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How does polygon cryptocurrency work?

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Polygon (formerly also known as MATIC Network) is a cryptocurrency and technology platform that was created with the aim of connecting and developing projects and blockchains compatible with the Ethereum blockchain, which represents the base of Polygon.

One of the main goals of Polygon is to facilitate and accelerate transactions carried out on the Ethereum blockchain, which is an important item in the development and growth of various decentralized applications (dApps). Polygon offers several different technologies such as Proof-of-Stake (Pos) and Ethereum Virtual Machine (EVM) sidechain, to achieve this.We previously wrote about proof-of-stake mechanism in an article about blokchain.

How Polygon works

One way Polygon works (also the way it speeds up transactions) is that it allows dApps to "switch" to their sidechain. In other words, it allows them to execute transactions on that sidechain of theirs instead of the main Etherium blockchain. In this way, they reduce the load on Etherium itself.

Another important item of Polygon is the PoS transaction consent mechanism managed by persons called validates (validate). They play key roles in maintaining the Polygon network. One of the key responsibilities of validators is the validation of transactions within the blockchain. Another positive thing about Polygon is that validators receive rewards for performing their duties online. These rewards can further stimulate the growth and development of the Polygon network because validators have additional motivation to participate in maintaining the network.

Polygon can also, like other cryptocurrencies, serve in transactions between users. They can buy or sell Polygon through various online stores or cryptocurrency exchanges. Its current price is around $0.9 and at the peak of the crypto market it was around $ 2.7

In short, Polygon functions as a cryptocurrency based on the Ethereum blockchain and offers a variety of technologies that facilitate and accelerate transactions on Ethereum. Polygon offers all this in order to drive the growth of decentralized applications and improve the experience of users using the Ethereum blockchain.