Polygon (formerly the Matic Network) brings massive scale to Ethereum using an adapted version of Plasma with PoS-based side chains.
Decentralized apps are making huge progress, but the current blockchain ecosystem is not prepared to scale as per the demand. The issues of slow block confirmations and high gas fees need to be solved before targeting mass adoption by mainstream users. This problem and this has started reflecting in MATIC price.
Polygon Architecture
Polygon solves the above problems by building a decentralized platform using an adapted version of Plasma framework that provides a solution for faster and extremely low-cost transactions with finality on the main chain. The system ensures liveliness using PoS checkpoints pushed to the Ethereum mainchain. This enables a single Polygon sidechain to theoretically achieve 2 16 transactions per block, and possibly millions of transactions on multiple chains in the future.
Let us review Polygon’s (MATIC) price.
MATIC/USD – Price Prediction
MATIC is trading above the support zone of $0.1989. As long as MATIC is above this support zone, we could start seeing a move towards $0.2523, $0.2858, $0.3398, $0.3782, $0.4272, and $0.5686. Failure to hold the support at $0.1989 could lead to a drop towards $0.1694 and $0.1374.
MATIC is currently trading at $0.2085, with a market cap of $1,036,369,810. Its 24-hour trading volume was $117,307,700.
Join us on Telegram to receive free trading signals.
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
