Ethereum is the most popular blockchain in the world, coming in second to Bitcoin in terms of popularity and market capitalization. Its rapid growth has caused several operational challenges, including greater transaction prices, and slow speeds resulting in a less than optimal user experience. In essence, Ethereum’s large client base clogs the network, limiting its scalability. Through its original and unique L2 solution, this blockchain platform is giving an answer to these difficulties. Let’s look at how it has such a bright future.
What Is MATIC Coin?
Polygon (MATIC) is a multi-chained platform, a protocol, and a framework, all in one. It links blockchain networks compatible with Ethereum and is created to address the present scalability difficulties of the Ethereum network. It’s an L2 solution, which means it’s built atop Ethereum’s main blockchain. Polygon utilizes side chains to de-clog the primary platform in an effective way.
The multi-chain network of Polygon offers an infrastructure for aiding blockchain networks that can interact with one another outside of the primary chain of Ethereum though it holds its security, liquidity, and interoperability.
How to Buy MATIC?
Here are the following steps needed to buy MATIC.
- Sign Up for a Kraken Account.
One must start by downloading a wallet to invest in cryptocurrency and also manage them accordingly. After the download, the user must sign up for an account.
- Create and verify the account.
After an account is created, the user is asked to verify details such as full name, DOB, phone number, and more before one can deposit crypto for purchasing MATIC. To utilize cash one needs to offer experts with supplementary documents that verify the identity.
- Add funds or a payment method to the account.
One can use any payment and funding method.
- Purchase Polygon MATIC.
After all the steps are done, the user is set to purchase MATIC. Good wallets offer access to powerful products helping traders in their trading.
Pros and Cons of MATIC
- Scaling Framework: the framework of Polygon can be utilized by developers for creating their scaling solutions. This unparalleled feature offers interoperability and flexibility and averts developmental challenges.
- Decentralization: being decentralized, polygon provides lower as well as higher speed. Due to this Ethereum based apps are inching towards polygon.
- Quick Adoption: Several Defi giants have adopted Polygon Network quickly. Polygon’s faster block time and cheaper fees have increased adoption by a number of major projects.
- Security: Polygon’s L2 solution depends on ETH for security. With the help of its framework, it offers “security as a service” and an alternate for creating independent Networks that can provide their protocols.
- Developer Friendly: Creators behind Polygon have concrete credentials in the field of development. The developers are committed to the ecosystem of Ethereum and therefore create a solution that can promptly onboard Ethereum’s development community.
- Ethereum dependent: Polygon’s ecosystem is dependent on Ethereum.
- Underdevelopment: At the moment, polygon offers Matic POS and Matic Plasma Chains as two of their scaling solutions. Apart from this, Polygon
- The framework is available from SDK. Other solutions for scaling such as optimistic rollups, sidechains, validum chains, are all under the stage of development.
- Matic plasma chains: these chains can only be utilized for reduced options.
- Competition: scaling solutions such as Solana, Polkadot, Cosmos, etc. are getting popular slowly. They utilize several blockchains to offer a better user experience. Over the period users may see better solutions and developers may move there.
Why buy MATIC?
The MATIC cryptocurrency will play an important role in operating and maintaining Polygon and can be utilized for spending, holding, staking, or sending.
Investing in Polygon is a wise decision. One should understand that every investment comes down to the reward vs risk factor. The user must always ask the question, does the possible gain of investing in MATIC exceeds the likely outcome of the risks. You can also read more here about experts take’s on Polygon future price.
MATIC has several risk factors. Its new MATIC is not that popular with mature cryptocurrency investors and traders. MATIC does have a long way to go from challenging the main players in crypto like Ether (ETH) and Bitcoin (BTC). However, it does have a bright future.