123swap partners with Polygon3 min read
The 123swap platform is a perfectly decentralized financial ecosystem that allows Peer-to-peer exchange of crypto assets. The platform intends to be a cryptocurrency exchange system that generates as little slippage as possible.
Polygon(Matic Network) was founded by Anurag Arjun, Jaynti Kanani, and Sandeep Nailwal. The three men have extensive programming, development, and management backgrounds and have significant blockchain technology experience.
Polygon (MATIC) offers a solution to Ethereum’s scaling problems that enables faster and cheaper transactions. For this purpose, Polygon uses so-called ‘sidechains’ (layer 2), which run parallel to the Ethereum blockchain and can therefore process transactions faster and more cheaply. The changes are then written to the main chain.
Due to the high fees at Ethereum, a fast solution is needed, the DApps and, in particular, DeFi-Makes logs usable again. The polygon network and the associated Ethereum token MATIC together form a scaling solution that aims to address some of the problems of the Ethereum-Platform solve and make transactions both faster and cheaper. Polygon calls itself “Ethereum’s Internet of Blockchains.”
Polygon wants to help Ethereum increase size, security, efficiency, and utility and wants to encourage developers to bring exciting products to market even faster.
After the rebranding, Polygon kept its cryptocurrency MATIC, the digital currency behind the network. MATIC is used as a payment and accounting unit between participants interacting within the network.
Customers use MATIC Sidechain polygons to run and interoperate with many Ethereum-based decentralized applications. It should be taken in account that MATIC is much cheaper and faster than other networks.
It relies on developers to configure their sidechains or scale their applications using the standard SDK and Polygon network to provide a great customer experience.
Stakeholders on Polygon are operating successfully, as are PoW miners on Ethereum. To approve and certify transactions in the MATIC Sidechain, MATIC tokens must be blocked by interested parties. In addition, they can choose the appropriate block creators by using their locked tokens as the voting power to regulate the block creators process in the side chain. The block creators then create the blocks and control all exchanges on the network. To be selected as a block builder, stakeholders need to lock a critical size of MATIC token.
The number of block creators is usually kept relatively small as higher bandwidths and swap deals deliver much faster than block agreement producers. For example, it takes an average of around 20 seconds to create a new block on Ethereum’s main chain, and Sidechain Matic creates and repairs new blocks every second.
The polygon signal
The polygon signal called MATIC is the basic resource of the polygon system. In addition to being used for foreign exchange payments, it is also used to store signals to protect the polygon network. Since rebranding, the costs for the MATIC Polygon brand have increased dramatically following a massive expansion of its use.
The MATIC signal has a covered supply of 10 billion tokens, with a current supply of about 5 billion. The MATIC token is accessible by the most popular decentralized and centralized trading companies, including some of the popular names like Binance and 1inch Exchange. The world of cryptocurrencies is coming together to facilitate the purchase of Polygon tokens (MATIC), offering them fiat coins and cryptocurrencies.
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