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Among hundreds of blockchains and their potential projects and thousands of coins and tokens, some work to bring actual changes and revolution in traditional ways. One such network is the Polygon network, which many blockchain tech enthusiasts, developers, and creators. Eventually, following the network’s popularity, its MATIC coin cryptocurrency gets its share of fame and acceptance.
What is Polygon Network, and why’s there so much talk about it
In a nutshell, Polygon Network is an Ethereum network but with lower gas fees and fast transfer speed.
Ethereum network has brought all kinds of advancements we see in the cryptocurrency space today, including smart contracts, decentralized application and decentralized finance that made possible high interest-paying platforms and a lot more. Yet it gradually started facing issues, yet three were major out of them.
Those three are low throughput that is slow transaction speed, not user friendly as high transaction fees, and due to these possess limited options, especially for developers.
Polygon network turned out to be the solution for Ethereum’s problems. It’s a layer-2 scaling platform that allows Ethereum based applications to tackle earlier issues. The fascinating part about the Polygon network was its adoption of the Ethereum network’s advantages like its features and security while fulfilling its drawback of speed, scalability and transaction fees.
As Ethereum or any such blockchain serves better, gets famous, attracts more and more creators and users make congestion on the network. It becomes terrible when blockchain is not scalable, and transaction fees get high as more users want to place their transactions, resulting in competition, creating bidding-like situations.
For instance, the Ethereum blockchain network can handle 30 transactions per second or tps less when managing thousands of transactions per second. Due to this, transaction fees go high; sometimes, to transfer $1, it takes gas fees of $20.
Polygon network claims its transaction speed reaches up to 10,000 tps which is blazingly fast compared with Ethereum 30 tps. It is very compatible for developers to create new projects on Polygon and being an EVM blockchain, and it’s easy to shift for projects running on Ethereum to Polygon network. At present, more than 3000 projects are running on the network, including more than 80 projects shifted from the Ethereum network.
Polygon networks native cryptocurrency MATIC
Initially, the network was known as MATIC itself, later renamed Polygon, although the coin continues to be called MATIC. Polygon network’s cryptocurrency MATIC acts as a utility token providing governance ability, security and obviously for transaction purposes.
MATIC tokens of Polygon is an ERC-20 token based on the Ethereum blockchain. As other tokens, MATIC is also used for payment services on the network and as currency for users of the Polygon network. The transaction fees on Polygon and its side chain networks are also paid in MATIC.
How to buy Polygon network’s MATIC coins
To be a part of the Polygon network, the fundamental way to buy its native token MATIC. Polygon is one of the topmost blockchain networks and so is its MATIC coin, which currently holds 16th position.
Since it’s a mainstream network, its MATIC tokens availability on top crypto exchanges is also apparent. You can consider any exchange as many of them, including Binance, Coinbase, FTX, Kraken, KuCoin, Huobi, and so many more. Consider an exchange platform with high security, low transaction fees, wallet feature if you won’t use an external one, availability in your region, better services, etc.
Add an account on an exchange platform
After finding a suitable exchange platform, you need to open an account with the exchange platform to set up your contact with it. While opening an account, you need to provide some personal information, fulfill KYC procedure if your exchange asks you to, add Identity proof, add your bank account details. Fulfilling all the necessary provisions to open an account, you are good to go further to buy MATIC coins.
Good to go to buy MATIC
After completing the process of signing up with the exchange, you can choose how much you want to invest in MATIC, obviously asking your financial advisor or by doing your research. When you do so, the exchange will ask you to pay, which you can choose to pay either by fiat currency such as US dollars in your bank account or if you want to exchange with other digital assets from your crypto wallet.
As soon as the transaction is done, your MATIC tokens will be in your exchange account wallet, which you can access anytime and from anywhere. For more authority over your MATIC tokens, you can add a crypto wallet and put your digital assets in it, which could act as an extra security layer.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
