Polygon (MATIC): Is It Worth Buying?

Polygon (previously known as Matic Network) is a Layer 2 scaling solution backed by Binance and Coinbase. The project seeks to stimulate mass adoption of cryptocurrencies by resolving the problems of scalability on many blockchains.
Built based on an adapted implementation of the Plasma framework, Polygon is considered a commit-chain-based scaling solution for public blockchains. Polygon provides scalability while ensuring a superior user experience in a secured and decentralized manner. It has a working implementation for Ethereum on Kovan Testnet which is a Proof of Authority (PoA) publicly accessible Ethereum test chain. The network intends to support other blockchains in the future, allowing it to provide interoperability features alongside offering scalability to existing public blockchains.Polygon was created in India in 2017 and was originally called the Matic Network. Polygon was the brainchild of experienced Ethereum developers namely Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic.
The Matic Network went live in 2020 via an “initial exchange offering” (IEO) hosted on crypto exchange Binance’s Launchpad platform.In February 2021, the Matic Network rebranded to Polygon.Three months after the rebranding, MATIC’s price hit an all-time high of $2.40.Polygon token (MATIC) is the native token of Polygon. This is an ERC-20 token running on the Ethereum blockchain.
Polygon is a multi-level platform aiming to scale Ethereum with a surplus of sidechains, separating from the main platform effectively and economically.
The network operates based on these two key mechanisms:Polygon’s architecture consists of 4 main layers, including:
The Polygon network supports two fundamental chains as follows:
Polygon is among the most fascinating blockchain initiatives with the following key features:
Officially launched in October 2017, Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
Despite being defined as a scalability solution for Ethereum, Polygon has developed and expanded its own ecosystem, winning the trust of numerous Web3 applications in various fields, such as DeFi, NFT, Game, DAO, etc., which choose Polygon to scale.
Recently, the network has purchased two Ethereum scaling projects: Mir and Hermez, demonstrating Polygon's desire to expand and gain more market share in such a competitive market. Its restless efforts to bring the world to Ethereum are expected to bring more demand to its MATIC token, thus driving its value higher.Explore all the trending topics and hottest news in the crypto market with our Blogchain.Meanwhile, practice trading, play virtual money, and earn real tokens with CryptoSim - Virtual Trading Game.