Polygon

Polygon MATIC

Polygon or Matic Network is the “Ethereum’s internet of blockchains.” This framework is an interoperability and scaling network for creating blockchains that are compatible with Ethereum. Everyone knows Ethereum, and everyone wants to benefit from it. But while it is a popular hub for Defi development activity and running smart contracts, it suffers from severe limitations. Ethereum is not to connect with other blockchains. Suppose you have ever experienced participating in the Ethereum blockchain. In that case, you know that The real problem is High cast low transactions speed.

Polygon emerges as an excellent solution by providing a framework for building material in operable blockchains. Keep reading to understand what makes Matic Network a better alternative to Ethereum.

To Know Polygon, We Need To Know Ethereum.

Ethereum creates a place where code is the law. In this sense, developers translate the law into a mathematical equation. In other words, Ethereum provides users with a way to enforce property rights and regulations on the internet. Ethereum implements the rules by using a feature called Smart contracts. These contracts are just a piece of code that will execute when a specific condition meets.

What Are The Issues With Ethereum?

Ethereum has attracted a considerable number of investors and developers since 2013. When many developers and investors pay attention to a particular project, they put much pressure on that project. As you are sitting here reading this article, 361 billion dollars are locked in Ethereum. Every day, 1.2 million transactions happen in Ethereum. So it is pretty standard for Ethereum to get congested.

As the number of people using it increases, the Network gets slow, and its cost increases. The transaction fee on Ethereum in early 2021 was almost $100. Polygon Is a perfect solution for all these problems, which we will talk about more in the following.

What Is Polygon?

Polygon is the perfect solution for all Ethereum issues. With MATIC, there is no room for high fees, poor user experience, and low transaction throughput. Polygon wants to create Ethereum’s internet of blockchains.

In doing so, Polygon creates a framework to let developers build and launch their custom-designed Ethereum-compatible blockchain. In this framework, different blockchains can exchange information.

First, the framework was called Matic Network, and later, the founders renamed it Polygon. In the beginning, Matic was a simple solution for a scaling problem in Ethereum. At the same time, Polygon is a kind of infrastructure for a network of enormous scaling collaborative block trees that keep their self-sovereignty. Polygon uses a one-of-a-kind technology known as Plasma for processing transactions off-chain. In this process, the transaction will be offloaded from the main chain onto Polygon’s proof of stake chain. This will increase the number of confirmed transactions in the Network.

Who created Polygon?

A team of developers led by the full co-founders created Polygon in India in 2017. The four co-founders are Jayanti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The Network went live in 2020, and since then, it has attracted big names in the world of Defi, such as MakerDAO and Decentraland.

How Does Polygon Work?

Polygon aims to scale Ethereum thanks to a plethora of sidechains. It has four different layers: The Ethereum layer, the security layer, the Polygon layer, and the execution layer.

All the smart contracts that have been set on the Ethereum create the Ethereum layer of the Matic Network. These contracts manage all communication between Ethereum and Polygon chains.

The security level is another side chain of Polygon, which provides an additional layer of security for the network. Polygon layer is the ecosystem of Ethereum-compatible blockchain networks built on Polygon.

The Execution layer, known as Polygon’s Ethereum Virtual Machine or EVM, is responsible for executing smart contracts.

Suppose you are wondering about the definition of a sidechain; you should know that a sidechain is an independent blockchain that works alongside and associates with the main blockchain to provide additional capabilities and increased speed.

What Is a Polygon Token?

The native token of Polygon is MATIC. It is the main talking that can be used for exchange payments. On the other hand, it can be stored to protect the whole network. Following a massive expansion in use, the price of this token has increased.

MATIC, with the whole supply of 10 million tokens, is accessible on crypto exchange platforms like Bitunivex. It is possible to buy MATIC with both Fiat and crypto on the Bitunivex exchange.

matic-network Polygon
$2.24

Convertor

Enter Amount
Base Currency
Convert To

1 bitcoin
=
AUD

People also watch

bitcoin
BTC/AUD
$52,209.31
3.09%24H
ethereum
ETH/AUD
$3,494.92
5.07%24H
tether
USDT/AUD
$1.40
-0.01%24H
binancecoin
BNB/AUD
$541.03
6.37%24H
usd-coin
USDC/AUD
$1.40
0.00%24H
cardano
ADA/AUD
$1.50
0.610%24H
solana
SOL/AUD
$138.78
11.22%24H
ripple
XRP/AUD
$0.863
3.72%24H
terra-luna
LUNA/AUD
$92.88
0.800%24H
polkadot
DOT/AUD
$26.51
7.82%24H

FAQs

Best Way to Buy Polygon in Australia

Many different crypto exchange platforms around the world wait to give you access to thousands of cryptocurrencies. If you are living in Australia looking for an exchange to buy Polygon’ MATIC, you need to find the one that is right for you. What features are matters most to you? Do you like to deposit and withdraw using AUD? Do you need to work with a local crypto exchange platform in Australia?

Matic is one of the 100 largest cryptocurrencies by market capitalization. So it would be wise to buy it from today. In Bitunivex, all you need to do is open an online account and buy whatever cryptocurrency you’re willing to invest in. Bitunivex is not just a crypto exchange; you can exchange Fiat currencies as well. One of the essential characteristics of this exchange is its wallet services.

Is Polygon Real and Safe?

Polygon is all that was missing from the Ethereum network. Now with the help of Matic Network, Ethereum is even more powerful and scalable than before. A single layer is responsible for retaining the security of the home network, so there is nothing to worry about the safety and the actual reality of Polygon.

Can I Cash Out Polygon Anytime?

Every day, the number of developers and investors who want to participate in this network increase. So the liquidity is not a problem in the Polygon network. Whenever you need to cash out your investment, all you need to do is choose the medium. Whether you want to convert it to dollars, AUDs, or any other cryptocurrency, all you have to do is to send us a request at Bitunivex. We are proud to provide our clients with the customer services possible. We will take care of your request in less than three minutes.

Knowing about the cryptocurrency you want to invest in is good. However, you need to pick a suitable exchange to get the best result. Because when it comes to the volatile cryptocurrency market, only those who can manage to act fast win.