MATIC (Polygon): Making Web3 a Reality
by Kamil S
With this blog we will focus on MATIC (Polygon), which as you may recall, was part of the busy Week 8 of our 15 Weeks of Summer campaign. On two consecutive days, we listed DAI, KSM, MATIC, NOIA and NEAR on Coinmetro exchange. These are all significant assets that are shaping the blockchain and crypto space for the better and can make a positive impact for you. This week we are coming back with more content and information on the above mentioned listings to understand the many good things they bring to the on-chain environment. Let’s proceed with MATIC (Polygon) – a great framework for scaling blockchain applications.
MATIC (Polygon) on Coinmetro Exchange
Polygon (formerly known as Matic Network) is a Layer 2 scaling solution that achieves scalability without compromising security.
Polygon utilizes an adapted form of Plasma to provide scalable, secure off-chain transactions for Ethereum. Polygon’s architecture consists of two layers: the core network and the sidechains. The core network secures the sidechains with finality while the sidechains process transactions.
Plasma is a framework for scaling blockchain applications. It enables developers to create scalable decentralized applications (dApps) by allowing them to run off-chain while still being backed by the security of the main Ethereum network.
At its core, Polygon is one of the first frameworks to offer easy-to-use developer tools, instant finality via Ethereum’s mainnet security, and low transaction costs without compromising on decentralization.
With Polygon’s unique approach, developers can launch their scalable chains, known as sidechains, which are secured by the Ethereum network. Polygon provides a single point of contact to multiple Layer 2 chains, making it easy for developers to interact with the network and launch their own scalable dApps. For those interested in the financial aspect of Polygon, you can check the current Polygon price on our website.
Polygon is also home to a growing ecosystem of projects, including DeFi protocols, NFT marketplaces, and games. The Polygon team is constantly working on new features and improvements to make the platform more user-friendly and scalable.
Polygon: The MATIC Token
The Polygon Network team has been active round-the-clock to produce unique user-friendly libraries. These are tools that help developers create implementable programs using the interface. To enhance utility, the network incorporated an exceptional MATIC coin for use by the masses in the second quarter of 2019.
The Matic token can be used to:
- Stake tokens to earn rewards
- Pay transaction fees
- Participate in governance
MATIC is an ERC-20 token and can be stored in any ERC-20 compatible wallet. Some popular wallets that support MATIC include MetaMask and Trust Wallet.
Polygon’s Developer Tools
Polygon assembles the best sovereign blockchains from Ethereum to create a multi-chain of a full-fledged system. This network commits itself to fostering Web3 applications and their growth by availing the necessary infrastructure.
At present, there are over 19k digital applications that have been using Polygon to speed their performance. Notable entities include Instagram, Prada, and Adidas Originals, which have launched NFTs within the Polygon network.
Polygon comprises a full-fledged suite of Ethereum-scaling keys that make this chain competitive and versatile. Here is a breakdown of Polygon’s developer tools:
Polygon’s Proof of Stake (PoS) solution seeks to achieve unprecedented transaction swiftness, and through the utilization of side-chains for transaction processing, it enhances cost reduction.
Polygon Hermez Network
This is a Layer 2 scaling solution that makes use of ZK-rollups (zero-knowledge) to provide immutability, data availability, and security while processing thousands of transactions per second.
The software development kit for Polygon aims to provide the much-needed infrastructure for Web3 developers with a suite of tools for creating, deploying, and interacting with Polygon chains.
Polygon Avail Protocol is designed to provide efficient and reliable availability guarantees forByzantine-fault tolerant(BFT) distributed systems. BFTs are a trait of decentralized, permissionless systems which are capable of successfully identifying and rejecting dishonest or faulty information. The protocol is based on a novel approach to BFT that combines the flexibility of proof-of-stake (PoS) with the security of proof-of-work (PoW). The result is a system that is more secure than either PoW or PoS alone and that is also more scalable and efficient. The key features of the Polygon Avail Protocol include a modular design that supports multiple BFT protocols; a flexible fee structure that incentivizes good behavior; and a robust mechanism for detecting and dealing with faulty nodes.
Polygon Edge Protocol (PEP) is a set of rules and standards governing how digital assets are stored and exchanged on the Polygon network. PEP is designed to provide a safe and secure environment for users while also ensuring that all transactions are transparent and verifiable. PEP is based on Ethereum’s ERC-20 token standard but has been modified to be more adaptable and user-friendly. In addition to supporting a variety of digital assets, PEP also allows for the creation of custom tokens. This flexibility makes PEP an ideal choice for businesses and organizations looking to launch their blockchain projects.
At its core, Polygon’s Nightfall protocol enables enterprises to benefit from the features of a public blockchain while maintaining the privacy of their data. The protocol achieves this by using zk-SNARKs, a zero-knowledge proof construction, to hide the identities of the participants and the details of the transactions. This allows businesses to transact on the blockchain without revealing their confidential information. In addition, Nightfall also supports smart contracts, which enables businesses to create dApps that can be used to streamline their operations.
This is a modular extensive network protocol on the Polygon network designed to help users develop customizable blockchains according to their project’s needs.
Polygon Gas Station Network
The Polygon Gas Station Network (GSN) is a system of smart contracts allowing users to pay for gas fees in any ERC-20 token. The GSN is designed to reduce the barrier to entry for blockchain projects and to make it easier for users to participate in the Ethereum ecosystem. The GSN is also compatible with a variety of popular wallets, such as MetaMask, Gnosis Safe, and Argent.
Final Thoughts on Polygon (MATIC)
Polygon is the first platform offering easy-to-use developer tools, instant finality via Ethereum mainnet security, and low transaction costs without compromising on decentralization.
Polygon’s unique approach allows developers to launch their scalable chains, known as sidechains, which are secured by the Ethereum mainnet. This gives developers the best of both worlds: the security of Ethereum with the flexibility and scalability of a sidechain.
A Season of Value
Week 8 of 15WoS was one of our busiest of this campaign, with five listings that are already bringing many positive things to the advancement of crypto and blockchain scape. Did you have a chance to get familiar with all projects? This week we are covering all five of them in more detail. Make sure you check out all of them out to understand how the blockchain and crypto space is getting better.
Why are we listing so many projects during this period? You might be asking… Being in a bear market does not mean we must freeze in place. Actually, bear markets are opportunities for smart investors who act with the wider optics. DAI, KSM, MATIC, NOIA and NEAR are projects that bring many positive things to the community. Now is the time to lay down the next steps and build your portfolio with meaningful assets at a convenient price. When the markets will start going up again, will you be in a position to profit?
Stay close to the Coinmetro community on Discord and Telegram to be up to date with the latest crypto developments. To begin your trading and investing journey today, take action now and sign up to Coinmetro in just a few steps.
A Guide to Parachains
Some blockchain networks are designed to solve some of the most pressing challenges facing the industry today, such as limited throughput, slow…
Scheduled Maintenance: Enhancing Coinmetro's Performance
Coinmetro is committed to providing our community with a seamless and secure crypto trading experience. In line with our dedication to excellence, we…
What are MultiSig Wallets and How They Work?
Cryptocurrency wallets are essential tools for managing and storing digital currencies like Bitcoin, Ethereum, and many others. They function by…
Cryptocurrency Sustainability: Impact of Crypto on the Environment
The debate around cryptocurrency's environmental impact is complex, involving factors like energy consumption and carbon footprint. Bitcoin,…