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Polygon Coin

05.31.21 11:55 AM By ROBERT

Polygon cryptocurrency? Is this just another cryptocurrency or a good investment?

    Polygon launched by Matic Network in 2017, is build on Ethereum Blockchain platform and was launched to develop decentralized apps.

    Founded by 3 Indians -Sandeep Nailwal, Anurag Arjun, and Jayanti Kanani, didn't show much fluctuation in value even though entire crypto market was shaken after China's ban on using cryptocurrency. What could the potential reason be? No one can surely answer this, however, there are certain features in Polygon that distinguish it from Ethereum. Even though, the currency explores and uses all the Ethereum's network effects, one such reason is, there is less transaction fee due to less congestion, it is secure and more open and powerful ( it offers the tools to implement a stand-alone, secure sidechain, with Ethereum network security through smart contract instantly) and this way solved the much problematic scalability issues in crypto currencies that are build on Ethereum blockchain. Hence many DeFi networks have build their sidechain using Polygon network.

    However, is Polygon coin a good investment? Looking at recent trends, during crypto meltdown in last 2 weeks, polygon showed much strength and hit $ 2.45 came down to 1.38 and reached $1.83 USD (while we are writing the blog) as the investors are looking to invest in more steady coin for long-term purposes and this coin has its advantages over Ethereum, so it is gaining more popularity, This is one of the potential reason why during crypto meltdown recently, on May 17 according to Cointelegraph, Polygon had 75000 new users. Second reason could be Polygon is layer 2 protocol, where layer 1 faces the network congestion issues and transaction fee(Gas) is high, there is less transaction fee associated with Polygon. However, are these fair enough reasons to invest in Polygon?

     The answer is it's your own discretion because after all, polygon is another crypto currency and is a part of volatile market. As, we were writing this blog, this coin showed potential and caught our eye with the stats that says, during last week, Polygon showed an increase of 18.04% with the market cap value of $11,353,910,630 USD. But, if you really want to invest in any cryptocurrency, always observe closely and analyze the trends, similarly here, look for the projects that leverage their smart contract capabilities to the polygon network. 

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