Why buy Polygon (MATIC)
It might make sense to buy Polygon regardless of MATIC’s value right now, because it is a blockchain that promises to solve one of Ethereum’s biggest problems: scalability. Polygon aims to make any service that relies on blockchain fast, efficient and secure. Applications such as video games, decentralised exchanges and flash loans would benefit from its speed.
Another reason you might want to buy Polygon (MATIC) is that it is the fifth most used blockchain. At this moment, there are about 300,000 active users on its network and the monetary value locked in it (TVL) is $778 million.
On Polygon, gas fees, i.e. the fees required to process transactions, are paid in the MATIC token, which also allows participation in the governance of the protocol. Unlike most Ethereum Layer 2 blockchains where it is mandatory to use ETH for this purpose. This could be another reason to buy Polygon, since every time someone uses the network they ‘burn’ a small amount.
What is Polygon (MATIC) and how it was born
Polygon is an Ethereum-based blockchain and its cryptocurrency is called MATIC. Founded in 2017 by three Indian developers, it aims to solve the problem of scalability. The token is officially launched in 2019, with an IEO on Binance. In 2021, the “Matic” project changed its name to “Polygon” and went from a simple layer 2 blockchain to a full-fledged framework for developing scalable dapps. Today, it is one of the benchmarks for anyone developing decentralised applications with Ethereum.
The three creators are named Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. At launch, 3.8 % of MATIC tokens were issued, rising to 19 per cent in the following months. The token cap is set at 10 billion and is expected to be reached in 2024. Polygon’s intention is to create a system in which all blockchains are interconnected and collaborate. The project’s mission is to enable all users to interact with decentralised systems without going through proprietary platforms.
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