Polygon Crypto: Would India’s cryptocurrency compete with Bitcoin?

The crypto craze is not fading anytime soon. Every now and again, a cryptocurrency pops out of thin air! And this time, it’s a multi-bagger from India!

Presenting before you – Polygon Crypto

Recently, this cryptocurrency struck the news for having acquired investment from US billionaire entrepreneur Mark Cuban. What’s more, in the previous year itself, its value has climbed by a stunning 261%! And to everyone’s astonishment, it even outperformed most of the cryptocurrencies last week, even Bitcoin!

So, we had to talk about this. Wanna discover its remarkable journey? Let’s get started.

About Polygon Crypto

Polygon was once named Matic Network. Polygon (MATIC) is an Ethereum token that drives the Polygon Network, a scaling solution for Ethereum. Polygon intends to deliver quicker and cheaper transactions on Ethereum utilising Layer 2 sidechains, which are blockchains that operate alongside the Ethereum main chain. Users can deposit Ethereum tokens to a Polygon smart contract, interact with them within Polygon, and then subsequently withdraw them back to the Ethereum main chain. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus.

What is Polygon Crypto?

Founded in 2017, it is a coin that drives the Polygon Network, a multichain scalability solution for Ethereum. And our fellow compatriots made it a reality. Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun are the co-founders of the network.

Polygon (MATIC) is an Ethereum token that drives the Polygon Network – a platform and framework for developing and linking Ethereum-compatible blockchain networks. Polygon is what’s known as a Layer-2 solution, meant to assist scale the Ethereum network and improve its usefulness. The protocol aspires for quicker, cheaper Ethereum transactions via sidechains, blockchains that operate like superfast HOV lanes beside the Ethereum main chain.

To utilise Polygon, you may “bridge” part of your crypto over to Polygon (via the official Polygon Bridge), and then engage with a wide range of popular crypto apps that were originally limited to the main Ethereum network.

Users may deposit Ethereum tokens to a Polygon smart contract, interact with them within Polygon, and then subsequently withdraw them back to the Ethereum main chain. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus.

History of Polygon Crypto

Sandeep Nailwal hails from Delhi. After his studies, he sought a term with Deloitte. But he defied the preconception and joined the amazing realm of blockchain. The other co-founders were interested in programming as well. That is why they were able to establish a cryptocurrency and a blockchain platform.

The concept came to their heads in 2017. Initially, they invented a cypher named Matic (later rebranded as ‘Polygon’). Considering the great potential, they created a corporation and solicited funding from their contacts. Afterwards, they raised $5 Million through an Initial Exchange Offering with Binance.

In 2019, they were valued at $26 Million. Now the valuation has reached $14 Billion! More than 530x returns in just two years! Pretty enormous, right?

Even at 85 % below its all-time high, it remains the 17th biggest cryptocurrency in the world with a live market cap of $10,274,268,095 USD. And its owners are India’s first Crypto Billionaires! That’s no easy accomplishment.

Why is Polygon crypto creating a lot of buzz?

If you study the price chart of Polygon, you will be shocked to find that it climbed by 261% in the last year. They outperformed the bulk of the cryptos, including Bitcoin! It appears like even Elon Musk couldn’t do much to support his favourite cryptos this time.

Summing Up

Although crypto is the future, it is not free from caveats. But Polygon is attempting to be the greatest. With its extensive features, it has proven successful to some extent. That is why there was a surge in its price. But it has a long way to go, considering the ongoing technical improvements.

And, that’s why it’s always essential to perform your own study and analyse if an investment route meets your aims. Cryptocurrencies are surely not for the faint-hearted. You must not take for granted the speculative property of these assets.