Polygon – Complete explanation for beginners =

Polygon has been on the market since the end of April 2019 and has flipped over 12 times within a month of its launch! Enough reason to read more about Polygon, so that we can find out what this cryptocurrency has to offer us. In this article you will find an explanation about the crypto company and the vision behind this coin. As usual, you will also receive instructions from us to buy the crypto coin.

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  • What is Polygon?
  • Characteristics of the token
  • Suitable wallet for the token
  • Team, advisors and partners
  • roadmap
  • Popularity
  • Criticism
  • Abstract Polygon
  • Buy Polygon

What is Polygon (MATIC)?

Polygon increases the scalability of the Ethereum blockchain. Decentralized applications (dApps) are on the rise, but the current Ethereum blockchain is not prepared for a large increase in users. These extra users mean that Ethereum has to process a lot more transactions and at the moment they do not yet have the capacity for this.

The fact that this capacity comes is essential for the future of blockchain. Without the ability to scale, we can never ensure that blockchain will be used by the general public. If this does not happen, blockchain will remain a nice idea, but it will never be able to use its full potential.

Polygon is therefore committed to increasing scalability so that every individual in the world can use the Ethereum blockchain. In addition to scalability, they also want to improve the user-friendliness of blockchain. Ultimately, it should be made easy for everyone to get started with this revolutionary technology.

Do you want to know more about Polygon? In the video below, made by AllesOverCrypto, we explain more about this type of scalability solution.

How does Polygon want to do this?

Polygon is building a decentralized platform using a modified version of the so-called ‘Plasma Framework’ . This Plasma Framework enables transactions to be executed faster and cheaper. The system uses Proof-of-Stake checkpoints that are then forwarded to the Ethereum Mainchain. This will enable Polygon’s sidechains to process millions of transactions across multiple chains in the future.

The video below demonstrates the fast transactions:

Who has a role within Polygon?

The following actors have a role within the Polygon network:

  • End users
    These are the consumers. An example of such a consumer is Tim, who plays the CryptoWorld II game built in Matic by dApp developers.
  • DApp developers
    DApp developers build decentralized applications. They use Polygon’s Software Development Kits (SDKs) and APIs to quickly and easily develop new dApps. By integrating Polygon into their dApps, the applications get good user-friendliness, increased speed and are also better secured.
  • Strikers
    People can keep their MATIC tokens in a wallet to qualify as a staker. This gives them an important role within the Polygon. They help validate transactions and get to decide who becomes Block Producers. Anyone can become a striker, including you.
  • Block Producers
    These are the people chosen by the strikers. They ensure that new blocks are quickly created. To qualify, they must hold a large number of MATIC coins in a wallet.

Overview of what Polygon offers

Polygon wants to offer the following services.

Payment service

Polygon comes with a user environment that allows companies to pay with crypto or to accept this currency as a means of payment. They will implement this in three phases:

  1. First, they want to enable Ethereum and ERC-20 tokens as payment methods.
  2. Second, they want to incorporate multiple cryptocurrencies through atomic swaps.
  3. Eventually it will also be possible to make payments with fiat money.

Loan service

With a ‘Lending Platform’, Polygon wants to ensure that companies can check the creditworthiness of users on the basis of transaction history. When everything looks as it should, companies can confidently lend their money to the person in question.

Games

Games will be a big part of Polygon. Games can be built on Matic’s sidechains and in-game assets can also be traded on the sidechains. An example of an in-game asset is a sword in the game Runescape.

Dagger

This is an infrastructure for developers. Dagger allows you to track Ethereum accounts and events. Developers can link their own smart contracts, accounts and transactions with Zappier so that it can also be linked to other applications.

Below is a summary of what Polygon considers important to develop in key words.

 

 

Scalability

They want to achieve a higher degree of scalability by using Plasma.

 

Many transactions

Polygon can scale to millions of transactions per second.

 

 

Usability

Polygon ensures that blockchain becomes accessible to everyone.

 

Safety

The operators of the Polygon chain are strikers and delegates in a Proof-of-Stake system.

 

Asset interoperability

Assets on different sidechains between different blockchains can interact with each other.

 

One Stop DeFi Platform

Multiple protocols allow hosting decentralized financial applications on the Polygon Sidechains.

Polygon mission

Despite the great services that Polygon wants to provide, their main mission is always central. Polygon’s mission is to create a scalability solution (plasma-influenced layer 2 scaling solution) so that blockchain can really be used by the general public . They will stimulate this mass adoption by also greatly improving user-friendliness.

 

The MATIC token

The MATIC token has been launched via the Binance Launchpad. It concerned an Initial Exchange Offering (IEO), where the Binance Exchange ensured that the crowdfunding campaign went well. After the IEO, Binance placed the coin on its trading platform and MATIC started to rise very fast.

Allocation of the tokens

The tokens are distributed as follows:

  • 3.80% – Private sale
  • 19% – Public sale (IEO)
  • 16% – Squad
  • 4% – Advisors
  • 12% – Network operations
  • 21.86% – Foundation
  • 23.33% – Ecosystem

Private sale

  • Seed round: During this round you could buy 1 MATIC for $0.00079. In total, $165,000 was raised.
  • Early supporters: During this round you could buy 1 MATIC for $0.00263. A total of $450,000 was raised here.

Public Sale (IEO)

A total of $5 million was raised through Binance during the public sale. The price was also around $ 0.00263 at the time.

What role does the token have?

The MATIC token is a utility token used to finance transactions on the blockchain. Every end user, developer, staker and block producer will use this cryptocurrency.

Features MATIC

Token symbol

MATIC

Total number of tokens

10 Billion

Number of tokens in circulation

2.16 Billion

Price during IEO

$0.00263

token type

ERC-20 (based on the Ethereum protocol)

Hard cap sales of tokens

$5 million

Power raised during IEO

$5.6 million

Suitable wallet for the token

Polygon Wallet

The developers of Polygon are busy developing a user-friendly mobile wallet. This wallet can easily be used with the decentralized applications that are being built. For example, if you want to buy an in-game asset, the price will be deducted from the balance of your Polygon Wallet.

Hardware Wallet

In addition to the Polygon Wallet, you can also store the MATIC token on a hardware wallet. The most famous hardware wallet is currently the Ledger Nano X. You can buy this from the official Dutch reseller Cryptomaan.

Will there be a token swap?

At the moment, Polygon’s tokens are still based on the Ethereum blockchain. So MATIC is an ERC-20 token . It is not yet known whether these tokens will be converted to coins by means of a token swap. Often this is done when a cryptocurrency’s MainNet is launched.

Team, advisors and partners

In total, the entire Polygon team consists of twelve people. The crypto company is led by Messrs. J. Kanani, S. Nailwal and A. Arjun. These individuals are depicted below.

 

Jaynti Kanani

Co Founder & CEO

Full stack developer and blockchain engineer. Contributes to Web3, Plasma and WalletConnect. Previously, he was data scientist at Housing.com.

   

 

Sandeep Nailwal

Co-founder & COO

Blockchain programmer and entrepreneur. Previously he was CEO of Scopeweaver and CTO (Ecommerce) of Welspun Group.

   

 

Anurag Arjun

Co Founder & CPO

Former AVP (Product Management), IRIS Business. Stints at SNL Financial, Dexter Consultancy and Cognizant Technologies.

  

Advisors

The three advisors of Polygon are shown below.

 

Esteban Ordano

Founder & CTO at Decentraland

Former Software Engineer at BitPay.

 

Peter Kim

Head of Engineering, Wallet at Coinbase

Creator of CipherBrowser and former Co-Founder & CTO of Nitrous, Inc.

 

Ari Meilich

Project Lead at Decentraland

Former Co-Founder of Benchrise, Inc.

Partners

Polygon partners with:

  • Chainlink
    Thanks to the collaboration with Chainlink, Polygon’s dApps can be provided with up-to-date data. Examples of relevant data are prices, contract information, company information, web APIs and various data feeds.
  • Ankr Network
    Together with Ankr Network, Polygon can research scalability and implement stimulating applications in this area. Ankr is a distributed cloud computing platform. They want to use the unused capacity of computers for their network, instead of purchasing new hardware for it. By using the computing power of existing computers from all over the world, cloud services can be offered in a smart and sustainable way. Ankr wants faster transactions and Polygon’s Plasma Framework can help them with that.

roadmap

The Polygon team is working hard to accomplish their mission. For Q3 and Q4 of 2019, they have the following list of projects they want to work on. If the words mean little to you, you can Google each word specifically to find out what they mean and why they are developed. Polygon’s white paper can also help you with this.

  •  

What Polygon is working on in Q3 2019

    • main net beta
    • 0x Protocol implementation on the Matic Testnet
    • Plasma Fast Exit Services
    • NFT exit token – 0x integration – Ethereum mainnet
    • Liquidity pool integration protocol
    • Polygon sidechain App Store
    • Bitcoin asset interoperability
  •  

What Matic is working on in Q4 2019

  • Governance research and pilot implementation
  • Dharma protocol implementation on Polygon testnet
  • NFT exit token
  • Enterprise support for Polygon side chains
  • Enterprise services

Popularity

As you can see in the table below, Polygon is especially popular on Telegram. Here they often have the most followers, compared to Twitter, Facebook and Reddit. By clicking on the links below you can go to their channels.

Popularity Polygon (June 2019)

Twitter

16k followers

Telegram

27k followers

Facebook

300 followers

Reddit

1k readers

Criticism

  • While there is an absolute need for the Ethereum Blockchain to scale better, Polygon’s technology is not necessarily groundbreaking. In our opinion, it will soon be easy for competitors to implement similar technologies that will make the blockchain more scalable. As a result, Polygon may not be distinctive enough in the future to become truly successful.
  • They want to offer services in the field of payments, loans and games, among other things. There is already a lot of competition in all three of these areas. Crypto companies like Enjin (ENJ), Tron (TRX), and OmiseGo (OMG) are not the easiest projects to top. Of course, the companies can operate side by side, but it also shows that Polygon does not come up with anything revolutionary.

Abstract Polygon

  • Polygon aims to bring scalability and usability to the Ethereum blockchain.
  • There is a positive atmosphere around Polygon, partly due to the explosive increase and the Initial Exchange Offering via the Binance Launchpad.
  • The IEO raised $5 million.
  • The token is currently an ERC-20 token and it is still unclear whether this will eventually become a coin.
  • The MATIC token is trading in full swing, with tens of millions of dollars in volume.
  • Matic’s mission is beautiful, but not necessarily revolutionary. The question is whether they can beat the cutthroat competition in scalability, payments, loans, games and dApps.
  • Polygon has acquired interesting partners with Chainlink and Ankr Network.

We at AllesOverCrypto find Polygon interesting, and especially see a hype surrounding IEOs . It seems that these are the new ICOs, which were so popular in 2017. Currently, all coins launched with an Initial Exchange Offering are skyrocketing. We will therefore keep a close eye on these launches from now on and grab a piece of the pie every now and then.

Do you have questions about Polygon, IEOs or other crypto-related matters? Then join our Facebook group and ask everything you want to know! Below you will find the instructions to buy the cryptocurrency from Polygon “MATIC”.

How do I buy Polygon?

Buying Polygon on Bitvavo is a piece of cake. Within a few minutes and for less than a euro you can already be the proud owner of MATIC.

  1. Register here for free at Bitvavo
  2. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  3. Transfer money via iDeal. You do this by clicking on ” Deposit Euros “.
  4. Then enter the amount and choose iDeal as payment option so that the money is in your Bitvavo account within a minute. Then click on “Pay”.
  5. If you click on ” Overview ” afterwards, you will see the money.
  6. Find MATIC, click on it and then press “Buy”.
  7. Invest the amount you have in mind in MATIC.
  8. Congratulations! You have bought MATIC!
    Don’t forget to save your username and password

 

Sources

  • Website
  • White paper
  • Coincodex
  • Lite paper
  • Medium

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