Polygon (MATIC) is a relatively new project aiming to address the scalability issues currently inherent in most Ethereum-based cryptocurrencies. Here, these issues are planned to be eliminated by using side chains. The consequence of increased scalability is lower fees and faster payments.
In our today’s article, we will analyze the MATIC cryptocurrency in more detail and tell you how to buy it. Let’s get started!
What Is Polygon (MATIC)?
On April 24, 2019, the initial sale of MATIC tokens took place on Binance Launchpad. IEO was carried out in an unusual form, as a lottery. A total of 16,666 winning ‘tickets’ were introduced.
The total supply of MATIC is 10 billion, and 19% of this amount (1.9 billion) was sold on the IEO. It turns out that each winning ticket received 114,068.44 tokens worth $300.
Polygon is a blockchain scalability platform that connects and builds blockchain networks that are compatible with Ethereum. The developers’ goal is to create an efficient decentralized network with instant secure transactions. Transactions are validated according to the Proof-of-Stake (PoS) principle.
The project offers a wide range of scaling architecture solutions for Ethereum, allowing its users to get access to speed, affordability, and a potential market leader. This also results in much lower gas fees when compared to using Ethereum directly, and Polygon can reach 10K transactions per second, making it one of the fastest networks.
Key Unique Features of Polygon (MATIC):
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- Scalability provided by Plasma’s decentralized engine.
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- High throughput. Up to 65,000 transactions per second due to the side chain architecture.
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- User experience. Smooth transition from the main chain to a side chain. Native mobile apps and systems with WalletConnect support.
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- Safety. Delegates and stakers provide support for the network.
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- Asset compatibility. Assets based on different blockchains work together in the MATIC network.
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- Decentralized financial applications (DeFi). Several protocols are provided for their development and deployment.
Plasma is an architecture that includes a set of contracts running on top of public chains (e.g., Ethereum, Bitcoin, etc.) that support side chains. Each side chain is connected to the main chain through a tree structure but independently processes its own blockchain, controls the work of consensus and validators, and can also create its own side chains.
Key Pros of Polygon (MATIC) to Know:
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- Active introduction to the market via cooperation with some other well-known blockchain projects such as Decentraland and Quarkchain;
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- Wide use potential due to support for transactions, smart contracts, and compatibility with other blockchains;
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- Low transaction fees;
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- Extremely fast transactions per second;
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- Can scale and offers staking rewards;
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- Great for decentralized finance apps.
Where to Buy Polygon (MATIC): Switchere Exchange
If you’re wondering where to buy MATIC, you should definitely think about buying it at Switchere. On our platform, you have an opportunity to buy MATIC in the fastest and most convenient way. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
How to buy MATIC with USD? At Switchere, you can buy crypto for fiat money or swap crypto for crypto. In addition to traditional purchases with a bank card, you can use alternative payment methods available (SEPA, SOFORT, Asian local banks).
Here is an easy step-by-step guide on buying MATIC at Switchere!
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- Visit our website and log in to your account.
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- Choose the currency pair for exchange as well as a payment method and enter the amount. Don’t forget to check the transaction details by clicking on ‘Details.’ Once you’ve done, click the ‘Buy’ button.
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- Specify your Polygon wallet address and click on the ‘Buy’ button.
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- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Elsewise, the transaction will be canceled automatically.
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- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased MATIC will be sent to your provided wallet address accordingly.
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- Congratulations! The transaction is completed, and now you can check your Polygon wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any troubles with the exchange process, let us know at [email protected].
Conclusion
Since scalability in the Ethereum network is very important, competition in developing appropriate solutions is also crucial. The success of the MATIC project depends on how quickly and efficiently it can implement its solution. Still, the overall network development seems optimistic.
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