In order to solve the problems presented by modern blockchain technology, the whitepaper outlined their solution: “Matic Network strives to solve the scalability and usability issues, while not compromising on decentralisation and leveraging the existing developer community and ecosystem. Thirdly, and perhaps most notably, they ignored the substantial developer community that was linked to the likes of Ethereum. Secondly, the systems used their own blockchains, which did not necessarily take into account the changes that Ethereum had put into place. This was good in one way, because it meant the process got quicker and payments were speedier, but there were some downsides.įirstly, it was less secure. In the case of Ethereum slowing down and delaying transactions due to a larger number of people using the dApps than intended, some developers sped things up by decentralising their systems. With any problem, there is always a potential solution. Matic Network aims to solve some of the problems with dApp usage – Credit:
This in turn meant that people stopped using the dApps, which resulted in their never quite achieving the mass adoption they could or should have had. Lots of people tried to use them but that meant high load times, which meant the Ethereum network slowed down considerably. Some dApps did become popular, but that created another problem. However, Ethereum’s problem is that there was no mass adoption of decentralised apps – or dApps – using the system. The most common platform for using smart contracts is Ethereum. This is particularly useful when it comes to setting up smart contracts, which are agreements between two parties that are automatically processed by the blockchain once certain demands or conditions are met.
Polygon is a framework for creating and building interconnected blockchain networks. You might still hear the term Matic Network from time to time, but it is the same thing as Polygon. It was set up in 2017 and was called Matic Network until February 2021. But what has happened to this coin, where did it come from, and where is the MATIC coin price going in 2022?įirst, let’s explain what Polygon is. The Polygon ( MATIC) cryptocurrency was one of the biggest success stories of 2021, hitting an all-time high of $2.89 on 26 December.
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