Polygon is a layer-2 solution for Ethereum, meaning it works to improve the network by making it more scalable and increasing transaction speeds. Ethereum’s many excellent features---like smart contracts, NTFs, and thousands of dApps---actually make it difficult for the blockchain to scale and run efficiently.
Polygon’s native token, MATIC, exists on the Ethereum blockchain. MATIC secures the Polygon network, but investors can also stake the token to earn passive income.
Polygon’s main goal is to operate as a layer-2 solution for the Ethereum network. Polygon’s long-term plan is to create a blockchain framework. Developers can create their own customizable blockchains and connect them together to create a more open online world.
Once those long-term plans get underway, Polygon would likely increase in value. Now investors can stake their MATIC and earn extra crypto as they wait for Polygon to continue development and become more valuable.
Polygon sidechains can handle up to 65,000 transactions per second, while the Ethereum blockchain can handle only around 15 per second. As a result, Polygon has been recognized as one of the best solutions for Ethereum’s scaling issues.
What’s more, all of Polygon’s sidechains interact with each other as well as directly with the Ethereum blockchain. That ultimately paves the way for shared, compatible smart contracts and dApps. The ability to trade cryptocurrencies and other assets seamlessly between blockchains was inconceivable until very recently.
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Coinberry is a Canadian digital asset trading platform that provides users the easiest and safest way to buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Stellar in Canada. Assets held by Coinberry are not eligible for Canadian Investor Protection Fund coverage.
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