What’s Polygon (MATIC)? Polygon Community & MATIC Token Defined

BitPay lately introduced our help for Polygon (MATIC), providing you with the power to purchase, retailer, swap and spend much more cryptocurrencies. For these new to Polygon (MATIC), we’ve created this information to assist perceive what Polygon (MATIC) is, the way it works, easy methods to use it and different widespread questions.

What’s Polygon?

Polygon is a layer 2 answer for the Ethereum blockchain. It doesn’t search to exchange or overtake Ethereum. It was created for the aim of using the safety and performance of Ethereum, whereas bettering its scalability for sooner and cheaper transactions. Whereas Ethereum is just able to 15 transactions per second, the Polygon community can course of 65,000 transactions per second, with the power to scale even additional sooner or later.

Polygon vs MATIC

Whereas Polygon is the community that operates utilizing the Ethereum blockchain, its native token is MATIC. Including to the confusion, the Polygon Community was beforehand referred to as the Matic Community. Following the rebrand, the Polygon group determined to maintain MATIC is its token ticker image. MATIC is an ERC-20 token, making it appropriate with different Ethereum tasks. Polygon customers leverage MATIC to safe and govern the community, in addition to pay transaction charges.

How does Polygon work?

As a layer 2 answer, Polygon sits alongside the Ethereum blockchain. As an alternative of validating each transaction separately, batches of transactions are despatched to the Ethereum blockchain to hurry up the validation course of and decrease charges.

Polygon makes use of proof-of-stake consensus. Compared to proof of labor consensus, Polygon customers can stake tokens for a set time frame with the intention to validate transactions. For his or her staking efforts, stakers are rewarded MATIC.  

What are you able to do with Polygon (MATIC)?

The Polygon chain presents lots of the identical advantages and use-cases as Ethereum, however at decrease charges and sooner transaction speeds.

  • Purchase MATIC and USDC on the Polygon Community
  • Retailer and swap within the BitPay Pockets
  • Spend Polygon (MATIC) with BitPay retailers
  • Load Polygon (MATIC) onto the BitPay Card and spend like money
  • Stake your MATIC and earn staking rewards
  • Expertise decentralized apps (dApps) and earn yield by lending platforms
  • Pay for NFTs and different metaverse experiences
  • Bridge tokens from one blockchain to a different

Who created the Polygon community?

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

Does Polygon have gasoline charges?

Sure, transactions on the Polygon community do incur gasoline charges. Nonetheless, these charges are sometimes decrease than different networks.

What number of MATIC cash are there?

The max provide of MATIC tokens is ready at 10 billion.

The place can I purchase Polygon (MATIC)?

You should purchase Polygon (MATIC) within the BitPay app. Purchase MATIC together with your bank card, debit card or Apple Pay and retailer within the BitPay Pockets. No hidden charges and nice charges.

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