POLYGON (MATIC) WHAT IS IT? WHAT DO I NEED TO KNOW?

Today I’m breaking down some information about Polygon. For starters, Polygon is a technology platform that runs alongside the ETH blockchain and allows for speedy transactions and low fees. We all know how high ETH gas fees usually are, and even though they are their lowest right now (because of decreasing demand), Polygon’s fees are still lower.

Polygon is also a platform that enables blockchain networks to connect. You do remember what a blockchain is right? It’s a system of recording information in a way that makes it difficult or impossible to change or hack; it helps the process of recording transactions and tracking assets. So, polygon enables one blockchain network to connect to another.

Polygon has its own cryptocurrency called MATIC that is used to pay fees on the network. Polygon is supposed to provide faster transactions with lower costs as it runs alongside the main Ethereum blockchain. As I was trying to understand the nitty-gritty of it and find out exactly how it works (so that I can explain it to you), I stumbled upon an article on Coinbase dot com that had the best explanation ever, so I am presenting it to you:

“You can picture Polygon as being like an express train on a subway — it travels along the same route as the regular train, but it makes fewer stops and thus moves much faster.” So in this case, Ethereum is the local train while Polygon is the express train. They both run side by side but Polygon gets you there faster because it’s an express service! Living in New York City and having used the subway on many occasions I can tell you that the express train is the bomb dot com. You’re there at your location before you know it!🚎🚊

The Polygon network allows you to do many of the same things you can do on the Ethereum network, but the huge difference is that the fees are often a fraction of a cent!🙌🏾 The low fees and quicker transactions give polygon a thumbs up in my book; it seems to be a good opportunity to gain some experience if you want to try out DeFi protocols.🤷🏾‍♀️ As of today, the MATIC price is $1.40, get some if you dare!🤑

(I am not a Financial Advisor. This blog post is for information purposes only). The way I get the best results is by utilizing the services of financial mentors. To learn more about that and to invest and grow your asset portfolio, please click this link right HERE!

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.