What Is Matic Network (MATIC) Cryptocurrency?
The Matic Network (MATIC) Cryptocurrency is simply an ethereum token that powers the polygon network, a scaling solution for the ethereum. It focuses on providing cheaper and faster transactions on Ethereum using the layer 2 side chains, which are blockchains that run alongside the Ethereum main chain. The users can deposit the ethereum tokens to an intelligent polygon contract, interact with them within Matic Network, and later withdraw them back to the Ethereum main chain. The Matic Network (MATIC) Cryptocurrency token is also used to pay the transaction fees and participate in POS (proof of stake) consensus.
The Matic Network (MATIC) Cryptocurrency is an ethereum token that mainly powers the polygon network, which is a protocol and a framework for connecting and building the Ethereum compatible blockchain networks. It is known as a layer two solution designed to help scale the network of ethereum and improve its functionality.
The users can also deposit the ethereum tokens to an intelligent polygon contract, interact within the polygon and then withdraw them back to the Ethereum main chain. The Matic Network token is used to pay the transaction fees and participate in the proof of stake consensus.
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Who Are The Founders Of The Matic Network (MATIC) Cryptocurrency?
The Matic Network (MATIC) Cryptocurrency was launched in October 2017 and co-founded by Sandeep Nailwal, Jayanti Kanani, Anurag Arjun, a business consultant, and two experienced blockchain companies developers. Before moving to the network in 2019, the whole Matic Cryptocurrency team was a massive contributor to the ethereum ecosystem. The team worked on implementing the Plasma MVP, widely used Dagger and Wallet connect protocol on ethereum.
How Does The Matic Network (Matic) Cryptocurrency Work?
The Matic Network (MATIC) Cryptocurrency is the first well-structured and easy-to-use platform for the ethereum scaling and infrastructure development. Its main or the core component is the one and only Polygon SDK, a modular framework that supports the building of multiple applications at a time.
The users can create optimistic rollup chains, stand-alone chains, ZK rollup chains, or any infra using the Matic Network (MATIC) Cryptocurrency. It also transforms Ethereum into a complete-fledged multi-chain system via the internet of blockchains. This system provides the advantages of security, openness, and a vibrant ecosystem of ethereum.
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The Matic Network (MATIC) Cryptocurrency is a layer two scaling solution backed by Coinbase and Binance. This project stimulates the mass adoption of cryptocurrencies by resolving scalability problems on different blockchains. It combines the plasma framework and the proof of stake blockchain architecture. This framework is used by polygon as proposed by the co-founder of ethereum, Vitalik Buterin. It allows for the easy execution of scalable and autonomous intelligent contracts.
Nothing will change as for the existing ecosystem built on that Plasma proof of stake chain. However, with the introduction of Matic Network (MATIC) Cryptocurrency, new features are also built around the current technology to expand the capacity to cater to the diverse needs in the developer ecosystem. It will also continue to develop the core technology so that it can scale to a larger ecosystem.
What Makes The Matic Network (Matic) Cryptocurrency Unique?
The Matic Network (MATIC) Cryptocurrency is a superficial self-described layer two solution. That means the whole project does not seek to upgrade the current basic blockchain layer soon. Instead, this project also reduces instant blockchain transactions’ complexity and scalability. Furthermore, the Matic Network uses a customized version of the plasma framework built on the POS (proof of stake) checkpoints that run via the ethereum main chain. The unique technology of the Matic Network allows every sidechain on the network to achieve up to 65,536 transactions every block.
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The sidechains of the Matic Network are designed to support a variety of the Defi (decentralized finance) protocols available in the Ethereum ecosystem. While this network currently supports only the ethereum based chain, this also intends to extend some support for the other base chains based on community suggestions and consensus. This makes the Matic Network (MATIC) Cryptocurrency an interoperable decentralized two-layer blockchain platform.
Primary Image reference: swissborg.com
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