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What is polygon (MATIC) and how does it work?

by Financial Economy

Polygon, formerly known as Matic Network and renamed, is an India-based protocol that allows the creation of a network compatible with the Ethereum blockchain. Developed for software developers, the protocol aims to enable users to be highly compatible with the Ethereum network. However, Polygon has different advantages such as scalability, security, community and collaboration. Detailed information about what is Polygon (MATIC) and how it works is in the rest of the article. Information about Ethereum, you can browse here.

What is polygon (MATIC) and how does it work?

Polygon, formerly known as Matic, is a company that offers interconnected blockchain solutions. The aim of the project is to solve major problems in Ethereum (ETH) with a side chain solution tool. Unlike its old solution, Matic, the Polygon platform is also designed to interact with other networks. In Polygon, software developers can design the platform according to the needs of their own networks. These appear as modular parts and more specific functions.

Blockchain networks created with Polygon work in harmony with all ETH tools such as Metamask, MyCrypto and Remix. In addition, Polygon’s projects include platforms such as Aavegothchi, Polymarket and Easyfi. In addition, famous names of the Ethereum community such as Hudson Jameson, Ryan Sean Adams, John Lilic and Anthony Sassano provide consultancy to the project. However, MATIC, the local token of the project, is a payment tool created to be used within the Polygon ecosystem.

Polygon’s properties!

  • Polygon aims to reduce slow approvals and high transaction fees on transactions with advanced blockchain systems.
  • It aims to establish fast and at the same time lower-cost platforms with acknowledged precision on mainstream platforms.
  • Due to its presence on the Ethereum network, it aims to be faster in its work by using Proof of Stake checkpoints.
  • It is thought that after the MATIC Network chains that are planned to be established, millions of transactions will take place more rapidly at the same time.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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