What is Polygon network: Everything you need to know

What is Polygon and why is it important in the crypto world?

Polygon is a blockchain platform created with the idea of establishing an Ethereum-compatible multi-chain blockchain system. It has many similarities with Ethereum, in that it uses a proof of stake approach.
Polygon is a carbon-neutral technology and it has plans to actively remain climate-positive, a major advantage when compared to many other blockchain solutions. 

How does the Polygon platform operate?

Polygon operates using the Ethereum blockchain, and it also connects multiple projects based on the Ethereum platform. The main focus is to help boost the sovereignty, scalability and flexibility of the blockchain project, while still delivering the security and consistency that you get in Ethereum.

Polygon’s proof of stake approach is modified in order to ensure that you have a consensus system for every block. Traditionally, proof of stake would need multiple blocks to achieve consensus, that’s not the case here. Instead, the network participants can agree to not sell their tokens as they validate the network transactions. Every Polygon validator within the network will receive MATIC, which is Polygon’s token.

Polygon also has a secondary scaling solution. Its focus is to remove the Ethereum limitations, which include a slow transaction speed and a high set of transaction fees. Addressing that can be hard to do, but Polygon has a solid starting point with the platform.

Polygon Wallets

You can find the list of the top polygon wallets to send, receive, and use your MATIC coins here: best polygon wallet

The advantages of Polygon

As we can see from the Polygon crypto news, it has a variety of advantages that make it appealing for blockchain projects.

For starters, it allows you to deploy an existing blockchain network, but you can also develop a custom blockchain. It also eases the communication between Ethereum and various blockchains. On top of that, with Polygon you can help current blockchain networks to become Ethereum-compatible.

As we mentioned earlier, Polygon has very low transaction fees, which are kept at roughly $0.01.

Also, you have a much quicker transaction processing speed, at around 2.1 seconds per block. That is substantially faster when compared to other platforms like Ethereum, for example.

The Polygon market cap and MATIC price

Polygon’s market cap is $6,447,579,607, and the MATIC price is around $0.69.

It’s important to note that, unlike other currencies, MATIC prices have been very consistent, usually around the $0.70 to $0.75.

The price has appreciated significantly over the years, but it’s always been under $3 historically. There’s a supply of 10 billion MATIC tokens, but over 8.7 billion have already been issued.

Strategic partnership with polygon technology and immutable

Web3 Gaming Platform, Immutable, Takes Strides in Infrastructure Expansion with zkEVM Testnet Launch

Immutable, a pioneering force in the Web3 gaming landscape, has unveiled a significant development, a game changer, to fortify its technological prowess. In an endeavor to bolster infrastructure diversity and minimize reliance on a singular network framework, Immutable has initiated the public testing phase for its groundbreaking innovation - Immutable zkEVM.

Designed as a zero-knowledge (ZK) rollup, this novel blockchain solution is poised to revolutionize the gaming realm by addressing two key concerns: mitigating exorbitant gas fees and enhancing transaction efficiency. It is seamlessly compatible with the Ethereum Virtual Machine (EVM), facilitating a smooth migration path for developers seeking to transition their web3 game smart contracts from Ethereum to Immutable's zkEVM testnet.

Notably, this transformative leap is constructed upon the foundation of Polygon Supernets, an ingenious initiative that empowers developers to expedite the creation of application-specific blockchains. The synergy between Immutable's zkEVM and Polygon Supernets holds the promise of a dynamic and sustainable gaming ecosystem, ushering in a new era of immersive and seamless gaming experiences.

Polygon will change MATIC TO POL

Polygon Puts Forward Proposal to Transition from MATIC to POL Token for Enhanced Versatility

In a bid to enhance utility and streamline operations, Polygon's founders and researchers have floated an intriguing proposition. The proposal suggests replacing the current MATIC token with a new token, POL, which could serve as a unified token across various Polygon-based networks.

This transformative shift would encompass the primary Polygon blockchain, the Polygon zkEVM network, and a spectrum of supernets - specialized blockchains functioning on the overarching Polygon network.

If the proposal garners community approval, network validators could facilitate the operation of multiple chains using the POL token. Executing the transition from MATIC to POL involves a straightforward technical step: exchanging MATIC for POL via an upgrade smart contract. To facilitate a smooth transition, a generous timeframe of around four years or more is envisioned for token holders to embrace the change, contingent on community consensus.

In this potential transition, individual communities within the Polygon ecosystem will wield the authority to decide which token becomes the preferred option for gas fees. POL might emerge as the favored choice for some networks. Moreover, POL is poised to take on an instrumental role in decentralized application governance proposals on Polygon, with holders utilizing it for voting purposes. In a well-rounded arrangement, rewards across the network would be dispensed in POL, establishing a cohesive and comprehensive token ecosystem.

Conclusion

Polygon is more than just a crypto platform, it’s a technology platform that aims to help expand Ethereum and assist many other blockchain projects. The MATIC tokens are very useful because they help secure and also govern the Polygon network, while also covering transaction fees. The platform is constantly on the rise because it helps deliver creative solutions and consistent results, while also being user-friendly!

Website: https://polygon.technology/