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Is Polygon (MATIC) Here to Stay?

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Is Polygon (MATIC) Here to Stay?

Decided Polygon is a good investment? You can get MATIC on Coinbase today.

As cryptocurrency popularity heightens, many large blockchains are struggling to handle the increased capacity. As such, transaction fees have gone up drastically, especially on the Ethereum chain. For instance, transaction fees on Ethereum used to just be a couple cents in its early days. However, transaction fees could be thousands of dollars at their peak. This is where Polygon steps in. Polygon aims to create a  Layer 2 solution for Ethereum to reduce the load on the Ethereum mainnet, and in turn, lower transaction fees. 

Is Polygon (MATIC) Here to Stay or Just a Fad?

As a sidechain to Ethereum and soon to be a Layer 2 solution, Polygon allows Ethereum-based transactions to occur outside of the main Ethereum chain. This practice allows for lower fees on transactions. Additionally, it lets users create their own chains and currencies and add to the overall Ethereum network. 

The project’s token, MATIC, is both used for governance and utility. For governance, it allows holders to vote on new projects and initiatives. For utility, it is used for both transaction fees and transaction verification. Unlike Ethereum, which uses a proof-of-work (PoW) system, Polygon uses a proof-of-stake (PoS) system to verify its transactions. 

MATIC is currently trading for around $1.00 and has a market capitalization of over $8 billion. About 78% of the total supply is currently in circulation. 

Polygon (MATIC) History

Polygon was founded in October 2017 by a team who had experience with development on the Ethereum blockchain. They saw possible issues related to the network’s capacity and decided that Polygon would be a great opportunity to help Ethereum scale. 

For the first couple years after launch, Polygon saw minimal growth. However, several major projects began using its network, such as AAVE, MetaMask and CurveDAO. These projects brought both use cases and trading volume to the project, which sent the coin upwards. The token soared from less than $0.01 to nearly $2.50 in a few months. However, it has since fell back to its current price of around $1.00

Pros and Cons of Polygon (MATIC)

Polygon has a variety of both pros and cons. For pros, it has real use cases and an experienced team. For cons, it is heavily reliant on Ethereum and may struggle to stack up against its competition.

Polygon is part of a small group of crypto projects that offers real use cases. It supports reducing transaction lower fees for everyone and encourages decentralized finance (DeFi) activity. Additionally, it has one of the most experienced teams, backed by computer engineers, blockchain developers and business consultants. This experience can allow them to shine in areas their competitors can not.

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In terms of cons, Polygon is deeply connected to the Ethereum network. As such, if Ethereum begins to struggle, then so will Polygon. Additionally, ETH 2.0  is supposed to lower the strain on the network and allow for lower transaction fees; however, this transformation likely won’t happen for years. Ethereum plans to conduct the Merge to PoS this year, but it’s a common misconception that this change will immediately lower transaction fees.

If Ethereum can scale itself, then Polygon will not be needed as much as it is right now. Additionally, Polygon can only connect Ethereum-compatible applications. Other projects are able to connect multiple chains and can provide more use cases. 

Polygon (MATIC) Competition

While there are many major competitors of Polygon, Polkadot is the largest as of right now. Other competitors include Cosmos, Kusama and Arbitrum. Polygon looks to mainly improve the Ethereum network by connecting it to other Ethereum-compatible blockchains and helping scale the Ethereum network. Polkadot looks to create a network of many blockchains, not just Ethereum-compatible chains.

Polygon hopes to expand the Ethereum network by creating a multi-chain system. It allows for almost anyone to create new protocols on the Ethereum chain. Polygon can take advantage of the security and decentralization of the Ethereum network when it transitions from a sidechain to a Layer 2. 

Polkadot is a network that looks to connect many smaller blockchains. It differs from Polygon in that it’s a Layer 1 solution, meaning that it uses its own blockchain separate from Ethereum. Polkadot currently supports 100 parachains or parallel blockchains. The project hopes to help blockchains communicate with each other by connecting them.

Polkadot is currently trading around $15 with a market cap above $14 billion. 

How to Make Money With Polygon (MATIC)

1 Minute Review

Maybe you think cryptocurrency is the future, or perhaps you were swept up in the initial waves of Bitcoin. BlockFi may be your next step if you’re ready to evolve as a crypto investor.

Whether you’re a native crypto user or curious enough to start investing, BlockFi seeks to bring institutional-grade financial products to crypto markets that often face restricted access. It strives to bring clients low-cost, simple applications designed to maximize the potential of crypto assets. Learn more in our BlockFi review.

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Best For

  • Crypto native clients
  • Crypto curious clients

Pros

  • Mostly fee-free platform
  • Market-best interest rates
  • Earn interest, trade and borrow from a centralized hub using the BlockFi app

Cons

  • Mostly restricted to those with a base knowledge of cryptocurrency
  • No dedicated relationship with an investment advisor, so best for those who have a solid handle on crypto trading

As with any investment, the simplest way to profit is to buy low and sell high. However, it can be extremely difficult to time your trades in a way that allows you to do this consistently. Fortunately, there are multiple ways to earn MATIC through DeFi technology. 

First, you can earn interest on your MATIC position through exchanges. You can earn over 10% APY on your MATIC position by staking it with sites such as Crypto.com and BlockFi. 

Another way to earn passive income on your MATIC position is to stake it. This can be done through the Polygon website and can generate steady returns.  

How to Buy Polygon (MATIC)

1 Minute Review

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Gemini is a cryptocurrency exchange and custodian that offers investors access to over 100 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.

Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader. 

In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.

Best For

  • New investors looking for a simple mobile and web app
  • Day traders looking to use technical analysis tools
  • Users looking for a 1-stop-shop to buy, sell and store all of their cryptos

Pros

  • Easy and quick signups — can get started in as little as a 5 minutes
  • Multitude of platforms to accommodate traders of all skill levels
  • Hot wallets include insurance to protect your from theft and hacking attempts

Cons

  • Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
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Since Polygon is a relatively large project, it can be bought on a variety of prominent exchanges, such as Coinbase Global Inc. (NASDAQ: COIN), FTX, Gemini and Crypto.com. These exchanges are known for their ease of use, low fees, and overall security.

To open an account, simply register using an email and password. You will then have to provide some basic personal information to verify your account. Then you can connect your bank account and begin trading.

So, is Polygon (MATIC) Here to Stay?

As Polygon is almost exclusively dependent on the Ethereum chain, ETH’s success will almost certainly be correlated to MATIC’s. Additionally, Polygon does well when the Ethereum network is under high transaction volume. If ETH 2.0 can solve the issue of excess demand for transactions, then Polygon may suffer. Conversely, if ETH 2.0 cannot handle the strain of the transaction volume, then Polygon could prove to be extremely useful.

Metaverse

Dubai Couple Ties The Knot In The Metaverse

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Dubai Couple Ties The Knot In The Metaverse

A Dubai based couple has decided to be wed in the metaverse after legal problems stemming from their nationalities initially forced them to tie the knot in Georgia in 2019. After the wedding, the couple said they will use their own experience to help others get married in the metaverse as well.

The Metaverse After Wedding Party

After encountering legal troubles registering their marriage, Florian Ughetto, a French national residing in Dubai and his fiancee, Liz Nunez, were reportedly planning to wed in the metaverse on May 19. The couple said the decision to tie the knot in the metaverse comes nearly three years after they got married in Georgia.

According to a report by the Blockchain Group, the couple’s wedding outfits were acquired via Opensea, a non-fungible token (NFT) marketplace. The report also said 20 of the couple’s closest friends would join them via the metaverse.

Explaining the steps that the couple will take exchanging vows, the report said the soon-to-be husband and wife would go to a location in the metaverse for the after-wedding party.

Metaverse Wedding Company

As per the report, the couple got married in Georgia in 2019 after they encountered problems registering their union locally due to their nationalities.

“That is one of the reasons why we chose to fly to Georgia to register our marriage,” the report quotes Ughetto explaining.

Meanwhile, the report said the couple has since established their wedding planning company that will specialize in virtual weddings. The couple hopes to use their metaverse wedding experience as a test run.

While the final cost of the ceremony has not been revealed, the report estimates this to be over $800 or DH3,000.

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What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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CBC

Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

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Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.

Government of Cyprus to Submit ‘Attractive’ Crypto Bill

Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology.

Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated:

I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.

The government representative gave an example with Malta, the regulatory framework of witch attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized.

The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations.

“Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added.

The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca.

Tags in this story

CBC, Central Bank, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Cyprus, deputy minister, ECB, EU, European Union, Fintech, Government, innovations, legal framework, Regulation, Regulations, rules

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Do you expect Cyprus to introduce crypto regulations before the European Union? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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AVAX Hackathon

MetaOasis AVAX Hackathon News Report

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MetaOasis AVAX Hackathon News Report

press release

PRESS RELEASE.

MetaOasis Wins the Double in Hackathon Competitions

Three months ago, MetaOasis won the championship in Metaverse Alliance 2021 Global Metathon. Three months later, MetaOasis got the most votes and beat 112 competitors in the recent Avalanche Asia Hackathon. Therefore, MetaOasis will become the first project that wins the double in international hackathon competitions in the gamefi history.

What worth mentioning is that Avalanche Asia Hackathon set up an algorithm mechanism which can prevent repeated voting. That’s to say, all votes were from loyal supporters of the project, which makes the votes be of great value, and it also shows that MetaOasis deserve the championship by having the strength with strong and real user base.

Who is the Champion-MetaOasis?

MetaOasis is the next-generation game publishing platform linking Web2 and Web3. Meanwhile, MetaOasis will launch the first self-developed big game, making it the core to gather excellent game around the world into MetaOasis.

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As the first gamefi that can provides players with a rich and interesting experience like traditional games, MetaOasis is confident that it will attract more traditional players into the platform. Moreover, a series of revolutionary initiatives within the platform will continue to help users and empower developers.

For Users: Low Threshold but More Fun

MetaOasis built a “buffer zone” for new users, especially for the traditional internet users to come into WEB3.0. Through the innovative “inter-linked account” mechanism, “buffer token” mechanism, and compatible with the traditional game IAP (In-App Purchase) channel, users can choose either quick registration to experience the platform first or immediate registration for blockchain wallet, which avoids traditional users’ excitement diminishing due to the learning difficulty and financial risks of entering the blockchain space, and enables users to enter the WEB3.0 world more smoothly.

MetaOasis used a professional game engine, and through the disclosed video, we can see the definition of MetaOasis’s frames is at a high level. Moreover, MetaOasis is built by a mature R&D game company with more than 100 employers and a blockchain technology team. Therefore, different from other gamefi which are not attractive enough, MetaOasis offers multiple ways for players to play: battle, construction, exploration, collection, mission, social, etc. For example, MetaOasis encourages players to participate in social activities as well as challenging others in the form of parties, or occupy other players’ lands, and eventually get the rewards! MetaOasis makes gamefi get back to game, and allows players to have fun.

For Developers: More Users, Stronger Empowerment

MetaOasis is not only a platform to create content for professional R&D teams, but also a series of strong empowerment by offering instruction of gamefi change for researchers and developers.

NFT Interoperation

MetaOasis changed the situation that different gamefi NFTs are unable to inter-operate with each other with a well-designed solution MNP30(MetaOasis NFTs Protocol, as shown below) for the industry. In a few words, it allows users to accumulate and interoperate their NFTs owning in different games of the platform or other achievements by building a set of exchange standards and protocols, and this will lower the threshold of repeated user investment to a certain extent and also make the value of user accumulation more sustainable.

SDK for Multiple Platforms and Development Tools

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High-qualified content is the key to attract users, therefore MetaOasis hopes that developers focus on applications or games, and provide a series of SDKs for developers to deploy mechanisms without too much effort. Moreover, the SDK is suitable for a variety of platforms and development tools, which means that whether it is a project for WebGL or a traditional game developed by Unreal or unity, it can all be covered. At the same time, based on open digital identity and home, MetaOasis will also offer some development tools to users, allowing all users participate in UCG development.

Sharing the Platform Ecosystem

Content-creators can share the advantages of the platform ecosystem in community traffic, marketing, technology resource, etc, making their works being more likely to be approved in the market. Those contents approved by most people will be shown in the MetaOasis metaverse in the form of special stars, building a game world which keeps developing and changing, together with mainverse games.

Overall, MetaOasis has shown the potential to truly become a next-generation game publishing platform, giving us a glimpse of the new development direction and prosperity of the gamefi ecosystem. Meanwhile, Project CH, the first core project of MetaOasis, has also revealed a large number of milestone achievements with high degree of completion and complexity, which gives us every reason to expect that an epoch-making project will come out soon.

About MetaOasis

MetaOasis is the next-generation game publishing platform linking Web2 and Web3. MetaOasis reduces the entry threshold of Web2 users by building the infrastructure of Web2 and Web3 integration and also provides a series of tools for Web3 game developers to solve user login and payment problems. Allow developers to focus on making products.

Meanwhile, MetaOasis will release the main universe game that meets the game’s specifications as well: Project: CH, and self-developed ecological games such as “Puzzle Game” and “Embassy Planet” are already online.

Contact

Official Website: https://www.metaoasis.cc/

Twitter:https://twitter.com/Metaoasis_ @Metaoasis_

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Discord: https://discord.gg/metaoasis

Telegram: https://t.me/metaoasis

Medium:https://metaoasis.medium.com/

Reddit: https://www.reddit.com/user/Meta-oasis/

Youtube: https://www.youtube.com/channel/UCGLcR_Q72Uvpjf-NDuLgc6Q/featured


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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