What is Polygon?
This blog post will cover:
- What is Polygon?
- Where did Polygon come from?
- What are the advantages of Polygon?
- What are the disadvantages of Polygon?
- How to buy Polygon on SimpleSwap?
What is Polygon?
Polygon (MATIC) is a native ERC-20 token of a Polygon platform. With the help of Polygon independent Ethereum-compatible blockchains can come together in one multi-chain system. One of the purposes of Polygon is to provide faster and cheaper transactions.
MATIC is used to pay for services in the network and as a settlement currency between users. This token is released monthly. It is a non-minable token, so there is one way to get MATIC, and that is to purchase it. A total supply is 10,000,000,000 MATIC. According to the existing schedule, all the tokens should be released by December 2022.
Where did Polygon come from?
Initially MATIC was a token of the Matic network, which aimed to simplify the interaction between customers and blockchain. Matic used the Plasma framework to provide an opportunity for cheaper and faster transactions.
The Matic platform went through the rebranding process. Now its name is Polygon. MATIC tokens will also be converted into Polygon tokens in the future.
Polygon (at that moment Matic) appeared in October 2017. The project was created by three co-founders. Two blockchain developers (Jaynti Kanani, Sandeep Nailwal) and a business consultant (Anurag Arjun). It is worth mentioning that before moving to an independent network in 2019, the Polygon team contributed a lot to implementing Plasma MVP, WalletConnect protocol and other significant features into the Ethereum network.
What are the advantages of Polygon?
Polygon provides a scalability solution for Ethereum. The Ethereum network is gaining popularity, due to the increasing number of decentralized apps being created and NFT’s boom. So it is definitely worth the attention. Here are some important features that should be taken into consideration by applications developers:
- Compatibility with all the Ethereum peculiarities
- Quick deployment of different blockchain networks
- Developing customization
- Interoperability for networks
- Two types of security (by Ethereum validators or by a pool of professionals validators)
- Low transaction fees
What are the disadvantages of Polygon?
- History of the past
The Matic project's experience turned out to be not very successful. The functionality of the Matic network was not enough. It could only operate as an Ethereum sidechain helping with high gas fees and low transaction speed problems.
- A lot of work to do
Rebranding and a new approach have broadened this network’s use-cases. The Polygon team pursues a very interesting goal. It has the potential to change the architecture of the internet and to create the Internet of blockchains. However, it is important to note that there is no one protocol that can guarantee the compatibility of blockchains. Recently we witnessed an increase of interest to the Polygon platform and MATIC token as well. Let's hope that Polygon's team will bring more solutions in the future.
How to buy Polygon on SimpleSwap?
If you would like to try out the unique features of the Polygon platform, you need to purchase MATIC tokens. You can do this in several simple steps, just follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select MATIC in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. Polygon will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
We hope that this article helped you to form a general understanding of what the Polygon platform is. Thank you for the attention!