Over 2021, you may have seen the blockchain project Polygon used in conjunction with Matic Network. But are they the same thing? And what’s MATIC? We break it down.
or transfer tokens over the network, as the fees can quickly mount up and cost hundreds of dollars.
Scaling solutions like Polygon make things cheaper by processing some of those transactions elsewhere. In Polygon’s case, batches of transactions are processed on Polygon’s proprietaryThis cuts costs since you only have to pay for a fraction of a single Ethereum transaction , and saves time. Polygon claims to be able to process up to 65,000 transactions each second with fees costing less than a fraction of a cent.
There are 10 billion total possible MATIC coins, and as of December 2021, 7.16 billion of them are in circulation. The rest will be minted by stakers – users who deposit their MATIC tokens into a staking smart contract in order to become validators. Polygon is a proof-of-stake network that randomly selects stakers to validate new transaction data.
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