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Polygon - India's First Cryptocurrency

Polygon (previously called MATIC) is a very well structured, simple to use platform for Ethereum auto scaling and infrastructure management. Its core part is Polygon SDK, a modular, flexible framework that supports building multiple sorts of applications.

Polygon effectively converts Ethereum into a complete multi chain system. This multi-chain system is cushion to other crypto's like Polkadot, Cosmos, Avalanche etc. with the benefits of Ethereum’s security, vibrant ecosystem and openness. Polygon's Layer 2 auto scaling solution is supported by Coinbase and Binance. The project seeks to stimulate mass adoption of cryptocurrencies by resolving the issues of scalability on many blockchains.




Who created Polygon ?

Polygon (previously referred to as the Matic Network) was launched in 2017. Polygon was developed by Sandeep Nailwal, Anurag Arjun and Jaynti Kanani, experienced blockchain developers. Before moving to their network in 2019, MATIC team was a enormous contributor within the Ethereum ecosystem. The team worked on implementing the Plasma MVP, the WalletConnect protocol and also the widely used Dagger event notification engine on Ethereum.

Although it's already captured an area among the highest 15 cryptocurrencies, its founders have ambitious plans to form it the third-largest crypto project following Bitcoin and Ethereum.

At the time of writing, the worth of this cryptocurrency is Rs 108 ($1.48). The coin has boomed over 10,000% from last year and over 125% in a month. There are several factors behind the rise of Polygon. It includes the growing hype around Polygon, Google BigQuery announcement and therefore the billionaire investor Mark Cuban backing it.


Technology around Polygon

Polygon is best explained as a Layer 2 auto scaling solution, which means that the project doesn’t seem to upgrade itself in current blockchain layer any time soon. The project aims to minimize the complexity of scalability and blockchain transactions.

MATIC is built on advanced version Plasma framework based on proof of stake checkpoints that run through the Ethereum main-chain. This unique technology allows each sidechain on Polygon to realize up to 65,536 transactions per block. While Polygon currently supports only Ethereum base chain, the network intends to increase support for extra base chains, supported community suggestions and consensus. this might make Polygon an interoperable decentralized Layer 2 blockchain platform.


Growth of Polygon 

  • The growing adoption of Polygon also seems to boost investors' overall sentiment in the crypto market. According to LunarCrush, Polygon's dominance on all the social media platforms has risen by 636% in the last three months. This means that the investors have been taking a more extensive interest in the currency than ever before.
  • Recently, Polygon announced that it would be partnering with the consulting wing of Infosys Ltd. This collaboration is called M-Setu. It aims to enable Infosys to provide disruptive technologies to its clients.
  • The Trace Network is another one of Polygon's notable collaborations. Currently, Trace is using it for NFT and DeFi with a hope to establish a go-to for retailers to bring NFT's to the public. 
  • Google Cloud's BigQuery has included Polygon into its 1TB offering. This means that BigQuery users can run queries on Polygon and access various blockchain-related data sets on its network.
  • Additionally, billionaire investor Mark Cuban showed his interest in this Indian Blockchain company. Cuban is known for his advocacy of cryptocurrencies. He stated that having a high Transaction Per Second (TPS) that Polygon provides is essential to lower the usage cost for users. Furthermore, Polygon already has many projects over the blockchain that adds to his reasons to invest.



MATIC heading to $10 ?

Currently MATIC is trading at $1.48 and on it's 24 Hour change, it's up by 4.45%. MATIC tokens are used for various purposes within the Polygon ecosystem, including paying gas fees and contributing to security through staking. MATIC proved to be one in every of the highest 20 most liquid and largest cryptocurrencies by capitalization.

MATIC has been one of the best performing crypto this year. Since the start of 2021, the price of Polygon’s cryptocurrency has galloped from $0.01 on 1 January 2021 to the all time high of $2.68 on 11 March. 

As per report of digitalcoinprice.comPolygon could be a prolific investment in 2021 and for years to come. It is expected that MATIC tokens can climb up to $3.05 in 2021, move further to $5.5 in 2025 and reach up to $9.41 in 2028.


Fun Fact 

Back in July 2020, I had invested in MATIC, at that time it was priced at INR 1.35 ($0.019). I had bought around 65 MATIC coins, thinking that it won't add much to my portfolio, I sold every bit of it. On March 2021 Polygon had hit it's all time high of INR 195.5 ($2.68), if I had hold it till March 2021, I would have been sitting on profit of INR 12,500 ($171). " That is the power of Holding..."


Disclaimer 

All the contents and price prediction's are solely based on my understanding of the technology and some of the points are taken from trusted sources. In this blog we don't do any financial recommendation, please DYOR (Do Your Own Research) before investing.

- " Happy Investing "










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