What is Polygon (MATIC)? What are the possibilities for Polygon MATIC?

Cryptozone
5 min readFeb 26, 2023

In the world of cryptocurrency, various types of cryptocurrencies are hotly debated in terms of price fluctuations and usage. Similarly, Polygon is a cryptocurrency that has been the subject of debate for several months regarding its prices and usage.

So, without further ado, tell us in detail what Polygon MATIC is. (What is Polygon MATIC in Hindi?) and how does it work?

What is Polygon Matic?

Polygon MATIC is a cryptocurrency with the coin name MATIC that supports a technology that can be added to and expanded via the Blockchain Network.

Polygon MATIC was launched in 2017. It is known as the Ethereum Internet of Blockchain. In layman’s terms, we can say that it is controlled by the ‘Ethereum Blockchain’ platform and is also used by Ethereum-based projects.

Polygon Platform operates its platform primarily through the Proof-of-Stack Consensus Mechanism.

With the help of this Platform, i.e. Polygon, any Blockchain Project’s flexibility, scalability, and sovereignty can be increased. And because its security is good and cheap, this platform is easy to understand, and some of its Structured Benefits are also available to the user.

Polygon MATIC is compatible with other Ethereum-based digital currencies, which means it can be used with a variety of blockchain platforms. That is why MATIC is known as an ERC-20 Token.

MATIC Token provides power to the Polygon MATIC Platform, and MATIC Token is used to secure the Polygon Platform, which also serves as its Transactional Fee.

Who created the Polygon MATIC Coin?

Jayanti Kanani and Sandeep Nailwal founded Polygon MATIC in 2017, and it now has four co-founders: Jayanti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjeli.

How does Polygon MATIC function?

Polygon MATIC employs a modified Proof-of-Stack Consensus Mechanism to keep the Polygon Blockchain balanced. Because many blocks must be accessed concurrently for the transaction, the traditional Proof-of-Stack Process is not used.

This Polygon Platform is controlled by a specific process, and instead of achieving a large number of blocks, it finds some Targeted blocks, allowing it to complete its transactional process even faster.

Polygon, a cryptocurrency platform, connects to the main Ethereum blockchain via fast parallel blocks and links.

The Modified Proof-of-Stack Consensus Mechanism must be used to create a new MATIC and secure that blockchain network. You can earn money by stacking MATIC with its assistance.

Your transaction is routed through two processes:

Validator -: The Validator verifies any Transaction and adds it to the Blockchain, as well as lowering the fees required to create MATIC.

Delegator -: Delegator is the Lower Commitment Version of Stacking that indirectly delegates the MATIC stack.

What are the benefits of using Polygon MATIC?

Polygon MATIC has numerous advantages, including the following:

  1. The first advantage is that you can complete the Transaction Process very quickly because it has a Modified Consensus Mechanism that competes the Transactional Confirmation Process by Single Block only and your Transaction Process Completes in just 2.1 seconds.
  2. In this case, your transaction fee is also very low, as only $ 0.01 is deducted from each transaction.

What are the disadvantages of Polygon MATIC?

Polygon MATIC also has some drawbacks, which are as follows:

  1. Autonomous Blockchain is not available on this platform; it is only available on the Ethereum Platform. It does not have a dedicated Blockchain Platform.
  2. It is not used to purchase everyday items. It is not used for general purchases because very few retailers accept it as a form of payment. Its primary purpose is to protect the MATIC Token Polygon Platform.

What are the prospects for Polygon MATIC?

Polygon Studio, which focuses on gaming blockchain and non-fungible tokens, was launched in 2021. If Polygon Studio is successful in any way in the future, Polygon Platform will become a Leading Technology Provider, employing Decentralized Gaming and NFT.

What is the cost of Polygon MATIC?

The current price of MATIC Coin is $1.43, and it fluctuates over time. This Polygon Platform’s total market capitalization is $11.04 billion, its fully diluted market capitalization is more than $14 billion, and the daily up and down volume is at least $625 million.

How many Polygon MATIC Coins are there?

Polygon MATIC was introduced in 2017, and it has sold approximately 7.53 million units since then.

Although billions of MATICs have been mined, Polygon MATIC has reached its maximum supply of ten billion tokens.

How many dApps have been used in conjunction with Polygon MATIC?

To access and scale Polygon MATIC, over 7000 Decentralized apps are used, including:

462 dApps for Digital Finance,

336 dApps for Non-Fungible Tokens,

164 dApps for gaming,

101 dApps for Infrastructure Platforms,

46 dApps for Metaverse,

60 dApps for Decentralized Autonomous Organization,

41 dApps for Business-to-Business,

84 dApps for CEX,

51 dApps for Wallets,

16 dApps for Payments,

13 dApps for Bridge,

22 dApps for Oracle,

48 dApps for development tools,

and 11 dApps for other tools,

17 dApps are used for On-ramp / Off-Ramp, 17 dApps are used for DEX.

That is, 1274 dApps are used exclusively for Listed Applications or Digital Applications.

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Conclusion

Friends, in this article, we discussed Polygon MATIC Cryptocurrency and Polygon MATIC Cryptocurrency Platform. Who invented it, how does it work, what is the current market capitalization of Polygon MATIC Coin, and how many Digital Decentralized Apps use it?

I hope you enjoyed learning about Polygon MATIC. All relevant information would have been received.

If you have any further questions about Polygon MATIC, please leave them in the comments section, and please share this article with your cryptocurrency-interested friends. Please share them.

Disclaimer: I am not a financial advisor; therefore, do your own research and analysis before investing anywhere. The preceding article is a reflection of my own investment and experience in educational materials. Despite every effort to ensure that all information is correct and up to date, unintentional errors and misprints do occur on occasion.

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Cryptozone

"To obtain financial freedom, one must be either a business owner, an investor or both, generating passive income, particularly on a monthly basis."