How to Buy Polygon (MATIC) Layer 2 • Benzinga Crypto

Want to learn how to buy Polygon? You can buy MATIC on Coinbase and Dharma.
The growing popularity of decentralized finance ( and NFTs ) has led to the largest blockchain networks becoming congested with transactions, resulting in high network fees. At point usage, token swaps on decentralize exchanges like Uniswap ballooned to the equivalent of over $ 1000 for a unmarried transaction. A far cry from what retail traders have become accustomed to with zero commission brokers .
Developers of decentralized applications on the Ethereum network have been searching for alternatives to continue their projects emergence. Polygon may be the solution they are looking for.

What is Polygon?

Polygon is a protocol and a model for build up and connecting Ethereum-compatible blockchain networks. The open-source engineering provides developers with the tools to readily deploy a stand-alone network or a secure sidechain that can optionally leverage the security of the Ethereum net via smart contracts. Nonetheless, Polygon is designed to reduce costs and complexities and to improve the rush of transactions on Ethereum .

How Polygon Works

Polygon validators sporadically perform checkpoints against the Ethereum main-chain. This process provides a mechanism to settle any transaction disputes that happen on the sidechain through a cryptanalytic proofread .

With this protocol, users can transfer tokens across Matic without incurring third-party risks and market fluidity limitations. Tokens that leave the Ethereum network are locked and represented as newly minted pegged tokens on the Matic network ( 1:1 ). The nail down tokens are burned when the drug user moves back to the Ethereum network .
The security system provided by the Ethereum network is significant to how Polygon functions, but it ’ south ability to maintain security while allowing for scalability is what makes it interesting. Unlike the proof-of-work consensus protocol Ethereum uses today, which is dearly-won in terms of computing resources, Polygon already uses the proof-of-stake mechanism Ethereum 2.0 aims to achieve erstwhile in recently 2022 .

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In accession to the proof-of-stake consensus mechanism, Polygon uses an architecture popularized by Cosmos, called Heimdall. Unlike traditional proof-of-work blockchains, where any participant ( miner ) can validate transactions and produce blocks, Heimdall randomly chooses block producers randomly chosen from the proof-of-stake validators in the network .
This dual-consensus computer architecture allows for decentralization with a high gear transaction throughput, resulting in scalability of the network. Internal trial networks have seen up to 7,000 transactions per second ( TPS ) on a single sidechain, which dwarfs the current throughput of the Ethernet mainnet of 14 TPS .
If you would like to learn more, the stick to video is very helpful, including illustrations to help explain how Polygon works .

Brief History of Polygon

Polygon launched in October 2017 under the name Matic by a team who contributed to a number of projects associated with the Ethereum ecosystem. The Polygon team implemented the beginning adaptation of Plasma, a framework now used by the Polygon Network as proposed by the co-founder of Ethereum, Vitalik Buterin .
Polygon ( MATIC ) rebranded from the Matic Network to its stream name in February 2021. During this time, the ERC-20 token saw a massive heighten in price from the 1st of the year, catapulting from $ 0.0175 to $ 0.446 on March 12th, or a 2,548 % increase in value. The local flower on March 12th coincided with a holocene list on Coinbase a match days prior, March 10th .
During the former days of March and into April, a total of cryptocurrency projects announced they were moving, or were planning to add defend for ache shrink execution on the Polygon net, allowing their applications to scale beyond the stream Ethereum main net income limitations .
Most recently, April 24th 2021, the cryptocurrency lending protocol AAVE launched on Polygon, resulting in a flurry of network activity, sending the price of Polygon to new all-time highs .

How to Buy Polygon

Polygon is readily available on major exchanges including Binance and Coinbase. Advanced cryptocurrency users can acquire Polygon via decentralized exchanges like Uniswap using Wrapped Ethereum .

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Coinbase is one of the Internet ’ randomness largest cryptocurrency trade platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally bare to buy and sell major cryptocurrency pairs .
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Dharma is a mobile application that makes interacting with decentralized applications on Ethereum ’ mho net easier than ever before. You can fund your account with a debit wag, unlike any other Ethereum Wallet. By seamlessly connecting your wallet to decentralized applications, you can start earning interest on your cryptocurrency within minutes. Sign up today to get access to trade over 70,000 altcoins .
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  • Those looking to immediately purchase crypto with fiat (USD)
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  • Those looking to immediate price action to a long list of tokens

Pros

  • Users can buy crypto directly from bank accounts
  • Only takes 5-10 minutes to begin buying crypto from fiat
  • No network fee trading on Polygon

Cons

  • Does not support some major tokens (Bitcoin, Litecoin, etc)

Is Polygon a Good Investment?

Like all other cryptocurrency investments, you should only invest what you are will to lose. While the cryptocurrency markets are well on it ’ s means to becoming mainstream, there are still many known and unknown risks .
That said, as network congestion continues to plague users on layer 1 networks, layer 2 technologies like Polygon provide a great opportunity to participate in the ever expanding world of decentralized finance without paying absorbent transaction fees to miners.

Inventors should closely monitor the projects that bring their smart contract capabilities to the Polygon network, deoxyadenosine monophosphate well as investigate the growth associated with their engagement. additionally, investors should be aware of competing layer 2 solutions such as Polkadot and Binance Smart Chain as cryptocurrency traders continue to look for scalable solutions to their blockchain-based needs .
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