Revolutionary transformations do not always happen instantly in the everyday sense of the word, especially when it comes to technology. Bitcoin was created as an alternative means of payment, but has been transformed into an investment asset. Another early blockchain, Ethereum, was truly revolutionary. The platform for developing and deploying smart contracts and decentralized applications opens up new opportunities for optimizing business processes.
However, the capabilities of the platform and the demand for its services quickly revealed the imperfections of the early blockchain, in particular, the difficulties with bandwidth. The search for ways to fix the problem began, and among them there were many successful ones. One of them is Polygon, formerly Matic Network.
What is Polygon
Matic Network is not an independent blockchain, but a second-level solution, an add-on to Ethereum that gives users access to the functionality of the main blockchain. Initially, its main function was to solve Ethereum’s scalability problem.
To do this, transactions were first processed in the Matic Network, and then the information was transferred to the main chain. Thanks to Plasma technology, it was possible to achieve a speed of 7,200 transactions per second.
After the rebranding in 2021, the network was named Polygon, and new features. It has become a platform for creating a second-level blockchain system. At the beginning of 2022, the project attracted new large investors, and a few months later, Tether announced its decision to launch the USDT stablecoin on Polygon as well. A few days ago, Bermuda-based Jewel Bank also announced its intention to launch its own stablecoin based on Polygon.
What is MATIC Cryptocurrency
The platform has its own service token MATIC. This is an ERC-20 standard token, which is based on the Proof of Stake (PoS) mechanism. This means that coin holders can receive passive income by participating in the confirmation of transactions on the network. This does not mean that you should immediately convert all your USDT to MATIC and start staking. Before you need to carefully study all the details of this process and weigh the possible risks.
Where to buy MATIC
MATIC is one of the most capitalized currencies and, at the time of writing, occupies the 10th line of the rating. The coin is traded on many top exchanges and we will look at some of them.
Binance is the largest cryptocurrency exchange currently operating and is available in almost every country in the world. In just over 5 years of existence, the platform has grown from a startup to a market giant. Perhaps this is the clearest evidence of the advantages of the platform. A large selection of coins, ways to earn and replenish a deposit, low commissions, a convenient interface, on the one hand, high liquidity and trading volumes for many cryptocurrency pairs, on the other hand, are interconnected and interdependent phenomena.
The platform offers spot, futures, margin trading, staking and a mining pool. The exchange supports about 60 fiat currencies. However, access to the Binance functionality requires verification, which not everyone considers acceptable for themselves.
The easy-to-use platform is designed to meet the needs of traders with different experiences. The exchange supports spot and margin trading, futures, staking of some coins. Deposit replenishment is possible in both digital and fiat currencies. Importantly, the fee is below the industry average and can be reduced by using the native exchange token KSS.
Finding a site with the best conditions and completing the accompanying formalities always takes some time. You can do otherwise and entrust the most time-consuming part of the buying process to the SmartRate search engine of the LetsЕxchange service.
After entering the amount of coins you need and the direction of the exchange, the search automatically finds the most profitable current offers. After confirming the transaction, the transaction is completed and the coins are credited to your wallet. You do not need to register an account to buy coins, this is really the easiest way to buy the coins you need at a favorable rate.