Polygon (MATIC): Bringing the world to Ethereum
What Is Matic Network (MATIC) Cryptocurrency?
The Matic Network (MATIC) Cryptocurrency is simply an ethereum token that powers the polygon network, which is an ethereum scaling solution. It focuses on making Ethereum transactions cheaper and faster by utilising layer 2 side chains, which are blockchains that run alongside the Ethereum main chain. Users can deposit ethereum tokens into an intelligent polygon contract, interact with them on Matic Network, and then withdraw them back to the Ethereum main chain. Matic Network (MATIC) cryptocurrency tokens are also used to pay transaction fees and participate in POS (proof of stake) consensus.
The Matic Network (MATIC) cryptocurrency is an ethereum token that is primarily used to power the polygon network, which is a protocol and framework for connecting and building Ethereum compatible blockchain networks. It is known as a layer two solution designed to help scale the network of ethereum and improve its functionality.
The users can also deposit the ethereum tokens to an intelligent polygon contract, interact within the polygon and then withdraw them back to the Ethereum main chain. The Matic Network token is used to pay the transaction fees and participate in the proof of stake consensus.
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Who Are The Founders Of The Matic Network (MATIC) Cryptocurrency?
Sandeep Nailwal, Jayanti Kanani, Anurag Arjun, a business consultant, and two experienced blockchain companies developers co-founded the Matic Network (MATIC) cryptocurrency in October 2017. Prior to joining the network in 2019, the entire Matic Cryptocurrency team was a significant contributor to the Ethereum ecosystem. The team worked on ethereum implementation of the Plasma MVP, as well as the widely used Dagger and Wallet connect protocols.
How Does The Matic Network (Matic) Cryptocurrency Work?
The Matic Network (MATIC) Cryptocurrency is the first well-structured and easy-to-use platform for the ethereum scaling and infrastructure development. Its main or the core component is the one and only Polygon SDK, a modular framework that supports the building of multiple applications at a time.
The users can create optimistic rollup chains, stand-alone chains, ZK rollup chains, or any infra using the Matic Network (MATIC) Cryptocurrency. It also transforms Ethereum into a complete-fledged multi-chain system via the internet of blockchains. This system provides the advantages of security, openness, and a vibrant ecosystem of ethereum.
The Matic Network (MATIC) Cryptocurrency is a layer two scaling solution backed by Coinbase and Binance. This project stimulates the mass adoption of cryptocurrencies by resolving scalability problems on different blockchains. It combines the plasma framework and the proof of stake blockchain architecture. This framework is used by polygon as proposed by the co-founder of ethereum, Vitalik Buterin. It allows for the easy execution of scalable and autonomous intelligent contracts.
Nothing will change as for the existing ecosystem built on that Plasma proof of stake chain. However, with the introduction of Matic Network (MATIC) Cryptocurrency, new features are also built around the current technology to expand the capacity to cater to the diverse needs in the developer ecosystem. It will also continue to develop the core technology so that it can scale to a larger ecosystem.
What Makes The Matic Network (Matic) Cryptocurrency Unique?
The Matic Network (MATIC) Cryptocurrency is a self-described layer two solution on the surface. That is, the project as a whole does not intend to upgrade the current basic blockchain layer anytime soon. Instead, this project reduces the complexity and scalability of instant blockchain transactions. Furthermore, the Matic Network employs a modified version of the plasma framework based on POS (proof of stake) checkpoints that run through the Ethereum main chain. The Matic Network’s unique technology allows each sidechain on the network to perform up to 65,536 transactions per block.
The Matic Network sidechains are intended to support a wide range of Defi (decentralised finance) protocols available in the Ethereum ecosystem. While this network currently only supports the ethereum-based chain, it intends to expand support for other base chains based on community suggestions and consensus. As a result, the Matic Network (MATIC) Cryptocurrency is a decentralised two-layer blockchain platform that is interoperable.
Original article published on procommun.com
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