$0.3499 / $0.3281
What is Polygon (MATIC)
Per its white paper, Matic Network is a Layer 2 scaling solution that achieve scalable, secure, and instant blockchain transactions using side chains, while ensuring asset security using the Plasma framework and a decentralized network of Proof of Stake (PoS) validators. Slow block confirmations, block size limitations and computations – in smart contract based blockchains – need to be solved before targeting mass adoption by mainstream users, according to Matic.
The project’s aim is to create an ‘awesome user experience’ and solve those issues by having Plasma based side chains on top of Ethereum for high scalability and secure transactions. Matic states that its network allows anyone to create scalable DApps while ensuring a superior user experience in a secure and decentralized manner. Its website states that transactions on Matic sidechain cost a 1/100th of the fees as compared to Ethereum. Moreover, the sidechains offer approximately 1 second blocks for enabling real world use cases.