Polygon (formerly known as Matic Network) is a protocol and framework consisting of an ecosystem of scaling solutions. Ethereum faces challenges like high transaction fees and slow transaction turnaround, due to the network being highly congested. Scaling solutions are technologies that aim to solve these problems by building on top of the parent blockchain. Polygon is primarily a side chain that offloads transactions onto a blockchain that runs parallel with the Ethereum blockchain but is also developing various scaling solution technologies including plasma chains, optimistic rollups, and ZK Rollups.
The Polygon Network has adaptations resulting in faster and cheaper transactions that settle on the parent chain. There has been notable success in their first venture onto the Ethereum blockchain, boasting instant ERC-20 exchanges on the network.
The MATIC token will continue to exist and also plays a pivotal role in securing the Polygon platform and enabling governance. MATIC currently sits in the top 20 biggest digital currencies by market cap.
You can buy MATIC token in Australia on the Swyftx Crypto Exchange.
How to buy Polygon in Australia
You can buy Polygon on the Swyftx Crypto Exchange in Australia. First, you’ll need to sign up by providing your name, email address and phone number. To activate your account, verify your email address, phone number and identity. This step can usually be completed in a few minutes and you won’t be required to submit any documents.
Once your account has been verified, you can then deposit funds into your account via one of the following payment methods: bank transfer, POLI, PayID or debit card. Deposit times may vary depending on which option you choose, however, most deposits are received instantly. Once the deposit is received, you can buy MATIC instantly.
What makes Polygon unique?
Polygon is a layer 2 scaling solution which means it improves the efficiency of a layer 1 blockchain (i.e. Ethereum). Its main focus is to improve its scalability and user experience and allow for instant transactions, all challenges that Ethereum currently faces. It is unique because it is the only scalability solution that supports the Etherum Virtual Machine (EVM).
