What is Polygon Crypto?
Polygon is an India-based cryptocurrency. It was designed to allow faster and cheaper transactions on the Ethereum blockchain.
Why is Polygon designed for Ethereum blockchain?
Ethereum has been the most popular platform for decentralized applications in the last few years. Because of this, there are now many Ethereum traders which has led to a more crowded and congested marketplace. This consequentially led to more expensive fees and longer transaction times. Polygon is a crypto that is designed to solve this problem. Polygon is designed to be compatible with the EVM or Ethereum Virtual Machine. The EVM is a platform where developers build their apps that are decentralized.
How does Polygon improve the performance in the blockchain?
Polygon, which goes by the name MATIC has been called the “Ethereum’s internet of blockchains”. It uses something called a sidechain. It is used to connect to the blockchain and it is not only limited to Ethereum. In fact, the sidechain was designed to work with all blockchains with faster transaction time hence resulting in lower fees. Generally, Polygon is used by traders and users of the blockchain. Besides that, it is also an ideal platform for developers. This is where they can create independent blockchains that are standalone with flexible features that are also scalable.
Is Polygon worth investing in?
As of July 2021, Polygon is one of the best performing cryptos in the world. With a market capitalization of more than US$7 billion, it is ranked among the top 20 cryptos.
Is Polygon the only crypto offering these benefits?
No, it is not. The cryptocurrency market is very dynamic and is ever-changing. Polygon is not the only blockchain network project that offers interconnectivity and fast processing. Other names like Avalanche and Polkadot are offering similar benefits. As such, it might not be too long in the near future to see some of these names integrating or coexisting. Another challenge that Polygon could potentially face is with the impending launch of Ethereum 2.0 which is set to make the blockchain more scalable.
What is the price performance of Polygon?
Polygon can be traded in most major digital exchanges like Binance, Coinbase, Gemini and eToro. 2021 has been a good year for Polygon. In January, it was about $.0.02 but then it spiked tremendously in mid-May 2021. Then, the price was over $2.50. Since then, the price for Polygon has moderated and normalized from about $1.00 to $1.50 (August 2021)
