The Ethereum team was the first to design a platform for developing smart contracts and decentralised apps, and Bitcoin was the first successful network based. The blockchain’s high level of data security shows that these technologies have a bright future ahead of them.
Users praised Ethereum’s capabilities, but its success showed all of the blockchain’s weaknesses. The platform is no longer able to handle the large data flow. We require specialist solutions to improve the platform’s performance and scalability.
While the Ethereum development team works to improve the knowledge base and prepare for the launch of Ethereum 2.0, the network has already implemented technical solutions that are similar to Ethereum but faster, more reliable, and far less cheap.
Matic Network was created as a second-tier solution to boost the Ethereum blockchain’s scalability. Since its launch in 2017, the platform has hosted over a hundred distributed applications for varied purposes.
The network was named Polygon Network in the first quarter of this year, and its functionality was extended to include the ability to create custom blockchains.
History and prospects of the MATIC coin
The MATIC token is based on the ERC-20 protocol. It was created as a method of payment for all forms of Matic Network settlements. This asset first came on the market in 2019, but it received little attention at the time.
As a result of growing number of issues, Ethereum saw an increase in user interest in alternative crypto projects. Matic Network’s rebranding and updates arrived at the ideal moment. The coin began to rise in value in early January 2021, and it has continued to rise despite huge changes in the Matic Network. The coin has grown by 2300 % in ten weeks. Its price seemed to be fairly low in absolute terms, and the dollar barrier was broken in the first ten days of May. The price rose to an all-time high of $ 2.45 a short time after.
MATIC has regained lost ground after just a sharp downturn this summer, and is again trading at roughly $ 2.
Where to exchange MATIC for other cryptocurrencies
Many major cryptocurrency exchanges, including Bittrex, Poloniex, OKEx, KuCoin, and Coinbase, support the coin. It should be noted, but even so, that MATIC’s number of trading pairs is currently limited. The fact that a coin is listed in the catalogue does not mean that you can swap MATIC for ETH for it.
How it works on traditional cryptocurrency exchanges
- If you’ve not already done so, set up an account.
- If the exchange rules require it, verify your account.
- Make a coin deposit.
- Make an order for MATIC to be exchanged for the coin you need. This can be a limit order or a rapid trade, depending on the exchange’s technical capabilities.
- If you do not intend to conduct active trading, withdraw coins from the exchange to your wallet after the order is executed.
Almost all credible exchanges require account registration and identity verification. In addition, all exchange transactions are subject to a commission.
How does LetsExchange convert cryptocurrencies?
LetsExchange is a platform of a different kind. This is a client (C2C) rapid exchange service. To complete the purchase, you do not need to create an account:
- Select MATIC for sale in the top side of the exchange widget and enter the transaction amount;
- Choose one coin to buy in the bottom field.
- Enter your crypto wallet’s address;
- Make a coin deposit.
- Choose “Exchange” from the check menu.
Without a long search and waiting for the best rate, you can exchange MATIC to BTC and about 300 other coins. It will be selected automatically by the Smart Rate system for the best value available. The coins are credited to your wallet once the transaction is completed.
First and important, LetsExchange is profitable, simple, and secure.