Thursday, March 23, 2023
  • Login
  • Register
btclive365.com
  • Home
  • Cryptocurrency News Today
  • Bitcoin (BTC)
  • Altcoins
  • Blockchain
  • Crypto Mining
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency
No Result
View All Result
  • Home
  • Cryptocurrency News Today
  • Bitcoin (BTC)
  • Altcoins
  • Blockchain
  • Crypto Mining
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency
No Result
View All Result
btclive365.com
No Result
View All Result
Home CryptoCurrency Predictions

What is Polygon (MATIC)? Polygon Network & MATIC Token Explained

btclive365 by btclive365
November 9, 2022
in CryptoCurrency Predictions
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter


BitPay recently announced our support for Polygon (MATIC), giving you the ability to buy, store, swap and spend even more cryptocurrencies. For those new to Polygon (MATIC), we’ve created this guide to help understand what Polygon (MATIC) is, how it works, how to use it and other common questions.

What is Polygon?

Polygon is a layer 2 solution for the Ethereum blockchain. It doesn’t seek to replace or overtake Ethereum. It was created for the purpose of utilizing the security and functionality of Ethereum, while improving its scalability for faster and cheaper transactions. Whereas Ethereum is only capable of 15 transactions per second, the Polygon network can process 65,000 transactions per second, with the ability to scale even further in the future.

Polygon vs MATIC

Whereas Polygon is the network that operates using the Ethereum blockchain, its native token is MATIC. Adding to the confusion, the Polygon Network was previously known as the Matic Network. Following the rebrand, the Polygon organization decided to keep MATIC is its token ticker symbol. MATIC is an ERC-20 token, making it compatible with other Ethereum projects. Polygon users leverage MATIC to secure and govern the network, as well as pay transaction fees.

How does Polygon work?

As a layer 2 solution, Polygon sits alongside the Ethereum blockchain. Instead of validating every transaction one at a time, batches of transactions are sent to the Ethereum blockchain to speed up the validation process and lower fees.

Polygon uses proof-of-stake consensus. In comparison to proof of work consensus, Polygon users can stake tokens for a set period of time in order to validate transactions. For their staking efforts, stakers are rewarded MATIC.  

What can you do with Polygon (MATIC)?

The Polygon chain offers many of the same benefits and use-cases as Ethereum, but at lower fees and faster transaction speeds.

  • Buy MATIC and USDC on the Polygon Network
  • Store and swap in the BitPay Wallet
  • Spend Polygon (MATIC) with BitPay merchants
  • Load Polygon (MATIC) onto the BitPay Card and spend like cash
  • Stake your MATIC and earn staking rewards
  • Experience decentralized apps (dApps) and earn yield through lending platforms
  • Pay for NFTs and other metaverse experiences
  • Bridge tokens from one blockchain to another

Who created the Polygon network?

The Polygon network was co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. It was created in 2019 and has since received backing from notable names in the crypto space.

Does Polygon have gas fees?

Yes, transactions on the Polygon network do incur gas fees. However, these fees are typically lower than other networks.

How many MATIC coins are there?

The max supply of MATIC tokens is set at 10 billion.

Where can I buy Polygon (MATIC)?

You can buy Polygon (MATIC) in the BitPay app. Buy MATIC with your credit card, debit card or Apple Pay and store in the BitPay Wallet. No hidden fees and great rates.


The only crypto app and card for spenders.

Get the App to Buy, Swap and Spend Polygon




Source link

Previous Post

Sep 27/28: Synthetix Community Governance Call

Next Post

How to Mine Neoxa: Specs, Mining Settings, NEOX Mining Profitability

btclive365

btclive365

Next Post

How to Mine Neoxa: Specs, Mining Settings, NEOX Mining Profitability

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest

How to sell Bitcoin – Bitcoin Magazine

November 9, 2022

Add a Tangible Asset to Your Portfolio: Buy Gold

January 7, 2023

Building Bitcoin Standard In Portugal – Bitcoin Magazine

November 9, 2022

USD/ZAR Rallies as SA President Ramaphosa Faces Potential Impeachment

December 1, 2022

Bitcoin price hits 2-week lows as FTX ‘bank run’ drains BTC reserves

1

Building Homesteader Lifestyle With Bitcoin – Bitcoin Magazine

1

Arbitrum dealings activity rockets 550% since August: Delphi Digital

0

Bitcoin․com Doubles Down on Self-Custody With Launch of Verse DEX – Press release Bitcoin News

0

EUR/NOK dives to multi-day lows near 11.2000 post-Norges Bank

March 23, 2023

Optimizing the Operations at Dubai Free Zones with Technology

March 23, 2023

Kraken to suspend Plaid withdrawals and deposits via ACH Silvergate

March 23, 2023

SEC Issues Wells Notice to Coinbase, Brian Armstrong Responds to Allegations of Insider Trading

March 23, 2023

Recent News

EUR/NOK dives to multi-day lows near 11.2000 post-Norges Bank

March 23, 2023

Optimizing the Operations at Dubai Free Zones with Technology

March 23, 2023

Kraken to suspend Plaid withdrawals and deposits via ACH Silvergate

March 23, 2023

SEC Issues Wells Notice to Coinbase, Brian Armstrong Responds to Allegations of Insider Trading

March 23, 2023

We deliver up-to-date, breaking crypto news about the latest Bitcoin, Ethereum, Blockchain, NFTs, and Altcoin trends and happenings

Follow Us

Browse by Category

  • Altcoins
  • Bitcoin (BTC)
  • Blockchain
  • Crypto Mining
  • Cryptocurrency News Today
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency

Recent News

EUR/NOK dives to multi-day lows near 11.2000 post-Norges Bank

March 23, 2023

Optimizing the Operations at Dubai Free Zones with Technology

March 23, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2022 btclive365 All Right Rivered .

No Result
View All Result
  • Home
  • Cryptocurrency News Today
  • Bitcoin (BTC)
  • Altcoins
  • Blockchain
  • Crypto Mining
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency

© 2022 btclive365 All Right Rivered .

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In