Polygon MATIC Review


Overview

Polygon is the rebranded name of the previously known Matic Network. Along with the new developments in structure Polygon Matic is now well established, finely tuned, and easy-to-use platform for Ethereum scaling and infrastructure development. 

Polygon SDK is the engine behind the whole project. It is a stackable, flexible framework that supports building multiple types of applications. 

With Polygon, it is significantly easier to create: 

  • Optimistic Rollups, 
  • ZK Rollups, 
  • Standalone chains,

and many different classes of infrastructure required by the developer.

With Polygon, Ethereum becomes transformed into a comprehensive multi-chain system i.e. the Internet of Blockchains. 

Networks like Avalanche, Polkadot, Cosmos, and many others have encountered an innovative and harsh competitor after the introduction and incorporation of this multi-chain system. which improved and advanced Ethereum’s security, dynamic ecosystem, and transparency on a large scale. 

Polygon has introduced new features around the already well-established and proven technology. This opened the possibility to incorporate diverse needs and solutions from the developer ecosystem. 

New developments will proceed in Polygon to improve the core technology and reach scalability to larger ecosystems. MATIC is the token and will stay to be a part of the puzzle as it plays a crucial role in securing the system and enabling governance.

In addition, Ethereum is the most preferable blockchain development platform, but it is not without limitations:

-Low Throughput

-Poor UX (delayed PoW finality)

 -No autonomy

-Shared throughput/clogging risk 

– Non-customizable tech stack 

– Governance dependence

To mitigate these limitations, even though, there is no specialized framework to build such blockchains, nor a protocol to connect,  many projects are exploring Ethereum-compatible blockchains while still leveraging Ethereum’s thriving ecosystem.

Consequently, this produced ecosystem fragmentation causing significant developmental challenges and strives. 

Polygon came up as the solution for these issues – a protocol and framework for building and connecting Ethereum-compatible blockchain networks. A single click deployment of preset blockchain networks. A growing series of modules for creating custom networks.

The approach of interoperability for exchanging subjective messages with Ethereum and other blockchain networks. Scalable and selectable “security as a service.” Adaptor modules for empowering interoperability for existing blockchain networks.

History 

Matic Network was established in October 2017. It tended to help create a better, open world, primarily by improving Ethereum infrastructure. It was seen as one of the most promising and revolutionary tech projects in the world, and the founders of the company were committed to catapulting it towards mass adoption. 

The company was established by three Indian individuals that identified an important issue with Ethereum scalability and saw the opportunity to solve this.

Jaynti Kanani, now the CEO of Polygon came up with the original idea as he was working at Housing.com as a data scientist in 2017. During that time, he identified a scalability issue and large amounts of congestion on the Ethereum network due to a popular NFT project called Crypto Kitties how he got the idea.

Jaynti Kanani was determined to bring his idea to realization but was in a need of a team that will be able to complete the project. Consequently, he decided to reach out to Sandeep Nailwal, a blockchain developer who he knew from a crypto company group, and, Anurag Arjun, now a business consultant with who he had relations from previous jobs and projects, the three of them would pave their business with great innovation and success. With their operations based in Mumbai, the three partners set off MATIC.

Through the utilization of sidechains and ensuring the security of assets by using the Plasma framework and decentralized Proof-of-Stake validators MATIC was able to provide scaling solutions primarily for Ethereum. 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-established and structured scaling solutions in crypto at the time.

What Is MATIC & How It Works?

Firstly named as Matic Network, Polygon is interoperability and scaling framework for building Ethereum-compatible blockchains.

The MATIC is a token and serves as a core for governance, staking, and gas fees.

During its existence the company has made several differences in the world of crypto trading:

  • Matic Plasma Chains – implementation and introduction, a production-ready Ethereum Layer 2, predicates-based Plasma implementation;
  • Matic PoS Chain allows the implementation and incorporation of a permissionless, EVM-compatible, PoS-secured Ethereum sidechain that relies on strong Ethereum security for validator staking and checkpoints;
  • More than 80 amazing applications onboarded, including Skyweaver, Cometh, Aavegotchi, Neon District, Polymarket, EasyFi with more being added every day;
  • Transaction activities increasing by the day with more than 7M transactions for more than 200k user addresses.;
  • Securing of more than $75M of users’ funds;
  • More than $1M awards in grants and contracts to developers as of a date;
  • Sponsorships and powering prominent Ethereum conferences, hackathons, etc.

Different projects have different requirements and that is why Ethereum scaling solely would not be the winning solution, so multiple scaling and infrastructure solutions will likely coexist in the long term;

Wider adoption is mainly hindered because of the implementation complexities and lack of structure. Still, the Ethereum scaling ecosystem is dynamic and quite mature;

Avalanche, Polkadot, Cosmos, are used by certain projects that experiment with external ecosystems and solutions to battle and face the aforementioned challenges. These solutions have the advantage of being structured well when compared to Ethereum’s organic and somewhat chaotic scaling landscape, but their significant downsides are the lack of synergy, security, and the network effects that Ethereum has.

To recap, it is evident that most developers and projects want to build their scaling solutions within the Ethereum ecosystem to benefit from its security and network effects. However, the struggles to navigate the unstructured scaling landscape and to deal with its implementation complexities persist. This is precisely why Polygon is conceptualized and built in a way to satisfy and respond to different structures.

So How To Understand Polygon, The Unique Feature Of MATIC

As an Ethereum protocol, designed to generate, issue, and manage digital securities on the blockchain, Polygon (MATIC) is constructed to create a compliance-focused standard (ST-20) to issue and manage security tokens. Additionally, Polymath is built to “tokenize and trade traditional and new classes of assets. 

The core component of Polygon is Polygon SDK an easy-to-use platform for Ethereum scaling and infrastructure development. It gives the freedom in many aspects as it is, a modular, flexible framework that supports building and connecting two major types of solutions:

Secured chains i.e. Layer 2 chains: Ethereum reliant secure scaling solutions that are more convenient than establishing a unique validator pool. Moreover, Polygon is compatible and supports other major Layer 2 solutions. Some of these are zkRollups, Validium, Optimistic Rollups, etc, thus becoming a one-of-a-kind “Layer 2 aggregator”. Secured chains are almost an ideal solution for:

(1) the highest level security applications and 

(2) early projects, startups, and communities aiming to establish a sufficiently decentralized and secure validator pool.

Stand-alone chains i.e. Sidechains: Ethereum validator pool security sidechains offering the highest level of autonomy and flexibility, with the compensation of a normally lower level of decentralization and security. The architecture and structure of these chains can be adjusted and tuned so they can at least partially inherit security from Ethereum. The Matic POS Chain is one excellent example of such architecture which uses Ethereum for validator staking and periodical finality checkpoints. Stand-alone chains are almost a perfect fit for

(1) enterprises, 

(2) projects that require a medium level of security, and 

(3) projects initiated by strong and developed communities capable of establishing a sufficiently decentralized and secure validator pool)

In the proceedings, Polygon SDK will extend, support, and offer other additional solutions and products to improve the developer experience and introduce support for specific use cases. Examples of such solutions and products would be:

-Inter-chain messaging protocols and modules;

-Data availability services;

-Shared security services;

-Adaptors for external blockchain networks;

-App-specific modules;

-Enterprise modules and products;

-Premium products and solutions etc;

-Acting like the internet of Blockchains – Polygon effectively transforms Ethereum into a full-fledged multi-chain system;

-Ethereum’s network effects give a complete benefit; 

-Inherently more secure; 

-More open and powerful. 

What is worth mentioning and it is a little-known fact to note that Ethereum is already the biggest multi-chain system in the world. Organically developed and grown its ecosystem it currently constitutes:

-More than 50 EVM networks;

-Hundreds of enterprise chains;

-Dozens of Layer 2 implementations.

To help it grow further and faster, Polygon introduces a structure to this organic ecosystem and provides a framework.

How to Buy Polygon

Polygon is available on most of the major crypto exchange services including Binance and Coinbase. Using Wrapped Ethereum via decentralized exchanges like Uniswap advanced cryptocurrency traders can acquire Polygon. 

  1. Sign up for an account on the major.
  2. Next is account verification by providing your name, date of birth, country of residence, and phone number before you deposit crypto to buy MATIC and other cryptocurrencies like Bitcoin. …
  3. Choose a payment method and deposit the preferred amount to your account. 
  4. Purchase Polygon MATIC!
Summary

Packed with innovation, unique features, and new developments, it seems like the Polygon MATIC INJ approach is positioning successfully in the crypto-trading world. One great advantage of the INJ coin is the freedom it offers especially because of the way how it is structured.

With figures soaring as high as 9,000 percent on a YTD basis, MATIC is one of the best-performing altcoins in 2021.

You can read more about it in our latest publishing Is MATIC A Good Investment In 2021-2022 (will be released soon)?

Even though the coin is still 40 percent below the all-time high value of $2.68 it reached on May 18, the continuing popularity of Ethereum and the ongoing issues facing the network should keep Polygon relevant and its price elevated, and it seems like a good investment.

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