I have been studying one of the projects known as the polygon and earlier it was known as MATIC. Still, I can see the coin name as MATIC on exchanges however on coinmarketcap its updated as Polygon. Their blockchain name was Matic network they have rebranded with Polygon now. I hope in some time their token name will be updated with exchanges as well.
What is polygon (MATIC)?
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.
Polygon is a platform that is building a framework that will be compatible with Ethereum and good this is that people will be able to use Ethereum but charges will not be high. We all are well aware of the charges known as transaction fees on the network as it has been going crazy for the last many months. I did not know about this project before until the price of this project has gone high and these days many traders are putting money on this project because they feel it has the potential to become an alternate of Etherum.
Not saying that it will replace ethereum however because it will charge a minimum amount for the transaction fee and because of that people might be liking it to use it since it will allow compatibility with the ethereum network.
Here is the snapshot of the current price of the MATIC coin and its at 2.12$ after dropping of 5% approx.
Now, let's also have a look at the 1-week price movement and it has gone up by over 83% in one week which is impressive. I have seen people talking about MATIC on Twitter and its good for the project.
Today when bitcoin price is way down by approx 50% and even other coins like ETH, BNB and DOT are also in the same position but Matic is still doing good.
In the crypto space, we know that we should invest what we can afford to lose and I am thinking to put some money on this project, and its not because the price is going up but because the project is solid. We know the issue of ETH transaction fee and if this can solve this biggest problem then I see it getting more attention in the coming months.
I am still going through more about this project and you can refer https://polygon.technology/ for details about it.
Is this a new project/coin for you or have you already gone through this? If yes, please share your thoughts about it.
Thank you so much
Stay Safe.