Polygon crypto currency is a formerly known as MATIC Network. Polygon is an Indian Blockchain expandability platform. It shows the challenges faced by the Ethereum like less count of transaction, high fees and poor experience of user. Proof of Stake transactions is one of the method to provide a frame work to address these types of issues. Polygon uses MATIC as its token.
In October 2017 the Polygon crypto currency project was started.
This project changed its name to Polygon. It decreases the load of pressure in Ethereum network and speed up the transactions and also it reduce transaction fees.
Polygon crypto currency is working with many wallets like Trust Wallet, Metamask etc. Twitter got the first beneficiary of the service started by Polygon. Polygon selected in Disney’s 2022 in July to participate in Acceleration Program to expand itself into augmented reality, NFT’s and AI experiences.
A Silican Vally venture Sequoia Capital India raised $450 million in February 2022 polygon crypto currency taken. Stripe Company is already using polygon crypto currency network. Stripe is a financial solution company that chosen Polygon crypto currency payments for its speed, low fees, integration with the Ethereum network.
Polygon crypto currency is a modular network consists of multiple layers.
Ethereum is the first foundational layer for the entire system. This layer implements smart contracts and handle things like staking, finality, checkpoint, and to dispute resolution. It also be like a validator and to provide extra security for the Polygon chains.
The next layer is Polygon network which has different Polygon chains and handles concurrence and new blocks. Polygon crypto currency is also functions as Ethereum virtual machine that executes smart contracts.
The non-custodial web wallets can offer best Blockchain facilities. We should be aware of the downsides of these wallets. Non-custodial wallets help you to store your private key securely. You will also need to send your currency to exchange.
Then lastly you will be the responsible for the security for your crypto currency holdings.
Your Private keys will be at risk of deletion or theft if you a made any mistake. Another disadvantage is Non-custodial web wallets will have difficulty in understandingUser Interfaces. It is important to consider its volatility while investing in polygon crypto currency.
High volatility is stated with a huge risk of loss for investors. Polygon crypto currency volatility can affect the price of the currency directly. Investors should be very cautious and rebalance their portfolios when the volatility rises for good results. If the Polygon price is falling and volatility increases, investors should consider and start buying different cryptocurrencies.
