Polygon’s compound success in the industry! | Author: Dwayne D’cunha | The Capital | June 2021
Polygon, originally called Matic Network, is a token based on Ethereum, a way to connect the Ethereum blockchain with other networks. Since February, this India-based project has taken off and its market value has increased by 10 times. Open source gives it the freedom of development and is always open to updates. The market capitalization is US$11.26 billion and the token price is US$1.6, making it a profitable investment opportunity.
When Matic’s valuation reached 14 billion U.S. dollars, when polygon creators became billionaires. Jaynti Kanani, Sandeep Nailwal and Anurag Arjun co-founded Polygon. The supplier also uses Polygon to maintain the covid test results with the help of its blockchain technology. It also proved itself in terms of sustainability through the use of proof-of-stake, remember that Ethereum has only recently adopted this approach, and Bitcoin has not yet implemented it. Polygon also faces a number of challenges. For example, starting in India, it has only recently considered adopting Cryptos.
As one of Shark Tank’s original sharks, Mark Cuban (Mark Cuban) is very good at discovering fashionable low-priced markets. Mark has always been a firm and outspoken advocate of Polygon. Although he did not allow his followers to better understand any details of his investment, he was happy to see mainstream investors supporting the Indian project. Polygon also appreciates the conversation with Mark and hopes that they can get more support from foreign investors. He also stated that DAOs or decentralized autonomous organizations together with entrepreneurs can make a lot of money to support non-profit organizations. The decentralized nature of the organization and Polygon’s practicality can become a fierce competitor for the company.
Polygon also merged with Okcoin, a globally available cryptocurrency exchange. The purpose of this merger is to reduce the cost of trading Ethereum and other ERC-20-based assets by 25%. Polygon’s scaling solution has benefited many people, including Okcoin. It is more convenient to skip the intermediate steps and let the coins go to Polygon directly, and also take into account the one-click withdrawal. It is a convenient way to reduce the high fees of Ethereum and use traditional payment methods for transactions.