POLYGON CRYPTO PRICE PREDICTION | REVIEW | NEWS | UPDATES
POLYGON CRYPTO PRICE PREDICTION
Let’s see the full review of POLYGON (MATIC) CRYPTO COIN LIVE PRICE & latest NEWS with CHART the entire new UPDATE features in 2023.
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WHAT IS POLYGON (MATIC) & HOW POLYGON WORKS
Today we are discussing the complete review and latest updated features and live price PREDICTION of POLYGON (MATIC) CRYPTO COIN with the chart in 2023 lots more about polygon. The first well structured, easy to use platform for Ethereum scaling, and infrastructure development, as quoted by the team. They’re formerly known as Matic network. And they’re essentially a, you know, like layer two solutions or infrastructure, as they say, for Ethereum. Since we all know that a theorem is, as you know, more or less very unusable, very expensive to use, and in its current state, probably won’t be the main chain for people to use as the time being. So today, I want to share with you some of the research that I did on Polygon, and just explain what it is POLYGON (MATIC) CRYPTO and how POLYGON works. So let’s get into it. So as far as I’m concerned, a polygon has two main things that they offer. Number 1- It’s layer two chains. Number 2- Sidechains. So again, it’s really just like a scaling mechanism.
Number one for Ethereum. So first, going into layer two chains. Usually, when we think of layer two scalings, we think of zk rollups, optimistic roll ups, you know, etc. However, these guys offer all of those options in terms of being able to build on top of Ethereum. So you have the option to use optimistic roll ups, see Karolis of Lydiate William, they call it as well as their own, you know, medic plasma that they already have. So in essence, a polygon is a kind of being considered a layer two aggregator, which is very one of a kind, because most layer two solutions only offer, you know, one solution, but in this case offers any team that wants to build on their platform on any of those different types of scaling mechanisms, depending on what you want to do with your protocol. And, you know, you’re going to choose a different one. And there are a couple of positives that come along with being your chain on top of polygon. Number 1 – You get the highest level of security. And in this case, that’s just because you’re using a theory, right at the end of the day, when you’re building on top of Ethereum, you’re also taking from that, essentially security that Ethereum has inherently built in with it, because there are so many miners around the world money for it. And obviously, you know, it’s more or less distributed, whatever kind of defense theory it has, you’re pretty much behind that same wall of defense. So just security being on a layer two chain is definitely gonna help your protocol safe. Number 2 – What they’re good for startups, right. Obviously, you don’t have to go out and build your own blockchain. So a lot easier to just make a layer two on top of it, and just use already what exists, and very simple to use. And for the most part, if you really tailor that towards startups that want to use a blockchain within their, you know, project or what have you, but may not be customizable, because you’re going to be building on top of Ethereum, there are going to be some. And lastly, of course, for small communities, right? I mean, that’s kind of the main thing of using layer 2 chain as well. You know, if you don’t have enough validators to run nodes for your blockchain, or if it’s just not going to be decentralized enough as if you wanted it to be, in this case, you can use that layer two option.
And now moving on to side chains, side chains are literally no kind of operating on the side of Ethereum. So parallel, so they’re not taking much of anything from Ethereum. Like they’re not taking the security, and not taking the validators that come along with Ethereum, they have to provide that all for themselves. But at the same time, they are still technically a part of that ecosystem. So they do get a few benefits there. But the main benefit is that you’re independent. So you can do whatever really you want. Since your blockchain, as well, as you know, it’s very flexible, because of that same reason. So again, you’re really just compromising on decentralization and security, because you have to provide your own security, of course, in this case, you know, getting a lot of people mining and making sure that hash power goes up. As well, of course, as the centralization, you need to have people to act as a node on your blockchain as well, let’s be more decentralized, rather than just having you and your buddies, you know, turn on their computers and start mining, it’ll work for a little while until becomes very big. And people need more of a sense of security. A good example of a side chain is actually what Matic already has, which is the Matic POS chain. And it’s funny, they actually do something similar to what comodo does, in terms of recycling bitcoins hash rate, to further, protect their blockchain, except for that Matic ease is a theory for checkpoints. So there is a little bit more of security there as well, technically. But it’s still obviously going to be the same type of security as if you’re just you know, operating on avl Two. So the main reason to use a side chain, one for enterprises, so for big businesses that want to, you know, pretty much apply their own features to their own blockchain and maybe make it private so that only they can use it internally. Number two, no products that don’t require the highest level of security. I don’t know, to me, it seems kind of weird to say that. But I guess what they really mean by that is, you know, people that are willing to have that trade-off, have a lower level of security, for more independence and more flexibility of what they can do with their blockchain. And number three products with strong communities. So in this case, maybe a project for example, that already exists, has a lot of people involved in it, but they say maybe, Hey, why don’t we make a sidechain on top of this, and make it so that you know, they can they can choose to take a little bit from the Ethereum ecosystem, but at the same time, have a lot of people you know, validating becoming miners, so it’s a lot more decent than just having, like we said earlier, a couple of your buddies, throw up some miners in their computers and act as if that’s a Good decentralized blockchain. So that was the main part in terms of what polygon functions for. I know it was previously called Matic network. And from what I understand, they’re just kind of porting everything over to the polygon name, just in terms of like marketing and whatnot. And that’s what we’re gonna get into Now, some of polygons, competition, I think this is kind of decided to rebrand themselves and put themselves back in the limelight. because number one, we have polka dot, right, we have cosmos, and we have an avalanche. So those three are gonna be the main competitors, I think, I think polka is probably the biggest one, because you know, polka is para chains. And obviously, it’s kind of the biggest, one of the biggest honestly, alternative blockchains to Ethereum right now. And people are pretty much calling polygon, like the polka dot for Ethereum, which is kind of funny, they say that we have a little graph of you know, the comparisons of the polygon to polka dots, cosmos, quorum, and all these different other things. But essentially, you know, my the way, whenever I look at these crypto charts, I’m always like, Alright, they’re always gonna make the charts to make it look like…