Polygon, previously known as the MATIC Network, was designed as a scaling solution for the Ethereum Network. Launched in 2017 by blockchain developers Jaynti Kanani and Sandeep Nailwal, along with business consultant Anurag Arjun, the MATIC Network’s vision is to bring about the mass adoption of decentralised blockchain solutions by resolving the key problems they face – transaction speeds, high fees and scalability.
The native Polygon cryptocurrency is known as the MATIC token, and is used as a payment and settlement system between users, as well as for the payment of transaction fees on the network.
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Based on an adaptation of the Plasma framework that was originally proposed by Vitalik Buterin, the MATIC Network utilises side-chains that “branch off” from the main Ethereum blockchain. A single side-chain can process up to 65,000 transactions per second, with a block confirmation speed of two seconds. This means that as the network continues to grow, multiple side-chains could theoretically handle millions of transactions per second.
The MATIC Network aims to provide an unparalleled user experience, allowing for the development of decentralised apps (DApps) with a variety of use cases. Some of these include payment solutions, gaming networks, and business management platforms.
Polygon has been working on establishing new partnerships within the industry. Some of its current partners are Ocean Protocol, a decentralised data exchange protocol, and bountyblok, a gamification platform built for blockchain applications.
On March 11, 2021, the MATIC token became available for purchase on Coinbase, leading to a massive surge in the cryptocurrency’s value. It was also revealed that Coinbase Ventures has owned MATIC tokens since 2019, and that the company has no plans to sell in the immediate future. Following the news, the coin’s price gained 60 per cent in 48 hours.
With Capital.com’s comprehensive live chart, you can not only quickly view the current MATIC/USD rate, but also trace the coin’s price in historic terms.
Since becoming available to purchase in May 2019, the lowest known MATIC price was $0.003012. Until late January 2021, the coin had traded for less than $0.04. Between February 1, 2021, and March 11, 2021, the price skyrocketed from $0.04 to $0.51, an increase of 1,175 per cent in a month and 16,900 per cent since its market debut.
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