POLYGON CRYPTO PRICE PREDICTION | REVIEW | NEWS | UPDATES
POLYGON CRYPTO PRICE PREDICTION: Here is a comprehensive review of POLYGON (MATIC) cryptocurrency, including the live price and latest news. We will also explore the updated features of POLYGON in 2023. Check out the chart for the latest live prices in the market.
WHAT IS POLYGON (MATIC) & HOW POLYGON WORKS:
Let’s delve into the details of what POLYGON (MATIC) cryptocurrency is and how it operates. Formerly known as Matic Network, POLYGON serves as a layer two solution or infrastructure for Ethereum. Evidently, Ethereum has become less usable and expensive, which calls for alternative solutions. POLYGON aims to address these issues by providing a well-structured and user-friendly platform for Ethereum scaling and infrastructure development.
POLYGON’s offering comprises two main components: layer two chains and side chains. Layer two chains, such as zk rollups and optimistic rollups, allow developers to build on top of Ethereum and enhance scalability. POLYGON supports various types of layer two scaling mechanisms, including their very own Matic Plasma.
By building on top of POLYGON, projects gain the highest level of security, as they leverage the inherent security provided by Ethereum’s widespread mining network. Startups find value in POLYGON as it eliminates the need to build their own blockchain, making it easier to utilize the existing infrastructure. Additionally, small communities benefit from the use of layer two chains, as it ensures decentralization even with limited validators and nodes.
On the other hand, side chains operate independently parallel to Ethereum. While they offer flexibility, enterprises and projects that do not require maximum security can opt for side chains. Side chains allow businesses to apply their unique features to a private blockchain. Furthermore, projects with already established strong communities can create their side chain to enhance decentralization within their ecosystem.
POLYGON’s rebranding from Matic Network to POLYGON reflects their effort to position themselves among the competition. Their main rivals include Polkadot, Cosmos, and Avalanche. Polkadot, with its para chains, seems to be the biggest competitor for POLYGON, often referred to as the “Polkadot for Ethereum.”
In conclusion, POLYGON (MATIC) serves as a valuable solution for Ethereum scaling and infrastructure development. Its layer two chains and side chains offer options for different project requirements, whether it’s maximizing security or prioritizing flexibility. Furthermore, POLYGON competes with other alternative blockchains like Polkadot, Cosmos, and Avalanche, striving to position itself as a leading force in the cryptocurrency market.