Polygon is a recently introduced virtual currency. This currency is also available for trading on Bybit and is already being bought and sold by users. However, in the first place, what is Polygon and what kind of features it has are also written as an article.
What are Polygons?
Polygon is a scaled-up virtual currency of Ethereum. It is run by a non-profit organization called MATIC, and it has become a popular stock in just about five years since its launch. MATIC changed its name in 2021 and became Polygon. In 2021, leading DEX Uniswap announced the launch of a new DEX on Polygon. If new projects or dApps are developed on Polygon, it could significantly affect the price increase.
Features of Polygon
Compared to other cryptocurrencies, Polygon has the following features.
Scaled-up version of Ethereum
Polygon is said to be an enhanced version of Ethereum, which was released in 2013. Ethereum has the problem of network congestion due to the increase in users and transaction volume, and the transaction fee called gas fee soars. But on the other hand, Polygon can act as a fast parallel blockchain running alongside the main Ethereum blockchain, solving Ethereum’s scalability problem.
Low cost and fast
PoW is the consensus algorithm used by Bitcoin and other major cryptocurrencies. Polygon adopts PoS. While the number of transactions on Ethereum is said to be about 10-15 per second, Polygon is very fast at about 6000-7000 per second.
Development of Polygon will end in 2022. At one point, a bug was discovered and the “Polygon PoS” network was stopped, and security vulnerabilities were pointed out. Polygon also plans to hire about 200 managers, engineers, developers, etc., and it seems that it will come out on the offensive.
Linked to price movements of Ethereum
Since Polygon supports the scalability of Ethereum, it tends to be linked with Ethereum price movements. If the demand for Ethereum increases in the future, it is expected that the demand and value of Polygon will also increase.
Polygon is also expected to play an active role in the NFT genre. Opensea, a major cryptocurrency exchange, allows NFT trading on the Polygon blockchain. Polygon’s blockchain has low fees and is easy to trade even for beginners.
The outlook and future prospects for Polygon are as follows.
Increase in demand for Ethereum
Assuming that the demand for tokens from networks that provide platforms useful for NFT and DeFi, such as Ethereum, increases, opportunities to use Polygon (MATIC) will also increase. Demand for NFT and DeFi is rapidly expanding, so expectations are very high.
Increase in purchases
Corporate partnerships are rapidly increasing. In other words, this suggests that the number of users who purchase Polygon will increase. Multiple companies are purchasing virtual currencies such as Bitcoin and related ETFs.
Polygon is aiming to end development, which we believe will further increase its reliability. It is predicted that the price will rise if the network operation goes smoothly.
Release of services using Polygon
As Polygon is used for various services, usage opportunities and demand will increase, so the opportunity to purchase will increase and the price will increase. As the service used becomes popular and the number of users increases, the demand for Polygon will further increase.
How to buy Polygon
To purchase Polygon, you must first open a Bybit account. Please refer to the article below.
When you log in, there is a search window at the top of the screen, so type “Polygon”. You can trade by clicking on the search results.
Since it becomes a purchase screen, it is possible to purchase from this screen.