What Is Polygon Crypto (Matic)?

cyrus

Authored: May 29, 2021 | Updated: July 24, 2021

What is Polygon?

Polygon began its launch as Matic Network in 2017. The crypto-based Polygon is a platform built on the Ethereum blockchain that is meant for developing decentralized apps. Its founding tea consists of three engineers – Sandeep Nailwal, Anurag Arjun, and Jayanti Kanani. One of the big benefits of the Matic Polygon is that it doesn't cost users high transaction fees because of high network congestion. This isn't the case with Bitcoin and Ethereum. Polygon Matic is an open-source technology that offers developers the tools to instantly implement a stand-alone network or a secure sidechain, leveraging the security of the Ethereum network through smart contracts.

 

In other words or lamen terms, Polygon Matic helps alleviate the scalability problems that many other crypto coins face built on Ethereum blockchain, without compromising the decentralized aspect. Polygon is considered a synonym of Decentralized Finance (Defi) transactions. A lot of the Defi platforms have built sidechains on Polygon’s network.

 

Where can I trade Polygon Matic?

Below is a list of recommended exchanges where you can buy or sell Polygon.

 

  • Coinbase

  • Binance

  • Okex

 

How many confirmations are needed for MATIC?

MATIC requires 35 network confirmations. Don't know what this means? Check out these transaction confirmations.

 

Which blockchain network hosts MATIC?

MATIC is hosted on Ethereum. This is an open source network.

 

 

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