Good evening Publish0x community! Welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
In this article we talk about more features of Polygon!
In the last E&S article I introduced you Polygon (MATIC) and I said that Its network structure and various framework operations have allowed it to be considered one of the foundational projects for the Ethereum ecosystem. Over time, the network itself has undergone significant changes, becoming a truly autonomous platform that can be used by anyone interested. It allows specific constructs to be carried out with an effective and simplified level of scalability to Ethereum.
If you missed last article you can find it here: https://www.publish0x.com/easyshort-cryptocurrencies-made-accessible/e-and-s-token-review-polygon-matic-xqenqkx
There is no doubt that the linkage with Ethereum is a condition of great advantage for Polygon. ETH has been a cryptocurrency of global interest for years now, and its financial fluctuations always give excellent prospects. Although this condition is there for all to see, the project may take on a whole new form the moment there is additional interaction with Bitcoin or other forms of cryptocurrency.
Through May 2021, Polygon covered a market cap of more than $4.3 billion, providing about 10 billion tokens in the form of MATIC coin. Technically, at the moment, the value of a single token is $0.63, but it is interesting to see how in 2020 the value was only $0.02.
The governance token of the Polygon project is named MATIC and is a token, released periodically by the development team. During the first official phase, which took place during 2017, it is possible to recall the issuance of about 3.8 percent of the total instrument supply. A second round had instead seen the release of an additional 19%. According to the release schedule, all instruments are expected to be issued no later than December 2022. Beyond its value as a full-fledged crypto instrument, thus present on the world's top exchanges, the MATIC token represents a key element for the Polygon ecosystem.
Key features include its value as a tool for:
- Governance
- Staking
- Payment of fees.
Polygon Pros and Cons
Polygon, like so many other cryptocurrencies, also has advantages and risks to be considered, let's look at them in more detail to get a better examination.
Pros:
- Evolution
- Team
- Scalability
- Speed
- Low fees
The platform is based on a highly evolved, state-of-the-art algorithm capable of solving the issues present in past generations, such as speed, security and privacy. In addition to this feature, the team behind this project is very good and offers continuous updates to their ecosystem. Also of great benefit is scalability. Thanks to the multi-chain system, Polygon turns out to be extremely scalable. Finally, as anticipated several times, Polygon's goal is to be able to speed up transaction times, succeeding very well. To which low fees are also added.
Cons:
- The only question mark lies in competing projects. Indeed, there are many other teams that are pursuing the same idea and system.
Polygon has proven to be a completely innovative project, strongly associated with the Ethereum ecosystem. The presence of its functions, which in turn are linked to a carefully structured core technology, goes a long way toward improving numerous aspects on the Ethereum network. Among them, we mentioned cost efficiency, higher speed in transactions and more security.
If you want to do more research about Polygon, here you can find their full whitepaper: https://github.com/maticnetwork/whitepaper
Next Sunday I’ll introduce to you a new cryptocurrency.
Do you see MATIC as an ETH competitor? Let me know in a comment.
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