Polygon (MATIC) was formed by software engineers namely Sandeep Nailwal, Jayanti Kanani, Anurag Arjun, and Mihailo Bjelic in 2017. Utilizing sidechains, a decentralized network of Proof-of-Stake (PoS) validators, and an adaptation of the Plasma framework for asset protection, Polygon (MATIC) offers scalable, secure, and instant transactions. Ensuring a superior user experience in a safe and decentralized way, it enables anyone to construct scalable DApps. On the Ropsten Testnet, it has a functional implementation for Ethereum. In order to scale existing public blockchains and provide interoperability capabilities, Matic plans to support additional blockchains in the future. MATIC solves scalability problems by providing layer-2 solutions.
For staking in the PoS checkpointing layer, anyone can stake their Matic tokens on the root contract. This guarantees the chain’s viability and provides a highly decentralised base layer for the Matic chain. Matic also offers Fraud Proofs on the mainchain to further increase the security of the transactions. With the use of this method, anyone with access to the mainchain can report transactions they believe to be fraudulent. As an incentive to uncover the fraud, if the challenge is successful, the parties involved will have their stakes reduced and the challenger will get the reduced cash.
Polygon has been used to scale the performance of over 37,000 dApps. Polygon is capable of 7,000 TPS of transactional speeds (transactions per second). Comparing Polygon to Ethereum (20 TPS) and Bitcoin, this shows that it is incredibly quick (7 TPS). With its rapid growth, Polygon is being supported as Ethereum’s superior complementary blockchain. It is also a method of connecting Crypto assets. Transferring assets and data across layer 1 and layer 2 networks, as well as between various blockchain networks, is referred to as bridging.
Tokenomics
The total supply of Polygon (MATIC) token is at 1,000,000,000. The MATIC token has a maximum supply of 1 billion and issues inflationary token rewards to incentivize a target supply of the amount of MATIC staked.
MATIC is available for Staking, and you can earn up to 10.9% APY on following exchanges.
Benefits of Polygon (MATIC).
Ethereum Scalable Networking-
With Polygon network, developers will be able to create, use, and migrate DApps developed on foundational platforms like Ethereum with the use of Matic’s Matic wallet, payment APIs and SDKs, products, and other supporting technologies. Additionally, Matic will support BTC cross-chain transfers utilising pegging, enabling anyone to trade any currencies on Matic-based DEX. By reaching finality on the mainchain via checkpoints and fraud proofs, Matic adopts a dual technique of Proof of Stake at the Checkpointing layer and the Block Producer layer to achieve faster block times while ensuring the high degree of decentralisation (security).
High Utilization in Payment and Lending Options-
Matic will offer a user interface, payment APIs, and SDKs that allow consumers, merchants, and DApps to instantly accept or pay in cryptocurrency. The Matic Network will give businesses a platform to evaluate connected individuals’ creditworthiness based on their transactional history. As a result, when conducting business with network users who lack sufficient funds, merchants can lend tokens to users on the network. This will give users access to tokenized debt using the Dharma protocol.
Gaming Industry-
On sidechains, there will be a significant amount of buying, selling, and trading of in-game items represented as NFTs (ERC721). If they so want, game developers will also be allowed to save game state on the sidechains. Developers and users will have a quick, efficient, and secure sidechain to build and play games on in addition to the NFT marketplace that we will enable.
Recent Developments
In December 2022, Starbucks introduces its first batch of American beta testers to Starbucks Odyssey, a blockchain-based loyalty programme and NFT community. The new project is an expansion of Starbucks’ current loyalty programme, Starbucks Rewards, and makes use of web3 technology, such as the polygon blockchain and NFTs.
In 2022, Polygon (MATIC) announced collaboration with LGND Music and Warner Music Group. As part of this collaboration, recording artists affiliated with Warner Music Group labels will make music NFTs available via the soon-to-be-launched LGND Music marketplace on Polygon.
Polygon (MATIC) Price Predictions
As of the time of writing Polygon (MATIC) was trading at around $0.78. The coin is already 69.0% down from its all-time high of $2.72. With growing adoption of cryptocurrencies and rise in the development of Ethereum scaling is expected to boost the MATIC token price. Thus, MATIC is forecasted to surpass its all-time high in the near future.
Further, Polygon’s faster transaction speed on Ethereum DApps is constituting its market growth. Thus, MATIC is estimated to reach $7.0 in the next 4-5 years.