What is Polygon MATIC which type of token is this

Polygon(Matic) crypto

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What is Polygon MATIC which type of token is this

In early2021, an Ethereum infrastructure project called Matic rebranded itself as Polygon. Polygon, which is designed for developers of Ethereum projects, work son the Ethereum network or blockchain infrastructure and develops products that make blockchain transactions faster and more secure. 

Prior to its relaunch as Polygon, the existing Matic project had over 80 applications that generated approximately 7 million transactions for approximately 200,000 users.

So what is it about this cryptocurrency project and its associated token, MATIC, that set sit apart from other types of cryptocurrencies? Polygon and Matic have many goals before this, but one of their main objectives is to make Ethereum (ETH)and the Ethereum blockchain easier for developers to use. 

Ethereum was created to host applications and smart contracts – agreements that can be validated and executed without the approval or action of a third party such as a judge or attorney.

Matic's developers found that there were "scalability and user-experience issues" that forced the widespread adoption of smart contracts and dApps.

To solve this, Matic decided to use Sidechain to process apps and contracts on Ethereum. A sidechain is a separate blockchain that is linked to its parent blockchain using a two-way peg, which enables interchangeability.

The sidechain fix was effective, as it could accomplish the project goals without slowing down the entire network. Just as Ethereum transactions require gas paid in Ether, the MATIC token will be a means of paying transaction fees on the Matic network. The cryptocurrency sector took notice, and with renewed attention, Polygon (MATIC) also enjoyed credibility and a new round of funding.

Polygon, token, Ethereum infrastructure, cryptocurrency project, Matic, Ethereum network, Matic network, side chain, smart contracts, cryptocurrencies, Bitcoin<

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