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Polygon Matic Fundamentals and How to buy Polygon Matic


Polygon Matic Fundamental Analysis, What is unique with Polygon Token, Polygon SDK, How to buy Polygon Matic, Polygon Matic History.

Due to the growing popularity of DeFi decentralized finance in this era has resulted in the increase of the traffic of blockchain based transactions. The biggest networks owing blockchain technologies has faced huge traffic and due to this increase in demand the prices per transaction has skyrocketed. If you are outsider then it might be difficult for you to belief that decentralized exchanges like UNISWAP has charged $1000 for single transaction. After this whole ecosystem developers are searching for an alternative so that they can grow their project.

Here comes our today’s topic of discussion project Polygon. In this article we will be discussing in detail about the working history and how Polygon is different and can it make an impact on the market or not. Before continuing, if you don’t want to read whole article then I would like you to got through the Table of Content and find the topic you are interested in and click then it will take you directly to that portion.

What is Polygon MATIC?

Polygon – A protocol and a framework for building and connecting Ethereum compatible blockchain network.

Formally known as Matic Network is a layer-2 solution which is designed specifically to improve the Functionality by reducing the cost and complexity of Ethereum and help to scale the network.

Polygon goal is to cut down the cost per transactions while increase the speed of the transaction on Ethereum using Layer-2 side chains. These layer-2 side chains are the blockchains that run alongside the Ethereum main chain.

The Polygon Matic token is used to pay the transaction fees and participate in proof-of-stake consensus. You can deposit Ethereum Tokens to Polygon smart contract and interact with them within polygon and then later withdraw them back to the Ethereum main chain.

A brief History and People Behind Polygon Matic

Polygon was launched in October 2017 under the name MATIC in India by a team who already has contributed numbers of project that are associated with Ethereum ecosystem.

Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal both are Blockchain developer and Anurag Arjun was Business Consultant.

The team implemented The wallet connect protocol, the widely used Dagger event notification engine on Ethereum and the first version of Plasma. The Plasma framework, after being proposed by co-founder of Ethereum Vitalik Buterin, is now used by Polygon Network.

In Feb 2021, the company Matic Network rebranded them as Polygon Network.

How is Polygon Matic Unique?

As mentioned earlier that Polygon is a Layer 2 scaling solution, which means that the project doesn’t focuses on upgrading its blockchain layer anytime soon. The Project focuses mainly on reducing the scalability and improving the transaction speed.

Polygon Matic uses POS (proof of stake ), a cryptocurrency consensus mechanism that requires you to stake coins, or set them aside, to be randomly selected as a validator.

This new technology allows Polygon Matic to achieve 65k transactions per block. Commercially, the side chains of Polygon are designed in such a manner that it can support different variety of DeFi protocols available in Ethereum Ecosystem.

How to buy Polygon Matic?

After reading above matter about Polygon Matic and you find this coin convincing enough to add it to your portfolio. Then now I will be sharing one of the many process through which you can buy Polygon.

Step 1: Open an account with Exchange: I am using Binance exchange, Sign Up with Binance and fill in the required details there, chose strong password for your crypto wallet and never share it with others. Try to write it down somewhere like use Last Pass like extensions to remember your password as it is almost impossible to recover your wallet password. Protect your account with 2FA i.e. 2 Factor Authentication, it will provide an extra layer of security belief me it is necessary.

Step 2: Complete your KYC Verification – Know your customer is mandatory verification of a client’s identity by financial institutions. In this process you need to submit various documents specified by the institutions that can be used to verify your identity. Do all this under Profile tab and there select identification option from the drop down menu.

Step 3: Deposit funds into your Binance Wallet to buy Tether (USDT)– Login to your Binance account, proceed to add Funds into your wallet. You can directly deposit FIAT currency to your wallet or you can transfer your existing cryptocurrencies as well. Other methods of depositing funds and buying cryptocurrencies are to buy them directly through Bank transfer or through P2P transfer from your bank.

how to buy Polygon (MATIC)
Figure 2: How to buy Polygon Matic

Step 4: Buy Polygon on Binance – Once you have transferred your fiat currency into your Binance wallet it will get reflected in few minutes, once it shows your balance in your wallet, you can start purchasing ;).

Click Here and you will be redirected to Polygon MATIC/USDT trade page of Binance scroll down and you can see same screen as shown in Figure 2 below. Now you can place Limit order or Market as per your choice. In Limit the order will execute only when it matches the seller order where as in market order will match the price at which the seller is selling. I am showing Market order, you Just enter the amount of Polygon you want to purchase and place your order. It will not take more than 2 mins to reflect.

Consider reading below Articles as well:
1. Saitama Inu Fundamentals and Buying Guide
2. HBAR coin fundamentals and How to buy it?
3. New Crypto Gem which can replace Ethereum
4. Shiba Inu Fundamental Analysis
5. Ethereum Fundamental Analysis
6. All about Ethereum 2.0
7. How to Buy NFT

Conclusion

If you consider my opinion then I am very bullish in this project Polygon Matic. This project is really addressing the real issue still present in the market i.e. speed of transaction and the gas fees charged per transaction. Although there are more new projects coming which are also addressing the same issue but here Polygon has an advantage that it is a Layer 2 sideline mechanism on Ethereum main chain.

Sources: 
1. Polygon Whitepaper
2. Wikipedia
Disclaimer: This is just writer's personal view on the topic with his/her limited knowledge. It is just shared for educational purpose. This post is not meant to give any kind of financial advice to any of its reader, Please do your own research before landing on any conclusion. If you disagree or find anything which is misleading or inappropriate in the above post, then please reach out to us at via our contact page and we will definitely work on it.

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