Polygon, formerly known as Matic Network, is a decentralized platform that aims to improve the scalability and transaction speed of the Ethereum blockchain. It is a Layer 2 solution that runs alongside the Ethereum main chain, providing faster and cheaper transactions for users.
Polygon uses a sidechain architecture, which means that it has its own blockchain that is separate from the Ethereum main chain. This allows Polygon to process transactions off-chain, which reduces congestion on the Ethereum main chain and makes transactions faster and cheaper.
Polygon is compatible with the Ethereum Virtual Machine (EVM), which means that Ethereum-based applications can be easily ported to Polygon. This makes Polygon a compelling platform for developers who want to build decentralized applications (DApps) that are scalable and affordable.
Polygon Crypto Features
Here are some of the key features of Polygon:
- Scalability: Polygon can process up to 65,000 transactions per second (TPS), compared to Ethereum’s 15 TPS. This makes Polygon a much more scalable platform for DApps with a large user base.
- Low fees: Polygon transactions are very cheap, costing only a fraction of a cent. This makes Polygon a more affordable platform for users who want to make frequent transactions.
- Fast transactions: Polygon transactions are processed in seconds, compared to Ethereum’s minutes-long confirmation times. This makes Polygon a more user-friendly platform for DApps that require fast transaction processing.
- EVM compatibility: Polygon is compatible with the EVM, which means that Ethereum-based DApps can be easily ported to Polygon. This makes Polygon a compelling platform for developers who want to build DApps that are scalable and affordable.
Polygon crypto Pros & Cons
Here are some of the benefits of using Polygon:
- Faster transactions: Polygon transactions are much faster than Ethereum transactions. This makes Polygon a better platform for DApps that require fast transaction processing.
- Lower fees: Polygon transactions are much cheaper than Ethereum transactions. This makes Polygon a more affordable platform for users who want to make frequent transactions.
- Greater scalability: Polygon can process up to 65,000 TPS, which is much more than Ethereum’s 15 TPS. This makes Polygon a better platform for DApps with a large user base.
Here are some of the risks of using Polygon:
- Security: Polygon is a relatively new platform, and its security has not been fully tested. There is a risk that Polygon could be hacked or compromised.
- Centralization: Polygon is controlled by a small group of developers. This raises concerns about centralization and censorship.
- Dependence on Ethereum: Polygon is dependent on the Ethereum main chain. If the Ethereum main chain is down, Polygon will also be down.
What is Polygon crypto price in India?
The price of Polygon (MATIC) in India is currently 70.14 INR.
Polygon price is constantly fluctuating, so it is important to check the current price before you buy or sell any MATIC tokens.
You can check the current price of Polygon on a variety of websites, including:
You can also use a cryptocurrency price tracking app to track the price of Polygon and other cryptocurrencies. There are many different price tracking apps available, so you can find one that best meets your needs.
How to buy Polygon Matic in India?
Buying Polygon (MATIC) in India is a straightforward process that can be completed through various reputable cryptocurrency exchanges. Here’s a step-by-step guide on how to buy Polygon Matic in India:
- Choose a Cryptocurrency Exchange: Select a reliable cryptocurrency exchange that operates in India and supports Polygon (MATIC) trading. Popular options include CoinSwitch Kuber, WazirX, ZebPay, and Binance India.
- Create an Account: Sign up for an account on the chosen cryptocurrency exchange. Follow the registration process, providing accurate personal information and completing the verification steps.
- Deposit Funds: Link your bank account or use a payment method supported by the exchange to deposit fiat currency, such as Indian Rupees (INR). You can also transfer cryptocurrency from another exchange or wallet if you have any existing holdings.
- Select Polygon (MATIC): Once your funds are deposited, navigate to the exchange’s trading platform. Search for Polygon (MATIC) using the ticker symbol ‘MATIC’ or the token name ‘Polygon.’
- Place a Buy Order: Choose the order type you prefer, such as a market order or a limit order. Enter the amount of Polygon (MATIC) you want to buy, and review the order details, including the total cost in INR.
- Execute the Order: Once you’ve reviewed the order details and confirmed the amount you want to buy, click the ‘Buy’ or ‘Place Order’ button. The exchange will match your order with available sellers and execute the trade.
- Store Your Polygon (MATIC): After the purchase is complete, the Polygon (MATIC) tokens will be credited to your exchange wallet. You can keep them there for future trading or transfer them to a secure external wallet for enhanced security.
Here are some additional tips for buying Polygon (MATIC) in India:
- Compare Exchange Fees: Different exchanges charge varying fees for transactions and withdrawals. Compare the fees among different exchanges to find the most cost-effective option.
- Enable Two-Factor Authentication (2FA): Enable 2FA on your exchange account to add an extra layer of security and protect your funds from unauthorized access.
- Monitor Market Conditions: Stay informed about the price fluctuations of Polygon (MATIC) and market conditions before making a purchase.
- Invest Responsibly: Only invest an amount that you can afford to lose, as cryptocurrency prices can be volatile. Do your research and understand the risks involved before investing in any cryptocurrency.
- Do your research: Before you buy any MATIC tokens, it is important to do your research and understand the project. Make sure you understand the risks involved before you invest.
- Choose a reputable exchange: If you are buying MATIC on an exchange, make sure you choose a reputable exchange that is known for its security and liquidity.
- Store your MATIC tokens securely: Once you have MATIC tokens, make sure you store them in a secure wallet. There are a number of different cryptocurrency wallets available, so you can choose one that best meets your needs.
Overall, Polygon is a promising platform that has the potential to improve the scalability and transaction speed of the Ethereum blockchain. However, there are some risks associated with using Polygon, and users should be aware of these risks before using the platform.