Hello, welcome again. David Tatera here from CryptoTutorials.org. Today, we're going to talk little about MATIC. What is MATIC on Polygon? What is Matic token? What's the ecosystem?. What's an L2 protocol?. Give you an overview of the entire thing so you can understand it a little better.
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What is Matic Token on Polygon?
So what is Polygon? Polygon used to be known as MATIC networks. It recently rebranded back in February. You can see they've got that up here. When it was the MATIC network, it was developing a faster, more scalable blockchain. Eventually, they realized that rather than just being a blockchain, they wanted to become a set of protocols and a set of tools that allowed other people building blockchains to take advantage of these things.
If you've ever operated on the Ethereum blockchain, you have seen tokens that are built on top of Ethereum using Smart Contracts. One of the problems with these tokens is speed. Another thing you've run into is cost. Ethereum smart contracts are expensive and slow. The other day I bought a token on UniSwap and it was like $4 in gas fees just to buy $20 worth of the token.
That kind of prices out of any small transactions. It means you can only do big transactions, and that doesn't really work for a fully functioning internet. This is what polygons has come along with and solved. Vastly cheaper much, much faster, much more scalable. Instead of just becoming a blockchain that operated on these principles, they became a set of tools for other people building blockchains.
Polygon still exists or operate?
Polygon still operates within the Solano programming language. Which is really helpful because blockchain engineers already understand it. All these other different blockchains that are built on top of Ethereum can be built using MATIC protocols, and now they're set to work together, so they'll all be fast, they'll all be cheap, and they'll be able to work together with each other fluidly. This is the Layer 2 Protocols that you may have heard referenced.
Rather than how it is now, every time you jump to a new network, you've got a whole new set of wallets and protocols and coins that you need. Speaking of coins, Polygon's coin is still known as MATIC. It is the central coin for this network, and it's what you pay gas fees and things like that in. Even though the gas fees are pretty darn low.
So that's kind of the quick run for now, to give you an idea of the value it brings. They have collaborated on major, major projects. All kinds of different big names are built on the Polygon architecture. This is a large project that has grown and grown. Bringing on new developers directly from the Ethereum team, as well as other developers.
Recently it got a pretty big lift when the market was tanking. Mark Cuban has come out and said that he thinks this is going to be one of the biggest projects out there in DeFi. We will see if it can live up to it either way. It's definitely going to help change the direction of blockchains. Okay. Appreciate you guys sticking with me, learning with me about what is matic token, and I greatly appreciate you. Also check my artcile on How to buy matic on polygon. Aloha.