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Is Polygon the future of cryptocurrencies? – What makes Ethereum’s scaling solution so special

 


Polygon is a scaling solution for the Ethereum Blockchain. With increasingly high gas fees and slow transaction speeds, Ethereum needed an additional solution to speed up transactions and smart contract execution. 


Matic

Polygon is a Layer 2 solution for Ethereum. It enables you to develop your own dApps while connecting the Ethereum blockchain to use the Ethereum ecosystem. The main network of Ethereum is relieved by the introduction of sidechains. Transactions are accelerated by redirecting transaction load to the sidechains. 


What makes Polygon so special?

Polygon is the scaling solution for the Ethereum Blockchain. This gives Polygon access to the huge Ethereum ecosystem. However, as a layer 2 solution, Polygon can circumvent the weaknesses of Ethereum very well. This makes Polygon very scalable and transactions are executed much faster.


Polygon Ethereum

Furthermore, Polygon will continue to develop. Because Polygon plans to become a multi-chain solution. In this way, Polygon can build its own ecosystem while benefiting from the robustness and established security of the Ethereum network. As a result, the Polygon network is currently growing extremely rapidly.


Does Polygon have a future?

As a scaling solution from Ethereum, Polygon has an extremely good basis to become successful as a cryptocurrency in the future. But in recent months, doubts have repeatedly arisen as to whether Polygon can continue to exist alongside Ethereum. This question came up mainly in connection with the fact that Ethereum was updated with Ethereum 2.0, which is intended to make the Ethereum blockchain faster and more efficient.


However, Polygon should continue to grow despite the new update at Ethereum. The Polygon Blockchain is currently building its own multi-chain network as a layer 2 solution. Due to its high scalability, Polygon's growth is massive. Furthermore, Polygon has a high level of trust among users due to its association with Ethereum. 


How high can Polygon go?

Polygon's token is called MATIC. This is the network's previous name before it was rebranded to Polygon. The price of the MATIC token has increased quite a bit over the past few months. MATIC's rise preceded the rises of other cryptocurrencies. Polygon (MATIC) is now ranked 13th among the most valuable cryptocurrencies and thus has an excellent future.


MATIC course 1 month

Polygon course in the last 30 days, source: Coinmarketcap

At the moment, the MATIC token is priced at $0.86. Many analysts are extremely bullish on Polygon (MATIC) for the mid- to long-term future. So in the next bull market (probably from 2024) we could already see the value of $10. In the long term, even $100 could follow in the next few years.


Which cryptocurrencies are Polygon's competitors?

Cryptocurrencies, which have high scalability, should be a group that will perform extremely well in the years to come. This includes Polygon, which has a very big advantage due to its association with Ethereum. But there are also other candidates for cryptocurrencies that should grow massively in the next few years due to their high scalability.


Cardano (ADA)

Cardano is a blockchain that has been constantly evolving in recent years. The Cardano network is geared towards the long term and has been continuously developed for years. The Cardano Foundation uses scientific methods to further develop the blockchain. 

Cardano wants to massively increase its scalability in the next few years. The Basho development phase is intended to make the Cardano blockchain one of the fastest blockchains on the market. This could propel Cardano to the forefront of the crypto market.


Sunshine (SUN)

Solana has been extremely successful in 2021. This was because the blockchain can theoretically achieve transaction speeds of up to 50,000 transactions per second. The high speeds and extremely high scalability ensured that Solana was able to quickly rise into the top 10 cryptocurrencies.


Solana Wallet

Unfortunately, Solana has suffered from several network crashes over the last few months. There are also major concerns about the security of the Solana blockchain. But if Solana can iron out its weaknesses, it could be a serious competitor for Polygon in the future.


Avalanche (AVAX)

Another blockchain emerging as one of the fastest blockchains in 2021 is Avalanche. Like Solana, transactions can be executed extremely quickly with Avalanche. The scalability of the blockchain is also extremely high. 


Avalanche

The high efficiency and scalability of Avalanche is based on the combination of 3 different chains on which the tasks of the network are distributed. In the future, Avalanche could also play an important role among highly scalable blockchains.


Should you invest in Polygon now?

While Polygon (MATIC) has risen sharply in value over the past few weeks, the price of the MATIC token is still extremely low looking ahead. Therefore, it could be extremely worthwhile to buy Polygon now and benefit from possible price increases in the future. The MATIC course should rise massively again in the next few years at the latest by the time of the next bull market.


Polygon is a project that has the potential to become one of the most dominant blockchains in the market in the future. The price potential is extremely high. In addition to Cardano, Polygon is one of the projects that can probably grow the most in the long term. As such, at these low prices, you could buy Polygon today and reap extremely high returns a few years from now. 

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