Opinions
Crypto Talk with Terence
Polygon
CRYPTO:MATIC
RISKY
Nov 29, 2021
$1.861
Stock price when the opinion was issued
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The Polygon Network
Recently, the Ethereum blockchain has experienced many problems, including network saturation due to the growing number of users, as well as disproportionate transaction fees (often over $100). One of the solutions was to develop frameworks called Layer 2.
Polygon was one of the Layer 2 Proof of Stake solutions developed for the Ethereum network. It creates a second framework, in which transactions will be managed independently from the main blockchain (in this case Ethereum). Thus, Polygon can perform transactions much faster (and with much lower fees), without sacrificing the security of the network.
Of course, the Polygon network uses an EVM, so Ethereum developers can transpose their smart contracts from Ethereum to Polygon without any difficulty. Users also benefit from this simplicity and can use metamask to manage their funds and view their ERC20 portfolio.
The main token of the main network is MATIC, and is currently trading at $1.7942. Up 10% since yesterday.