Polygon Explained

Introducing new cryptocurrencies at SpectroCoin

As mentioned time and time again - here at SpectroCoin, we aim to provide a wide variety of cryptocurrencies for our users to choose from. Once again, we would like to introduce you to one of the newest additions to the SpectroCoin crypto portfolio - Polygon.

Formerly known as Matic Network, Polygon is a platform designed for Ethereum scaling and infrastructure development that aims “to create, issue, and manage digital securities on the blockchain”. Matic tokens are used as a settlement currency between the Polygon users and to pay transaction fees on the Polygon sidechains.

The Rise of Polygon

MATIC announced its plans to rebrand itself as Polygon in order to be more recognisable on a global scale. Polygon's growth could partially be linked to an increase in the Ethereum network popularity. But with increased congestion on the Ethereum Network and the rise in its costs, Polygon's relatively low fees received a lot of traction from new investors.

Although Polygon is usually ranked somewhere at the bottom of the top 15 cryptocurrencies in the world, its founders have ambitious plans to make it the third-largest crypto project following Bitcoin and Ethereum.

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