Introduction to Polygon
Polygon is a decentralized scaling mechanism that Ethereum developers may use when creating dApps. It offers a faster network and enhanced security at a reasonable rate. The project, initiated in 2017, has emerged as one of the most intriguing and profitable ventures in the business world.
The Evolution: From MATIC to Polygon
Formerly known as MATIC until April 2021, Polygon is built on a solid foundation. MATIC serves as the native token of the Polygon network. The core team behind this innovative project includes Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, all of whom made significant contributions to the Ethereum ecosystem. Their efforts included the development of widely-used technologies such as the Dagger event notification engine, the WalletConnect protocol, and the Plasma MVP on Ethereum.
Understanding Polygon’s Functionality
Polygon operates as a layer 2 proof-of-stake protocol, providing crucial scaling solutions to Ethereum. Utilizing Plasma technology, it confirms off-chain transactions and then securely pushes them to the mainnet network. Moreover, the blockchain equips developers with essential tools to build a decentralized network based on Ethereum.
Price Projection for MATIC in October 2023
Cryptocurrency experts at Changelly have provided their price prediction for Polygon’s native token, MATIC, at the end of October 2023. According to their analysis, MATIC’s minimum price is anticipated to be $0.73, while the maximum price is expected to reach $0.81. On average, MATIC is projected to trade at $0.77 during this period.
It’s worth noting that MATIC is currently 80.8% down from its all-time high of $2.92. While there is a significant gap to bridge before reaching its previous peak, the actual price movement can be influenced by various factors, including market sentiment and the progress of the Polygon project’s development.
