Have you heard of MATIC? For that you need to know the demand of blockchain. Blockchain is soon going to be the new normal. It comes with high-security features in terms of a decentralized general ledger. It helps transform the cryptocurrency market for good.
But even blockchain has its challenges. It experiences issues related to scalability, usability, etc. Scalability is an important feature blockchain technology must have. It is especially true for public blockchains. After all, scalability provides flexibility in the size and capacity of blockchains.
Hence, to give a clean slate to the blockchain, MATIC comes into the picture. It solves all the issues concerning the scalability of public blockchains. However, only a few have an idea of the emergence and functionalities of it. So, let us dive deeper into the topic and find out what MATIC has in store.
What is a Matic network?
Before knowing what MATIC is, you must first know about polygons. Polygon is a layer-2 network that comes as a scaling solution for blockchains. Originally called the Matic Network during its launch in 2017, it forms an additional layer to Ethereum.
Matic Network retains the original blockchain layer. It enhances the efficiency of interconnected networks by giving them a more straightforward framework approach. As a scalability solution, the Matic network comes in various shapes, sides, and applications.
All of it goes towards enhancing the speed and efficiency of transactions associated with blockchain. It also reduces the cost and complexity of blockchain networks.
What is MATIC?
MATIC is the rebranded version of Matic network or Polygon. It is a mode of payment as it stands as a cryptocurrency, MATIC coin. It is an Ethereum-based altcoin, which forms the token to work with the polygon network.
MATIC cryptocurrency is one of the most efficient payment systems on various centralized and decentralized platforms associated with trading. You can find it across various platforms, such as Binance, Coinbase Pro, etc.
The best part about MATIC as a digital coin is that it allows users to interact with numerous decentralized applications. It does not even pose issues related to network congestion. It makes MATIC a highly efficient payment system, besides solving blockchains’ scalability and usability problems.
Who is the founder?
MATIC is one of the most evolving projects in blockchain technology. It is because it solves the underlying scalability problems that come with blockchain. So if you are wondering how this project came into action, keep reading.
The polygon project is a result of a group of three members. It consists of the co-founder and current CEO of Polygon, Jaynti Kanani. It also has Sandeep Nailwal and Anurag Arjun. The former is the co-founder and chief operating officer, and the latter is the co-founder and the chief product officer.
They started the MATIC network or Polygon in 2017. The project was a success due to the brilliant mindset of the developers. Moreover, it received enough funding from all over the world, which made the project cross all boundaries.
Features
MATIC is a scalability solution for blockchain technology. It comes with many features, making the network highly efficient in speed. It also cuts down the complexity and high operating costs behind blockchain. So, let us find out what makes it so efficient.
- It strive to enhance blockchain transactions’ speed and efficiency and reduce operating costs. It does so with the help of sidechains, which boosts the performance of transaction systems. It also makes it possible to complete thousands of transactions using the Ethereum network in less time.
- It is possible to deploy apps to MATIC. It is because of its compatibility with the Ethereum Virtual Machine. The most popular apps among these are Aave and SushiSwap.
- It works best with interconnected blockchains. It is a result of the linking capability of MATIC with networks such as Polkadot. It is apt for solving the issues that arise in blockchain networks due to its continuous development. It forms a strong base for blockchain networks by enhancing the interconnection between various networks.
- It can be used as a token in various transactions associated with blockchain. It involves governance, staking, fees, and more.
- It involves Heimdall architecture. This is the reason behind the scalability features of MATIC.
- It also enhances the security features of the blockchain. It includes regular checkpoints in the network, which maintain consistency.
- It comes with highly customizable features. It is possible to program MATIC in various ways that developers can use.
How does MATIC work?
MATIC presents itself as a highly efficient transaction system. It solely relies on the way it works. MATIC network or Polygon makes use of sidechains to form a multi-level platform. Sidechains add to Ethereum and help it grow.
It makes the network highly efficient and cost-effective. If you are wondering what sidechains are, here’s a small description. Sidechains are nothing but separate blockchains, supporting various Decentralized Finance (DeFi) protocols.
The sidechains link to the Ethereum blockchain and increase the number of transactions per second. It also decreases the gas fees on Ethereum, which is the transaction cost associated with each transaction.
Moreover, the sidechain approach allows it to connect to various networks, such as Polkadot, Avalanche, etc. It also eliminates the issues associated with network congestion, which usually occurs in the case of blockchain technology.
Why do we need MATIC?
MATIC is an important part of Ethereum. It is compatible with the Ethereum virtual machine, which makes it highly efficient and simple to be used with Ethereum. The fact that Ethereum leads us to a well-organized transaction system working with fees, governance, etc., makes it very useful.
Conclusion
Blockchain is a highly efficient transaction system involving a decentralized general ledger. It makes digital transactions easier and highly secure. Though it comes with many advantages as a payment system, scalability and usability issues never leave its side. But, with a multi-level platform, such as MATIC, the scalability becomes easier. It also adds layers of security to blockchain technology and makes transactions fast. Remember, it reduces complexity and transaction costs. Hence, you can explore MATIC digital coin more and determine if it is worth investing in.