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What is Polygon? ($MATIC)

Polygon ($MATIC) network is a decentralized technology ecosystem which gives existing blockchain networks the ability to both connect and scale their processes. The Polygon network was built on the Ethereum Mainnet and launched in 2017. It is referred to as “Ethereum’s internet of blockchains” and looks to solve and build upon Ethereum’s scalability limitations.

Polygon co-founders are Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The Polygon network currently supports over 7,000 blockchain-based projects officially. The aim of the network is to provide decentralized projects the security and efficiency provided by the Ethereum network, while increasing operational efficiency.

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Polygon ($MATIC) ERC20 token

Polygon’s associated cryptocurrency, $MATIC, is an ERC20 token, and therefore compatible and tradeable with other Ethereum-based digital currencies existing on the ERC20 mainnet. The cryptocurrency $MATIC is a governance token, meaning it is used to govern and secure the Polygon network, and is used to pay fees associated with all network transactions.

Firstrade customers can get the most recent information about Polygon, such as market cap, trade volume and more, before buying and selling $MATIC and other eligible cryptocurrencies on the Firstrade cryptocurrency trading platform.


More about Polygon ($MATIC) benefits

Although Polygon is not an autonomous decentralized blockchain network, it is known for its ability to assist Ethereum-based projects in increasing flexibility and scalability. Projects launched on Polygon are granted the ability to process transactions quickly.

The modified proof-of-stake consensus mechanism used in the validation process on the Polygon ($MATIC) network completes the transaction confirmation process in a single block. Polygon can maintain extremely fast transaction processing speeds in this way. The average Polygon block processing time is just over 2 seconds, with transaction fees on Polygon consistently being among the lowest in the decentralized space - typically around $0.01 in MATIC per transaction.

Firstrade cryptocurrency mobile and web platforms allow customers to learn more about Polygon ($MATIC) and check the most current cryptocurrency prices.

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