How to Buy Polygon (MATIC)

Buy Polygon through Binance

• Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

Buy Polygon through Coinbase

• Coinbase is a convenient and cheap way to buy Ethereum and the platform is open to 200+ countries). Coinbase will sell you CRO for a variable fee that depends on your payment method (credit cards have a higher fee than wire transfers), order size and market volatility. Here’s how you buy Ethereum on Coinbase: Open a Coinbase account Add your payment method (Credit card or bank account) Go to “Buy/Sell” and select the amount of Ethereum you desire Click “Buy Cronos”

Buy Polygon through Kucoin

• Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.

Buy Polygon through Bitfinex

• Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships. Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.

Buy Polygon through Crypto.com

• Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos. The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.

Step 3 – Withdraw Your Polygon

Once you decide on an exchange, open an account and buy your Polygon . Make sure to withdraw the Polygon from the exchange to your personal wallet.Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past).

OVERVIEW

Who Are the Founders of Polygon?

Polygon (formerly Matic Network) was launched in October 2017. Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, two experienced blockchain developers and a business consultant.

Before moving to its network in 2019, the Polygon team was a huge contributor in the Ethereum ecosystem. The team worked on implementing the Plasma MVP, the WalletConnect protocol and the widely-used Dagger event notification engine on Ethereum.

The team included co-founder of Polygon, Jaynti Kanani. Jaynti, a full-stack developer and blockchain engineer currently serves as the CEO of Polygon.

Jaynti played an integral role in implementing Web3, Plasma and the WalletConnect protocol on Ethereum. Prior to his blockchain involvement, Jaynti worked as a data scientist with Housing.com.

Co-founder and chief operations officer of Polygon, Sandeep Nailwal is a blockchain programmer and entrepreneur. Before jointly starting Polygon (formerly Matic), Sandeep had served as the CEO of Scopeweaver, and the chief technical officer of Welspun Group.

Anurag Arjun is the only non-programming co-founder of Polygon. As a product manager, he has had stints with IRIS Business, SNL Financial, Dexter Consultancy and Cognizant Technologies.

What Makes Polygon Unique?

Polygon is a unique blockchain project in several ways:

1. High scalability: One of the main features that sets Polygon apart is its high scalability. The network is designed to process a high number of transactions per second, which makes it ideal for decentralized applications (dApps) that require fast and seamless user experiences. Polygon achieves this high scalability by utilizing a Layer 2 scaling solution that builds on top of the Ethereum network.

2. Interoperability: Polygon is interoperable with other blockchain networks, which means that it can connect and communicate with other blockchains, allowing for seamless asset transfers and interoperability between different decentralized applications. This feature enables developers to build dApps that can interact with various blockchain networks without the need for additional intermediaries.

3. Low transaction costs: Compared to other blockchain networks, Polygon’s transaction fees are relatively low, making it an attractive option for users who want to transact with cryptocurrencies without incurring high fees.

4. Ethereum compatibility: As an Ethereum-compatible network, Polygon is designed to work seamlessly with the Ethereum blockchain, allowing developers to port their existing Ethereum dApps onto the Polygon network with ease. This compatibility has made Polygon an attractive choice for developers looking to build decentralized applications with high scalability and low transaction costs.

5. Community-driven: Polygon has a strong and supportive community of developers and users who are actively working to improve the network and promote its adoption. The community is also responsible for governance of the network, with token holders having a say in the decision-making process through a decentralized governance system.

Polygon (MATIC) London Hard Fork and EIP-1559 Upgrade

Polygon announced the much-anticipated London Hard Fork and Ethereum Improvement Proposal (EIP) 1559 upgrade will go live on the mainnet on Jan. 18, 2022. The upgrade will completely change the way the fee mechanism works on the Ethereum network — it eliminates first-price auction as the main fee calculation mechanism and instead uses a base fee that is burned, instead of sent to miners. Although it does not lower transaction fees, it makes it more stable, allowing users to estimate costs better and reduce overpayment.

However, as MATIC tokens are burned as base fees — and MATIC has a fixed supply of 10 billion tokens — it will have a deflationary effect on the digital asset. Polygon’s core team projected an annual burn of MATIC amounting to 0.27% of the token’s total supply — around 27 million tokens. This deflationary pressure will most likely benefit validators and delegators the most, as rewards for processing transactions on Polygon are denominated in MATIC. Furthermore, base fee will increase automatically once the block is filled up, resulting in fewer spam transactions and less network congestion. Ethereum mainnet’s London Hard Fork went live on Aug. 5, 2021.

Polygon Network Carbon Neutrality

Polygon is one of the multiple blockchains achieving carbon neutrality. That initiative is part of Polygon’s Green Manifesto, which aims to focus on sustainable development for blockchain. Polygon committed $20 million for various community initiatives to utilize Web3 technology to build a sustainable future for all. That includes focusing on new solutions for on-chain carbon credit retirement.

Through a partnership with KlimaDAO, Polygon bought $400,000 worth of carbon credits. Those credits represent nearly 90,000 tonnes of CO2 emissions. The tokens were retired through KlimaDAO’s offset aggregator tool, with BCT and MCO2 carbon credits created from offsets certified under the Verified Carbon Standard.

KlimaDAO is a decentralized collective of environmentalists, entrepreneurs, and developers looking to modernize the carbon market through on-chain technology.

Furthermore, KlimaDAO and Offsetra analyzed Polygon’s network energy footprint to determine emission hotspots and figure out a compelling mitigation approach. That includes looking at emissions from staking node hardware, the energy consumption of staking operations and more,

Becoming carbon neutral is the first step for Polygon toward sustainability. Even though the network relies on proof-of-stake, far more energy-efficient than proof-of-work, the network continues to impact the environment. That applies to both Polygon-only activity and the native smart contracts interacting with the Ethereum blockchain.

Polygon and KlimaDAO have also retired carbon credits from various network-native projects, including Bull Run Forest Conservation Project, the Ghani Solar Power Project, Moss.Earth and the wind power project at Jaibhim, India.

How Many Polygon (MATIC) Tokens Are There in Circulation?

MATIC tokens are released on a monthly basis. MATIC currently has a circulating supply of 4,877,830,774 MATIC tokens and a max supply of 10,000,000,000 MATIC tokens.

At its initial private sale in 2017, 3.8 percent of MATIC’s max supply was issued. In the April 2019 launchpad sale, another 19 percent of the total supply was sold. The MATIC price was $0.00263 per token, and $5 million was generated.

The remaining MATIC tokens are distributed as follows:

• Team tokens: 16 percent of the total supply.
• Advisors tokens: 4 percent of the total supply.
• Network Operations tokens: 12 percent of the total supply.
• Foundation tokens: 21.86 percent of the total supply.
• Ecosystem tokens: 23.33 percent of the total supply.

According to the release schedule, all the tokens will be released by December 2022.

How Is the Polygon Secured?

Polygon is secured through a consensus mechanism called Proof of Stake (PoS). The network uses a modified version of the Ethereum PoS consensus algorithm, called the “Polygon PoS Chain”.

In this consensus mechanism, network validators, also known as “stakers”, are required to hold a certain amount of Polygon’s native token, MATIC, as a security deposit to participate in the network. The validators are then responsible for verifying transactions and adding new blocks to the blockchain.

Validators are incentivized to act honestly through the distribution of MATIC token rewards for their efforts, as well as through the risk of losing their security deposit if they are found to be malicious or negligent.

In addition to PoS, Polygon also implements other security measures such as regular security audits, bug bounty programs, and partnerships with leading security firms to ensure the overall security of the network.