Well, I have started posting on this latest cryptocurrency Polygon also known as Matic. And my last post was very well received by the crypto audience. Here I will be answering most asked questions related to the Polygon. But before starting the Q/A let us see the standing of the polygon.
- Marketcap - 13.2 billion USD
- Coin price - 2.13 USD
- Change(24 hr) - -5.6%
My investment experience With polygon
Polygon is second In my ERC-20 coins portfolio after the main coin Ethereum as this coin has shown potential growth and for certain reasons which we would discuss in Q/A that made me believe in the potential of this coin.
I invested in polygon in two phases. In the first phase, when the price was 0.88 USD, I invested 10USD, and then the price rose to 1.4USD, then I believed that coin has the potential to easily cross so then I gain invested 10USD. Currently sitting at 2.13USD, my investment is in almost 100% profit.
Now let us start Q/A/:-
What is Polygon?
So polygon is the first second-layer solution designed to address and interact with and elevate the Ethereum blockchain. It is more open and powerful compared to Ethereum. Polygon or Matic coin is the cryptocurrency of this fork.
Why is it good for developers?
Polygon is designed in such a way that it is very easy for developers, who have been working on Ethereum blockchain or building d-apps, to plug and play their code on Polygon. As the polygon has less fee and has faster transactions, thus ultimately benefitting the developers. Which was the purpose of a second layer.
This second layer provided the requirement which is not present in Ethereum. When a lot of users access the Ethereum blockchain leading to higher transaction fees and higher transaction time. So Polygon provides this solution without compromising the decentralization and security aspects.
Platforms similar to Polygon
Polkadot, Avalanche, Cosmos, etc are similar to Polygon as they too work on the concept of a second-layer solution. but it is to be kept in mind that all of these are quite different as they follow different ways to achieve these cheaper and faster transactions.
What is a trade-Off?
It is to be kept in mind that we can not gain one thing without losing other things. Such is the trade-off. They are certain trade-offs to implement faster and cheaper transactions. So you could see a trade-off as the compromise made to achieve something good.
How did Polygon grow so rapidly?
As we know that Ethereum is a heavily used network for d-apps, decentralization, NfTs and the polygon was basically designed to align itself with the Ethereum blockchain. The user's need for faster and cheaper transactions that other similar coins didn't do actually benefitted Polygon to grow this much.
What is Polygon or Matic coin?
Polygon is an ERC-20 coin. It is a proof of stake coin i.e to secure the network by staking. You could earn passive income by staking Polygon. it is also used as a self-governance token i.e voting power to make changes to the network. The more decentralized a network, the more growth of that coin.
That's all for today. Will bring a new article about Polygon in my next blog.
if you haven't seen my first post on Polygon CHECK_HERE!!!
