Polygon (MATIC): Everything You Want to Know

Polygon was introduced by Jaynti Kanani, Anurag Arjun, and Sandeep Nailwal as Matic network. The protocol was first launched to blockchain enthusiasts and the DeFi ecosystem in 2017. Since then, the Ethereum scaling and infrastructural development network has grown by leaps and bounds, recently hitting a market capitalization of $10 Billion. In this article, we demystify Polygon with a substantial overview, explain the Polygon crypto (MATIC), the Polygon ecosystem, the Polygon Matic roadmap, the best crypto exchange for MATIC, and describe how to swap ETH to MATIC. 

What is Polygon (MATIC)?

Polygon is an open-source protocol for scaling and infrastructural development on the Ethereum blockchain. In simpler terms, Polygon is a platform where developers can build and connect blockchain networks compatible with the Ethereum protocol. According to its whitepaper, Polygon strives to solve the scalability and usability issues of the Ethereum network while not compromising on decentralization and leveraging the existing developer community and ecosystem.

Often referred to as Ethereum’s internet of blockchains, Polygon uses numerous sidechains to enable cheaper and much faster transactions than the main Ethereum blockchain. In the future, Polygon’s team is looking to expand beyond the Ethereum ecosystem.

What is Polygon (MATIC)?

Key features of the Polygon (MATIC) project

The Polygon (MATIC) project is a composite group of features, including:

MATIC coin

Although the protocol has changed its official name from MATIC network. The native utility token of Polygon still retains its original name. MATIC coin is an ERC-20 standard token used as a unit of payment and settlement for users within the MATIC network main-net and throughout the Polygon ecosystem.  

You can earn MATIC tokens by offering computational resources and services to the Polygon network. Also, it is possible to stake MATIC coins via exchange protocols to earn interest or indicate the user’s commitment to the process. Also, MATIC tokens could serve as an effective deterrent for punishing dishonest stakers who commit offenses such as illegally verifying blocks, invalid blocks, or invalid transaction executions.

Polygon Solutions

Built by savvy developers in India, Polygon offers an array of essential solutions to its users. It offers up to eight different scaling options for decentralized applications on the Ethereum network to solve various throughput issues. These scaling solution options include Polygon PoS, Polygon Hermez, Polygon Avail, Polygon Edge, Polygon Nightfall, Polygon Miden, and Polygon Zero. 

With over 1.3 Billion transactions and over 2.7 million monthly active users on the Polygon protocol, Polygon PoS, is the flagship solution and the most popular among Polygon’s pack of solutions. It assists developers in launching their web3 project to a global audience with a high transaction speed, secure framework, and at a low cost. As the DeFi ecosystem grows, Polygon’s developers expect its use cases and solutions to continue growing by providing cheap throughput solutions to ease transaction demand on the main Ethereum network. 

Polygon Ecosystem

Since its launch in 2017, Polygon has successfully built an ecosystem that currently supports over ten thousand decentralized applications on its second-layer and open-source technology through smart contracts. On its official website, Polygon attributes this success to its low fees, high scalability, and a standard of security that matches the highest standard in the industry. Today, the Polygon ecosystem consists of developers, block producers, stakers, and growing users. 

Polygon Ecosystem

Polygon (MATIC) Roadmap

Originally, the official roadmap presented by Polygon’s team put forward a general plan for various additional research based on a broad range of community-proposed topics. These topics include generalized state scaling, cryptographic mechanisms, robust structure for upgradable smart contracts, privacy-enabled transactions, blockchain interoperability, and more. However, more concrete insights gotten from interviews granted by one of Polygon’s co-founders, Sandeep Nelwal, and documented by Sales Wallet, a medium contributor, place a lot on the horizon for the Polygon protocol and the MATIC coin.

Polygon Nightfall is expected to be live by the end of Q2. Given that the test net is underway, Polygon‘s data availability blockchain called Avail is also expected to launch by the year’s ending. Meanwhile Polygon Zero and Polygon Miden are supposed to be ready early next year.

Also, with work going on to introduce massive scaling and network governments, where the Polygon community can collaborate with validators to decide on crucial issues in Polygon’s premier PoS chain, Sandeep expects Polygon to become fully decentralized within the next three years. 

How To Swap ETH to MATIC?

Need to buy MATIC with ETH? Look no further, Swapzone is one of the most convenient exchanges to swap MATIC in the market. We provide best real-time swap offers and discounts. Here is how you can convert ETH to MATIC coin:

1. Visit the Swapzone website.

2. Select the proper pair (ETH to MATIC).

3. Enter the amount of ETH you want to exchange for DGB. The aggregator will find the best offers available for you.

4. Click the ‘Exchange’ button to go to an exchange platform

5. Input the address where you want to send the MATIC coins.

6. Send your money to the address you typed in.

7. Go to ‘Proceed to Exchange’ and, if you want, leave a review of the website where you completed your exchange.

8. Allow for the processing of the deposit and the completion of the MATIC exchange.

9. Your coins should be in your wallet once the process completes.