In the world of surging cryptocurrencies, technological advances happen every few days. It is a cutthroat competition to advance the technology to give a better experience to users.
Likewise is the case of MATIC cryptocurrency, a scaling solution that helps boost the transaction speed and reduce the cost and complexity.
What Is MATIC?
MATIC, now known as Polygon, is a two-layered platform created in 2017, and it was recently rebranded to Polygon in early 2021. The Polygon network is compatible with the Ethereum blockchain and allows users to develop and deploy their blockchains.
Polygon is a well-structured, easy-to-use platform for Ethereum scaling. Users can create ZK rollup chains, optimistic rollup chains, and other infrastructures.
Polygon helps in creating full-fledged multi-chain systems based on Ethereum. These multi-chains are like the others in the ecosystem, such as Cosmos, Polkadot, Avalanche, etc., and these chains come with Ethereum’s openness, vibrant ecosystem, and security.
How Does MATIC Work?
MATIC (now known as Polygon) is a multi-level platform. It uses a variety of side chains to declutter the central platform of Ethereum. It helps in making the platform cost-effective and efficient.
These sidechains are other separate chains linked to the main Ethereum blockchain to support a variety of DeFi protocols. Hence, Polygon can be connected with various Polkadot, Cosmos, Avalanche, etc.
Hence, MATIC serves as a complete multi-chained system, connecting Ethereum-compatible blockchains to solve the scalability issues on the network.
The multi-chain infrastructure allows the blockchain networks to communicate, even outside Ethereum’s primary.
Brief History of MATIC
MATIC was launched in October 2017. Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun were the co-founders. Two of them were experienced blockchain developers, whereas the third was a business consultant.
MATIC has played the part of a considerable contributor to the Ethereum ecosystem. Plasma MVP, the WalletConnect protocol, and the Dagger event notification engine were implemented on the Ethereum blockchain. In 2019 it moved to its network. In early 2021, MATIC underwent a rebranding and was named Polygon.
Jaynti Kanani, a full-stack developer, serves as the present CEO of Polygon. He played a crucial role in implementing Web3, Plasma, and the WalletConnect protocol on the Ethereum blockchain.
Sandeep Nailwal, a blockchain programmer, serves as the co-founder and COO of Polygon. The third person, Anurag Arjun, is the only non-programming co-founder of Polygon.
Why Is MATIC Going Up?
The MATIC currency price has been soaring for the past few months and has emerged as one of the promising currencies of 2021. MATIC has recently undergone a merger with Polygon, which has given a lot of publicity to the currency.
The rise of MATIC price is related to the rise in Ethereum. Since MATIC provides scalable solutions for Ethereum, its price soars with Ethereum. Furthermore, Polygon offers additional benefits to Ethereum and is working with many companies on tons of exciting projects.
MATIC is also used to make transactions (on the Ethereum network) faster and at lower costs. When Ethereum prices go up, the network witnesses congestion, which further pushes the importance of MATIC. And hence the price soars.
Having promising and positive feedback on Matic price prediction by industry experts also helps MATIC prices to touch the sky.
Experts Talk on Price Prediction for Upcoming Years
Being one of the top growing cryptocurrencies of 2021, experts believe that MATIC will continue to grow further in the coming years.
MATIC has already reached the 14th position in the list of top currencies in terms of market capitalization.
The price of the MATIC token has already touched $2.58 by the end of 2021. Experts are debating on the levels, but in consensus, MATIC prices might touch the levels of $2.5 by midyear 2022. The prices might even soar up to the level of $5 by the year 2022. Experts are also estimating the prices to even soar as high as $10 by the end of the year 2023.
With scalability being the one common problem with significant currencies, MATIC provides the solutions. Hence the prices are expected to go higher.
Benefits of MATIC Coin
The project allows blockchain interoperability and scaling between Ethereum and Polygon blockchains.
Also, because it is compatible with Ethereum, Ethereum app developers users use this network.
Polygon flatform has shown success in solving scalability challenges. The users can also develop their decentralized networks using polygon platform,
It is a good choice for investment purposes with bullish trends that seem to continue for MATIC.