India is not a home for cryptocurrencies. The government’s unstable views and the threat to impose severe restrictions on the digital currency market have turned down the interest of Indian investors. However, Matic, an Indian company has tried its hand in the cryptocurrency sphere. To its surprise, the company’s crypto coin, Polygon, has breached US$10 billion in the market recently. The cryptocurrency is now among the top 20 crypto tokens globally. At a time when a new digital currency is stealing the stage, let’s know more about it and talk about investing in it.
All about Polygon
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It aggregates scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. Polygon is a secure digital coin unlike many other cryptocurrencies as it combines Ethereum and sovereign blockchains into a fully-fledged multi-chain system.
Polygon’s value has drastically increased since February, thanks to crypto investors who are switching to safe blockchain modes of investment. Especially, players in gaming, non-fungible tokens (NFTs), and Defi (decentralized finance) sectors are seeing a high adoption of Polygon. Initially, Matic raised US$5 million in 2019 when the Polygon token was distributed through Binance’s Initial Exchange Offering. Unfortunately, the speculations regarding the cryptocurrency ban in India have limbed the company from growing further. Ever since Coinbase allowed its users to trade Polygon coin, the growth for the Indian cryptocurrency has been an uprising. The company further accelerated the features by adding a real-world view to them. They added applications that could help investors use the mode of transaction in many spaces. The innovative strategy worked for Polygon and a myriad of people jumped into the digital currency.
Besides, the hype for Bitcoin, Ethereum, Dogecoin, and other major cryptocurrencies are also in the fall due to increasing climate change issues. This gave the opportunity for the Indian start-up to try their best in the cryptocurrency sphere. Crypto experts opine that Polygon is the best place to invest and they also anticipate the value of the digital coin to go up to US$10 by the end of the year. Polygon also holds a handful of other benefits over networks in terms of scalability, security, and user experience.
How does it work?
Polygon is used by crypto investors to transfer their crypto funds over the Ethereum network at a low cost and high speed. Matic solves the biggest problem of transferring crypto directly to Ethereum that takes a long time, and is remarkably expensive. This futuristic feature has opened the door for many cryptocurrency enthusiasts to convert their crypto to Ethereum at minimum time. The system guarantees briskness utilizing PoS checkpoints that shifts to the Ethereum mainchain. It allows a single Matic sidechain to probably reach 216 transactions per block, and perhaps millions of transactions on various chains in the future. Because of its innovative technology usage, crypto enthusiasts believe that Polygon was underrated for a long time, and only now, crypto investors are getting to know its importance.
Should you invest in Polygon?
According to crypto enthusiasts, Polygon is a safe place to invest. Remarkably, the time is also ripe for crypto investors to jump into Polygon coins as the digital currency is breaking its own record in terms of value. Since the beginning of 2021, the cryptocurrency has reached an impressive 3000% spike in value of its native token Matic. Crypto investors also see Polygon as Ethereum 2.0 that centers on key technologies, which encrypt your investments. However, the pain point is that Polygon is complex and still requires a lot of effort to be fully scalable.