Polygon is a platform that allows the creation and exchange of polygon cryptocurrency. Polygon operates as a combination of side-chain and two-layer scaling solutions that run alongside the Ethereum blockchain. It aims to address some of the limitations of the Ethereum blockchain by increasing the flexibility, and scalability of the blockchain project. It helps to improve the high transaction fees and slow processing speed.
The native token of Polygon is Matic, which is an ERC-20 token, which allows you to make transactions on the Polygon network. This token is compatible with other Etherum-related digital currencies, which means that it can be used to pay network transaction fees.
This networking is used by millions of individuals. In the initial stage, it found angel investors to fund the program. In December 2033, Polygon raised $450 million by selling MATIC tokens in a seeding round led by Tiger Global SoftBank Vision Fund, and Sequoia Capital. Donald Trump also released a series of digital art NFTS on the Polygon network for $99 each.
Who founded Polygon?
Polygon, formerly known as Matic Network, was founded by three Mumbai-based software developers, Jaynthi Knaani, Sandeep Nilwal, and Anurag Arjun in 2017. Despite its growth in India, the venture attracted loads of traders and investors from all around the world.
What is inside Polygon?
There are a few major components that are functional to ensure the smooth progression of the polygon network chain. Details of the major factors functioning in the polygon are discussed below:
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- Several of the Decentralized Finances have migrated to the polygon to take advantage of its high transaction speed and cheaper costs.
- It is also popular for NFTs due to low fees and large scalability
- Many blockchain-based games are built on Polygon, to earn faster cryptocurrencies through the market.
- It is a suitable place for building virtual reality projects due to its privacy and large scalable operations.
Is Polygon Legit Or A Scam? Our Say
With high popularity and extraneous activities, Polygon offers various advantages to Ethereum-based traders. Such that investors must have to be dependent on the activity of Ethereum. However, there are some potential downsides to this platform similar to any other cryptocurrency platform.
However, we do not believe that this cryptocurrency platform is managing to dupe the customers considering the perks traders can have from using this platform. But, we suggest making a detailed analysis before using this platform.
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