What is polygon (MATIC)? Detailed information on the top 1 project for Layer2 and MATIC Coin

For those of you who have been in the market for a long time, the Polygon Project (formerly Matic) doesn’t have to be a stranger, this project is the main one Binance IEO in 2019.

What is Polygon (Matic Network)?

Polygon (formerly Matic Network), this is a blockchain platform designed to solve scalability problems without sacrificing decentralization in order to make the most of the current developer ecosystem. Thanks to the expansion and improvement of the user experience, the Dapp function (decentralized application) has been built on the foundation itself to confirm an important role for the Ethereum ecosystem.

Essentially, Polygon is a Layer 2 scaling solution that uses sidechains for off-chain computation, but still ensures the security of assets thanks to the Plasma framework and the Proof-of-Stake (PoS) decentralized authentication network. Matic Network can thus fully guarantee the safety of its users. In addition, the platform is designed to make payments with digital assets at almost instantaneous speed.

Polygon first started the testnet in September 2018, so far the latest pre-mainnet version of the network has been completed. In the future, Matic plans to introduce an easy-to-use plasma wallet that supports its own WalletConnect to support interaction with many applications from many devices. Thanks to many special utilities, many projects have currently created applications and integrated them into Matic. This IEO project promises to be a place where many developers will deploy and launch the decentralized application platform.

Easier, Polygon is a Layer 2 solution for Ethereum. Polygon was designed to solve important problems that Ethereum itself cannot solve for the time being.

Functions of Polygon (MATIC)

Expandability: Fast, inexpensive and secure transactions on the Matic sidechain with precision in the main chain and Ethereum as the first compatible Layer 1 database

Big bandwidth: you can achieve up to 7000 TPS on a single sidechain in the internal test network. More chains are added to scale horizontally

User experience: Smooth user experience and developer abstraction from main chain to polygon. Native mobile app and SDK support with WalletConnect support.

Security: Polygon operators are also stakers in the PoS system.

Public sidechains: The polygon sidechain is public, without permission, and can support multiple protocols.

What problem was Polygon designed to solve?

Ethereum is currently the largest blockchain development platform, but it has certain limitations that cannot currently be resolved, such as:

• Low throughput
• Bad UX (gas charges are too high)
• No sovereignty (shared throughput / overload risk, non-adaptable technology stack, decentralized network, which leads to proposals for network improvement, which must be time-consuming and heavily dependent on the management protocol)

Many projects use Ethereum-compatible blockchains to mitigate these restrictions while taking advantage of Ethereum’s thriving ecosystem. However, there is neither a special framework for building such blockchains nor a protocol to connect them. This creates significant development challenges and fragmentation of ecosystems.

How does Polygon solve these problems?

Polygon – a protocol and framework for building and connecting blockchain networks that are compatible with Ethereum.

• One-click deployment in pre-established blockchain networks.
• A growing number of modules for custom network development.
• Interoperable protocol for exchanging any information with Ethereum and other blockchain networks.
• Module and option “Security as a Service”.
• Adapter modules to enable interoperability for existing blockchain networks.

How does polygon work?

Polygon has many validators, these validators will use their assets to have the right to participate in the PoS consensus mechanism on the sidechains.

Transaction fees are set by users on the network just like Ethereum, but with high transaction throughput, transaction fees are likely to be significantly lower than Ethereum due to the supply and demand of “gas fees” in the market.

The blue boxes in the diagram above represent the sidechains and the human symbols represent the level of staking. Further sidechains can be added under this staking layer, with further blue sidechains being tied under the staking layer.

Basic information about the MATIC token

• Token name: Polygon
• ticker: MATIC
• Blockchain: Ethereum, polygon
• Token standard: ERC-20
• contract: 0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0
• Token type: Usefulness
• Total offer: 10,000,000,000 MATIC
• Circulation supply: 6.105.590.937 MATIC

Token assignment

• Token Sale: 19%
• Seed sales: 2.09%
• Members who support the project in the initial phase: 1.71%
• team: 16%
• Consultant: 4%
• Foundation established: 21.86%
• Ecosystem: 23.33%
• Staking rewards: Twelfth%

Token release schedule

What is MATIC token used for?

• Payment options in the network
• Mark out

MATIC token storage wallet

MATIC is an ERC20 token, so you have many wallet options to hold this token. You can choose from the following wallets:

This is how you earn and own MATIC tokens

Buy directly on the exchange.

Where can you buy and sell MATIC tokens?

Currently, MATIC is traded on many different exchanges with a total daily trading volume of USD 2,375,629,742. The exchanges that list these tokens include most of the major exchanges such as: Binance, Coinbase Pro, Huobi Global, OKEx, FTX, Uniswap, Balancer, etc.

Founding team

The whitepaper lists 3 founding members:

– Co-founder Jaynti Kanani: Chief Executive Officer (CEO) at Matic Network. Contributor to Web3, Plasma, Walletconnect. Jaynti was previously a Data Scientist at Housing.com.

https://www.linkedin.com/in/jdkanani/

– Co-founder Sandeep Nailwal: Chief Operating Officer (COO) at Matic Network. Blockchain Programmer and Entrepreneur. Sandeep was previously CEO of Scopeweaver, CTO of the Welspun Group.

https://www.linkedin.com/in/sandeep-nailwal-60709a33/

– Co-founder Anurag Arjun: Chief Production Officer (CPO) at Matic Network. Anurag previously worked as an AVP (Product Manager) at IRIS Business.

https://www.linkedin.com/in/anuragarjun/

What is the future of the Polygon project, should I invest in MATIC tokens or not?

Polygon is a project with very strong growth recently, with the decline of large DeFi projects like Sushiswap, 1inch, Aave. At the same time, Polygon has also worked with partners like Bitmax to build a direct bridge to Polygon at very low cost, which is also one of the important factors that Polygon can attract users from other networks.

Through this article, you must have some understanding of the basic information about the project in order to make your own investment decisions. CoinCu is not responsible for your investment decisions. I wish you every success and much profit from this potential market.