The price of Matic is inching towards the 15, 20 & 25 moving averages The yellow lines represent the range between which Matic has been trading since July The expectation is for the price of Matic to drop to 0.76 in the next few days Note: Trading decisions should not be based on the opinion in this article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
MARKET HIGHLIGHTS
Currency in circulation: 5.2 Billion
Market Capitalization: $1.8 Billion
Price per USD: $0.31 (19th April 2021)
OVERVIEW
Polygon formally known as Matic, is an Ethereum token that powers the Polygon Network. Polygon's primary aim is to provide faster and cheaper transaction on Ethereum using Layer 2 sidechains and improve user experience. The current Ethereum block chain development platform is the preferred platform of choice however it has limitations and that is what Polygon is trying to resolve.
The current Ethereum platform has limitation on the amount of data/transactions that can be processed by the system in a given time termed as 'Low Throughput'. Polygon (Matic) has a dedicated throughput resource and could process up to 65,000 transaction per second.
Moreover, the current fee or pricing value (referred to as 'Gas' in the cryptoworld) required to successfully conduct a transaction or execute a contract on the Ethereum block chain is pretty high.
Ethereum Gas is the lifeblood of the Ethereum ecosystem, a 'Gas' is a unit that measures the amount of computational effort required to execute a certain operation. Every single operation that takes part in Ethereum requires some amount of 'Gas'. Miners working to execute an operation are paid in Ether which is equivalent to the amount of 'Gas' it took them. So in summary, 'Gas' is a transactional fee.
This is where Polygon (Matic) proves to be beneficial as it lists 'Zero-Gas' as one of its features
Furthermore, given the technological advancement in the financial and banking industry, we are used to making instant payments/transfers to one another. This is another feature where the Ethereum platform lacks. The Ethereum platform is plagued with a delayed payment mechanism referred to as 'Delayed Finality' due to which the transactions are not immediately finalized.
Polygon (Matic) lists instant transaction finality as its enhanced user experience feature
Polygon (Matic) in its light papers lists many more improved features in comparison to the current Ethereum platform
FUTURE PREDICTION OF POLYGON (MATIC)
Since inception Polygon (MATIC) has grown by a staggering 8,728.46%
Given the improved features of Polygon, it won't be incorrect to say that we could see multiple uses of it in the given future .e.g. as a payment method and in the gaming industry as well. In 2020 Polygon (Matic) conducted its first ever Matic Network Gaming Week and is quickly becoming the Go-To platform for the gaming DApps. Just to put things into perspective, the global gaming industry was worth $152.1 billion in 2020.
Wallet Investor predicts Polygon to be at US$2.27 in one year and US$9.5 in five years
Digital Coin predicts Polygon to reach US$1.38 by 2028
Furthermore, its important to note that Polygon is a non-minable currency meaning as the demand grows the limited number of supply could push the prices higher.
No one can say with surety where the price of Polygon might land at the end of 2021, however with the improved user experience and features of Polygon (Matic) it is highly likely that the price of Polygon would accelerate in the future. Furthermore, with the recent gains in Polygon, it might even be one of the best Cryptocurrency to invest in 2021.
Note: Price forecast are predicted using mathematical models and shouldn't be used for investment decisions. Trading decisions should not be based on the opinion in the article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
If you liked my explanation of the Polygon Cryptocurrency, let me know in the comment which currency would you like to know about next.
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