are necessary to open up a cryptocurrency account. Some exchanges let the users use USD and GBP to fund their accounts, but smaller exchanges only accept cryptocurrency deposits.
- Purchase your Polygon token- Polygon token is now available as MATIC, as it used to be part of the Matic Network. Exchanges give different options to purchase MATIC like MATIC/BIC to purchase using Bitcoin, and many more. Buyers need to choose their crypto-currency and then make the purchase.
- Pick a wallet– Buyers will now have to choose a suitable wallet to store their purchased MATIC. Some buyers prefer not to use wallets and leave their MATIC in their exchange account. But for larger purchases and more security, it is better to use an online crypto wallet. Infinito Wallet and Trezor are two of the most popular wallets in the world of crypto.
Should you invest in MATIC now?
At present, Polygon offers some solutions to issues in Ethereum networks. So the prospects of MATIC are closely intertwined with Ethereum, which is doing extremely well. Purchasing MATIC now is like a low-cost indirect investment into the success of Ethereum. But Ethereum 2.0 is set to launch soon, and its main objective is to solve the problems of Ethereum. If this gets implemented, then Polygon’s effectiveness and its success might plummet.
What experts say
From the last few months, MATIC prices have gone up significantly with in-between pullbacks. Experts believe that this rise is due to the rise in Ethereum prices. Crypto communities and experts feel that MATIC prices may go up even further in the next few days.
But for those considering making long-term investments in MATIC as per the Polygon price prediction, experts suggest keeping an eye on the growth of MATIC prices over a longer period of time, not just a few days. It is also important to consider the outlook on MATIC in different crypto communities and cycles. If all analysis points towards an upward trend, then buyers can purchase their MATIC through an exchange.
MATIC prices are on the rise at present. If this trend is sustained for a while, then there will definitely be a huge rush of buyers trying to get in on this lucrative scenario. Now is the ideal time for crypto buyers to seriously consider MATIC in their list of tokens to watch out for. No one knows what will happen to MATIC prices in the next few months or once Ethereum 2.0 is released, but for the present, MATIC is gaining importance in the world of cryptocurrency.