What is Polygon (MATIC)?

Polygon, formerly known as the Matic Network, is a scaling solution that aims to provide multiple tools to improve the speed and reduce the cost and complexities of transactions on blockchain networks.

At the center of Polygon’s vision is Ethereum, a platform that is home to a range of decentralized applications, ones where you can join virtual worlds, play games, buy art, and participate in a range of financial services. However, this much activity on its blockchain has rendered Ethereum almost unusable, as the cost of transmission is rising and traffic is becoming clogged.

Table of Contents

What is Polygon (MATIC)?

1. Who Controls Polygon (MATIC)?

The Ethereum blockchain can perform a limited number of transactions per second. The throughput rate sits at roughly 14 transactions per second for the base layer. Each transaction comes with transaction costs called gas fees on Ethereum.

Gas fees ramp up during times of high network congestion, and Ethereum gas fees can rise quickly to above $50 to $80. This is a massive issue. Having to pay more than $50 at one time for each transaction places Ethereum squarely out of reach for most users.

Network congestion also makes the Ethereum blockchain process slower, discouraging users from engaging with smart contracts on the blockchain.

These issues can quickly add up to hundreds of dollars in fees for anyone who uses decentralized finance (DeFi) apps and protocols, trades or purchases nonfungible tokens (NFTs) and swaps, buys or transfers tokens on Ethereum.

So, how does Polygon make this cheaper? To cut gas costs, scaling solutions like Polygon process transactions on side chains. Polygon has the potential to handle up to 65,000 transactions per second, whereas Ethereum can process only up to roughly 17 transactions per second.

And, Polygon is able to provide these fees to users for pennies. Contrast that price with Ethereum’s average transaction fee of around $15 per transaction. Since Polygon comprises a suite of different protocols including the zero-knowledge (zk) proof variety, users get to choose the best scaling option suited to their use.

In cryptography, zk proofs are a cryptographic primitive used for verifying to another party (the verifier) whether a particular statement is valid. At the same time, the prover is not required to provide any additional information, other than the fact that the statement is true.

2. Who Created Polygon (MATIC)?

Polygon has firmly established itself as the most promising Ethereum scalability project due to its highly capable development team. The expertise behind the team remains the driving force behind Polygon’s growth.

Those who created the Matic network can be credited with foreseeing the needs of today’s crypto industry. The next section examines who is behind one of the industry’s fastest-growing projects.

Cofounder Jaynti Kanani is the current CEO of Polygon. He developed the project alongside Sandeep Nailwal, cofounder and chief operating officer, and Anurag Arjun, cofounder and chief product officer. The trio created Polygon in 2017. Back then, it was called Matic Network.

At first, funds from friends and family in Mumbai helped support the venture. But, while Polygon has its roots in India, the platform continues to attract investors from all around the globe. Polygon raised over $450,000 in two rounds of startup funding in 2019. The venture has roughly $450 million in funding from various investors.

Balaji Srinivasa, an angel investor, and Mark Cuban, the billionaire, are among Polygon’s growing list of backers.

3. Polygon (MATIC) Pros and Cons

Polygon (MATIC) Pros:

It Has Shown Independence from the Price Patterns of Bitcoin
Polygon Scales Relatively Faster, Interoperable, and Has 100s of Partnerships
Continues to Benefit from the DeFi Boom in Ethereum
Grayscale Is Exploring Investment Product for Polygon
Has Validation from Prominent Investors and Major Players

Polygon (MATIC) Cons:

Momentum Will Slow Once Ethereum’s Proof-Of-Stake Is Fully Implemented
There Is Competition from Blockchain Technologies
Global Crackdown on Crypto

4. The Difference Between Polygon (MATIC) and Traditional Currencies

The main difference between them is, the traditional currency is a centralized system and bitcoins are decentralized one and peer-peer systems. Hence there are no central authorities to regulate rules and regulations on a bitcoin transaction. But a traditional currency is strictly regulated by the governmental authorities. Both the bitcoins and fiat currency have values which can be used for buying and selling of goods in the market.

Flexibility

With traditional currency functioning for five days a week and die to transaction restriction, there is a chance of freezing of currency. There is no limit in the number of currencies, being printed, and hence when there is inadequate currency, it will affect the buyers and sellers, resulting in inflation.

No Fraudulent Activity

If you want to transact with a traditional currency system, the users have to provide personal details like name, address, phone number, and lots more. So, with the internet technology, the malicious user will be able to hack the account details of the traditional currency system easily. Traditional currency can suffer from double-spending, where the same money is used for more than one transaction.

Reduced Cost

In a traditional banking system, for making a national transaction, it will take 2-3 working days, and the transaction fees will be high. In the case of international transactions, the transaction fee will be very higher, and it will take 15 days to complete the transaction. In a Cryptocurrency system like bitcoins, there is no transaction fee for making a national transaction. The transaction will also take place in seconds or within 24 hours.

5. Is It Safe To Use Polygon (MATIC)?

Polygon isn’t in competition with Ethereum. If anything, it’s reliant on Ethereum and vice versa. Polygon’s mission is to leverage the Polygon network in order to create infrastructure that can handle the mass adoption of Ethereum. Consequently, Polygon is more dependent on Ethereum than Ethereum is on Polygon. This is expected since Polygon is built on top of its blockchain.

The main disadvantage is that switching to Polygon for speed may dilute the value gained by Ethereum. Value dilution might actually hinder Ethereum’s direct user growth in certain locations.

To wit, Polygon improves Ethereum and, thus, more people will use the Ethereum blockchain. With more users locking their capital in the Ethereum blockchain freely, its value will rise, despite the potential for stealing total value locked (TVL) away from Ethereum.

How Does Polygon (MATIC) Work?

Polygon is a multi-level platform with the aim to scale Ethereum thanks to a plethora of sidechains, all of which aims to unclog with the main platform in an effective and cost efficient manner.

If you’re unfamiliar, sidechains are unique blockchains that are bound to the main Ethereum blockchain and are effective in supporting many Decentralized Finance (DeFi) protocols available in Ethereum.

As such, Polygon can be compared to other competing networks such as Polkadot, Cosmos, and Avalanche.

At the core of the network is the Polygon software development kit (SDK), used to build Ethereum-compatible decentralized applications as sidechains and connect them to its main blockchain.

Sidechains can be built using one of the following construction scalability methods:

Plasma Chains – Bundles transactions into blocks, batched into a single submission on the Ethereum blockchain
zk-Rollups – Allows multiple transfers to be bundled into a single transaction
Optimistic Rollups – Similar to Plasma Chains, but with the capability of also scaling Ethereum smart contracts

Polygon’s main chain is a Proof of Stake (PoS) sidechain in which network participants can stake MATIC tokens to validate transactions and vote on network upgrades.

How to Make Money with Polygon (MATIC)?

Here are quite a few approaches for us to make money with Polygon (MATIC), such as Mining, Buying & Hold Bitcoins, Accept Payments in Polygon (MATIC), Earning Polygon (MATIC) by turning into an Affiliate, Lending Polygon (MATIC), and Micro Earnings, and Trading.

Polygon (MATIC) Mining
Buy & Hold Polygon (MATIC)
Accept Payments in Polygon (MATIC)

Determine how you’ll use Polygon (MATIC)
Find a Polygon (MATIC) wallet
Find a Polygon (MATIC) payment processor
Accept Polygon (MATIC) payments

Becoming an Affiliate
Lending Polygon (MATIC)
Micro Polygon (MATIC) Earnings (Faucets, Offer Wall, Short Links, Surf Ads……)
Polygon (MATIC) Games
Micro Polygon (MATIC) Tasks
Trade Polygon (MATIC)

How to Buy Polygon (MATIC)?

1. Things To Know Before You Buy Polygon (MATIC)

Buying Polygon (MATIC) and holding onto it in hopes it will appreciate in value, is the most common form of “investing”. As with all investing, you should never invest more than you are willing/able to lose. This is especially true with Polygon (MATIC), since it’s still a very risky investment.

The most important thing to keep in mind when buying Polygon (MATIC) is to make sure to buy only from exchanges that have proven their reputation.

Another key tip is to make sure you don’t buy all of your Polygon (MATIC)s in one trade. Instead use a dollar cost averaging method—buy a fixed amount every month, week or even day throughout the year. This ensures that you buy the most Polygon (MATIC) when it’s on the rise, and less when it’s going down in price.

2. How to Buy Polygon (MATIC) on a Crypto Exchange

Coinbase – Secure online platform for buying, selling, transferring, and storing cryptocurrency.
eToro – Trade and invest in a diversified portfolio, starting at $10, or practise risk-free with a virtual portfolio.
Bitfinex – Digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Binance – Low trading fees, a generously wide range of leverage, and high liquidity.
KuCoin – A large cryptocurrency exchange offering the ability to buy, sell, and trade cryptocurrencies

3. How to Buy Polygon (MATIC) with Cash

Find a seller in your area who accepts cash.
Select amount of coins and place an order.
Receive account number from the seller.
Deposit cash into the seller’s account.
Upload your receipt to prove you made the deposit/trade.
Receive Polygon (MATIC)!

4. How to Buy Polygon (MATIC) with Credit Card

Not all platforms will allow you to use a credit card to make your Polygon (MATIC) purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.

5. How to Buy Polygon (MATIC) with Paypal

Login to Paypal and Select Cryptocurrency
Select ‘Polygon (MATIC)’
Select ‘Buy’
Choose How Much You Want to Buy
Select Payment Method
Hit the ‘Buy’ button

6. Should I Buy Polygon (MATIC) In 2022?

It depends on your investment goals, Polygon may be a good fit for you to invest in 2022.

Short-term traders may be exposed to more risk and more opportunities to lose. However, for long-term investors, Polygon is a crypto asset that can provide opportunities for crypto investors to earn significant profits.

According to the experts above, the Polygon (MATIC) price prediction shows that the performance of this crypto asset will be better in the long run.

The interoperability of this Ethereum-based project is a concept that has made Polygon a strong competitor for blockchain technology for a long time. The success of this network will undoubtedly increase the overall value of MATIC.

WalletInvestor projects a long-term earning potential of more than 86.07 percent in one year. In 5 years, its value will be 12.9 USD. Therefore, 2022 could be a good year for crypto investors to make long-term investments with Polygon.

However, you should do enough research before buying a particular crypto asset because crypto investments are considered riskier than conventional investments.

Higher risk often comes with higher returns. Investors need to practice proper risk management strategies to protect their portfolios from losses.

Read More:

How to Buy Polygon (MATIC)

How to Sell Polygon (MATIC)?

1. Things to Know Before You Sell Polygon (MATIC)

To get started with Polygon (MATIC), you’re going to need three things: an exchange, a wallet and the knowledge of how to buy the cryptocurrency. This last one is easy with our guide on how to buy Polygon (MATIC), but the other two are still important. The exchange allows you to buy Polygon (MATIC) from sellers, and the wallet gives you somewhere to store it long term.

When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase, Robinhood and Binance. However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time.

On the other hand, wallets can be much more complex. “Cold wallets” — physical devices holding cryptocurrencies offline — come with a steep up-front cost, but “hot wallets” — pieces of software that hold your coins on a computer — are often less secure. However, since hot wallets are fine for short-term storage and free to set up, it’s a good idea to start with them.

2. Sell Polygon (MATIC) in Cryptocurrency Exchanges

Step 1: Set up an exchange account
Step 2: Transfer your Polygon (MATIC) to your exchange wallet
Step 3: Place a sell order

3. Sell Polygon (MATIC) in P2P Trading

Step 1: Go to the P2P Trading Page
Step 2: Choose to Sell and Set Your Currencies
Step 3: Find a Buyer
Step 4: Choose How Much You Want to Sell
Step 5: Send the Offer
Step 6: Confirm the Release

4. Sell Polygon (MATIC) in Polygon (MATIC) ATMs

Step 1: Choose withdraw cash
Step 2: Choose Polygon (MATIC) (these machines normally may support other cryptocurrencies)
Step 3: Choose amount to withdraw
Step 4: Send Polygon (MATIC) to given address QR code
Step 5: Receive cash immediately as Polygon (MATIC) transaction is propagated on the network

How to Get Free Polygon (MATIC)?

Most genuine websites that allow you to earn free Polygon (MATIC) require you to spend money on other things like buying cloud computer mining power, connecting your CPU for mining, playing a game, or completing micro-tasks.

In other words, they offer free Polygon (MATIC)s as an advertisement for their services. Otherwise, it takes time and effort to get free Polygon (MATIC) given its current high value.

Polygon (MATIC) Faucet
Polygon (MATIC) PTC Sites
Polygon (MATIC) Airdrop
Polygon (MATIC) GameFi
Polygon (MATIC) Bounties
Learning About Polygon (MATIC)
Shopping Reward
Polygon (MATIC) Interest
Owning a Polygon (MATIC) Faucet
Write about Polygon (MATIC)
Polygon (MATIC) Affiliate Program
Free Polygon (MATIC) Cloud Mining

What is a Polygon (MATIC) Wallet?

1. Polygon (MATIC) Wallets for Beginners

Matic Wallet is a decentralized application that stores your crypto assets. Matic network aims to solve the scalability and transaction cost issues faced by Bitcoin and Ethereum networks. Matic wallet offers a fast, secure, and user-friendly platform for managing your digital assets. It allows you to easily store, exchange, and use your various cryptocurrencies.

Coinbase

Coinbase is a Polygon wallet that enables you to sell, transfer, buy, and store digital currencies. It supports more than 100+ countries and is used by more than 35 million people. You can store all your NFTs and crypto coins in this Matic Wallet.

It also provides a Coinbase pro version for the users interested in actively trading cryptocurrency with a lower charge rate and additional tools, statistics, and reports that is beneficial to traders.

Crypto.com

Crypto.com is one of the fastest-growing Polygon wallets offering services like selling, holding, buying, and trading cryptocurrencies. This Polygon wallet offers support for cold storage, and it is available in more than 80+ countries across the world. It offers other crypto-related services like a decentralized exchange, cryptocurrency credit cards, and an NFT marketplace.

Ledger Nano X

Ledger Nano X is a cold/hardware/non-custodial Polygon wallet. It supports over 100+ crypto apps and coins and provides an ideal balance of accessibility and security. Ledger Nano wallet is packed with the most convenient form factors and uses micro-LCD.

This hardware wallet works best with its native smartphone app, Ledger Live. It enables you to easily and quickly view your balance even without the device.

Binance

Binance is a robust cryptocurrency wallet with a vast selection of crypto trading features. This Polygon wallet offers advanced features like Auto-invest, staking, Defi, P2P trades, etc. It is one of the best software wallets that have a Blockchain called the Binance Chain. It provides a wide selection of trading options and order types.

2. How To Make A Polygon (MATIC) Paper Wallet?

Although there are ways to manually generate a private key, the vast majority of paper wallet creators use a private key generator. Once a private and public key have been created, you are able to print a paper wallet, which because it’s not online doubles as a cold storage wallet. This will include the public and private key you’ve generated, usually as both a string of characters and QR codes.

Anyone with a paper wallet’s public key can send crypto to it as often as they like. Using the corresponding private key, you can move the crypto balance of the paper wallet into a software wallet. This transfers the funds to a new private key on your software wallet.

3. Ways To Set Up a Polygon (MATIC) Wallet

There are many Polygon (MATIC) wallets out there, and all of them differ in their characteristics. Mobile software wallets are great for day-to-day use, while desktop software wallets bring about a great balance between convenience and security. Lightweight web wallets are the best choice for quick online transactions. Cold encrypted hardware wallets like Ledger or Trezor are the best for long-term storage of bitcoin. However, unlike other options, hardware wallets aren’t free and cost $50 or more.

Set up a Polygon (MATIC) Software Wallet

Mycellium
Bread (BRD) wallet
Bitcoin wallet
Electrum
Samourai

Set up a Polygon (MATIC) Web Wallet

Coinbase
Blockchain.info
BTC.com
Rahakott
BitGo

Set up a Polygon (MATIC) Hardware Wallet

Ledger
Trezor
BitLox
KeepKey

How to Buy and Sell Polygon (MATIC) In Different Area?

1. How to Buy and Sell Polygon (MATIC) in India?

You can get Polygon (MATIC) in India mainly through buying and mining. To buy it, you can use several online exchanges such as WazirX, Coinbase, BuyUcoin, and CoinDCX. Choosing the best online exchange is another task, but here are a few things you should keep in mind while buying the cryptocurrency in India.

It’s best to go with an exchange that allows you to withdraw cryptocurrency in INR to your personal online wallet for safekeeping
Make sure that the internet connection is secure. Also, don’t forget to use safe internet practices like two-factor authentication and unique and strong passwords.
KYC aka Know Your Customer verification is a must, at least in India. For that, you can use a PAN card and valid address proof
Now, add the bank account that is linked to your PAN card. Verification will take around 2-3 days

After the verification is complete, you can start trading Polygon (MATIC) in India. Money from your bank accounts can be transferred using NEFT, RTGS, and debit and credit cards. Currently, the value of one Bitcoin is around 27 lakh; however, you don’t have to buy a whole coin to begin investing. You can buy Bitcoin in parts, i.e. small investments for as low as Rs 500. That way, you will own a small percentage of the cryptocurrency.

2. How to Buy and Sell Polygon (MATIC) in Canada?

Sign up and get KYC (Know-Your-Customer) verified on a Canadian crypto exchange like Bitbuy.
Deposit CAD to the exchange directly from your bank account.
Buy Polygon (MATIC).
Store Polygon (MATIC) on your exchange account or transfer it to a wallet.

3. How To Buy and Sell Polygon (MATIC) In The UK?

Create a Coinbase account.
Complete identity verification to access fiat payment options.
Navigate to the Accounts and select the GBP wallet.
Fund your account using Bank Transfer or other methods.
Once the deposit is complete, go to the Buy/Sell page and select GBP to Polygon (MATIC).

4. How To Buy Polygon (MATIC) in the United States?

The best way to buy and sell Polygon (MATIC) in the USA is through an exchange such as Coinbase, Kraken, Gemini, Coinmama, Binance, or Changelly. There is a plethora of options available, so it is best to look at each of the exchanges’ processes for deposits and withdrawals, fees, and transaction speeds to determine which is best for you.

Polygon (MATIC) History

A recent emergence in blockchain technology has seen the rise of Polygon. Today, Polygon is an easy-to-use platform on the Ethereum network that allows for scalability through layer-2 solutions and more recently, a multi-chain system that supports the interconnections of multiple blockchains and networks. However before the Polygon network broke into the top 15 cryptocurrencies and was dubbed the “internet of blockchains”, it was better known as MATIC.

The MATIC network was set in motion in October of 2017. The Indian-founded cryptocurrency was co-founded by three individuals that identified a scalability issue with Ethereum and wanted to solve the problem.

The original idea came from Jaynti Kanani, the now CEO of Polygon. Kanani was working at Housing.com as a data scientist in 2017. He first noticed a scalability issue and large amounts of congestion on the Ethereum network due to a popular NFT project at the time, Crypto Kitties.

Reaching out to Sandeep Nailwal, a blockchain developer who he knew from a crypto company group, and the now business consultant, Anurag Arjun, with who he had relations because of relative work circles, the three of them would be widely successful in their joint venture. The three partners then went on to start MATIC, where they based their operations in Mumbai.

MATIC was able to provide scaling solutions for Ethereum, primarily through utilizing sidechains and ensuring the security of assets by using the Plasma framework and decentralized Proof-of-Stake validators. At the time, the Plasma framework was a popular trend among other projects however, MATIC stood out from the pack, beating out the competition to be one of the most well-known scaling solutions in crypto at the time.

What is Polygon (MATIC)?