Polygon (formerly known as Matic Network) is an Ethereum-based platform that aims to support the advances of decentralised applications, as scalability has been identified as an issue. Additionally, Polygon seeks to address Ethereum’s biggest challenges like high transaction fees and poor user experience. This is achieved through the utilisation of off-chain computing and processing, through decentralised proof of stake (PoS) validation to ensure security. While the Matic Network was simply a layer-2 scaling solution for the Ethereum network, Polygon is the platform required for scaling collaborative blockchains.
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 credit/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).
