Matic Cryptocurrency and its Role in the Blockchain Ecosystem

Ethereum is the second most popular cryptocurrency, second only to Bitcoin. But it has a serious problem related to scalability (extremely low transaction speed). Matic is a cryptocurrency and a decentralized application development platform offering one of the possible solutions. Namely, the scaling of the blockchain at the second level, i.e. without basic intervention in the Ethereum protocol. Mining of the Matic token in the classic form is impossible, you can get coins only on exchanges or through exchangers.

What is Matic

The project appeared in April 2019. Matic is a second-level platform (sidechain) of Ethereum, which allows you to solve the problem of scalability.

Usage examples are varied:

• making payments. The advantage of the network is low fees and fast transactions;
• decentralized exchanges. Like many electronic money, Matic cryptocurrency can be bought and sold on crypto exchanges, including speculating on the price;
• transactions in games. The gaming industry associated with various types of cryptocurrencies is developing very quickly. Inside each game, there is an internal currency that can be used to purchase various game items and mutual payments between players.

The Matic platform is used to develop applications with well-protected personal data of users for the exchange of crypto assets, the provision of credit products in cryptocurrency and many other functions.

The Matic Network uses a technology called Plasma. The essence of its work lies in the fact that part of the transactions are processed outside the Ethereum platform and thus the scaling problem is solved.

Rebranding of Matic Polygon

In February 2021, the Matic network was rebranded, which then became known as the Polygon Network. The main goal is to create a platform for the interaction of various blockchains. Therefore, the Polygon network, by analogy with the Internet of Things, is often called the Internet of Blockchains. It is clear that such interactions should be completely safe for the user. From this point of view, Polygon Network can be considered as a SaaS (Security as a Service) platform.

The Polygon cryptocurrency is associated with the Polygon Network, the token of which is called Matic. The coin appeared in April 2019 and after the rebranding, its value has increased significantly.

How to get a Matic Cryptocurrency

The coin is traded on many crypto exchanges, including for fiat money. It can be stored in cryptocurrency wallets, for example, the Metamask web wallet, which is installed as a browser extension. It is possible to use internal wallets of crypto exchanges (for example, the popular Binance exchange).

Matic mining is carried out not at the expense of the technical capacities of special equipment, but by staking – storing tokens in your wallet.

It is possible to get a small amount of coins for free using the PipeFlare cryptocurrency crane. Cryptocurrency cranes are sites that give away a certain amount of crypto for free every day for performing simple tasks. But first you need to go through a quick registration procedure. On PipeFlare, you need to specify a valid email address in your Gmail account when registering. You can increase the collection of coins by linking a social network profile to your account in the tap. Then the receipts will be multiplied by a coefficient (its value depends on the social network).

Cranes often hold lotteries in which you can win up to several hundred additional coins. Another way is to participate in the referral program of the platforms.

Will Polygon (Matic) grow

The growth in the value of a non-mining token began after the deployment of the Polygon platform. According to forecasts of some experts, by the end of 2025, its price may reach 4-5 US dollars. More cautious forecasts give values not exceeding $3.7.

One should always keep in mind the high volatility of any cryptocurrency and the associated increased risks of investing in coins. Therefore, forecasts related to cryptocurrency cannot be considered completely reliable. It is better to follow the rule of experienced investors: you cannot invest more money than you can afford to lose.

Published: 7 January, 2022