Although not many projects from the crypto space were able to make their mark in the 2022 mark market, Polygán managed to gain much more attention. This is due to major technological advances by the dominant scalability network for Ethereum, but also to some significant partnerships with large and influential corporations. The Polygon network shows that progress and innovation can pay off.
This could make Polygon one of the interesting crypto projects of the year and bring in huge returns for investors. Kryptoszene.de explains why you should have Polygon 2023 on the slip and how the price of the native cryptocurrency MATIC could develop.
Polygon improves stacking process and provides more security
On a technological level, Polagán was able to convince with further developments in the betting process. With Proof-of-Stake consensus mechanisms, unlike the Proof-of-Work method used by the Bitcoin network, mining does not validate a new block in the chain. On the other hand, users lock their tokens when staking them and use this to help confirm transactions. In exchange for the capital provided, users receive so-called stake rewards. Instead of having to solve complex arithmetical tasks for mining new blocks, as with Bitcoin, which requires a lot of computing power, which is expensive and time-consuming, Proof of Promise transactions are much faster and cheaper.
However, betting is considered more vulnerable in terms of network security. Because Proof of Stake can only work securely and stably if the chosen validators act reliably and efficiently. In order to significantly improve this process, Layer 2 in the Polygon network emphasizes network security. For this purpose, the community checks the validators using a new rating system. The performance of the collectors is classified using a color scale from green to black. Green means a validator is doing reliable work. With the color orange, on the other hand, the community has already identified weaknesses in the collector that need to be remedied. Red indicates that a validator needs to take urgent action, and black indicates that it is exiting the stack process.
New scaling programs accelerate Ethereum transactions
With this new mechanism, not only is network security greatly improved, but the decentralization required in the polygon network is also progressing, because the community itself ensures security and this does not happen from above through management levels. With this, Polygon can take a big step towards consolidating and expanding its position as the leading scalability solution for Ethereum.
In addition, as reported by Decrypt, Polygon is developing three zero-knowledge proof scaling programs for project developers. They are designed to support the growing ambitions of mainstream adoption. With this technology, many transactions can be bundled into a separate chain on the Polygon sidechain and then transmitted to the main blockchain (Ethereum) in one step, enabling much higher transaction throughput.
Its pioneering role in technology means that more and more well-known companies want to work with Polygon. The network can benefit from this in the long term, as Polygon is better known across the board and many large company users want access to the technology. Therefore, Polygon could be one of the important crypto projects on the market in the next few years.
.@instagram has found a way to bridge the gap between the Web2 platform and Web3 users with its Digital Collectibles feature, partly due to collaborations with NFT artists such as @Micah_Johnson3, @refikanadol, @DrifterShoots and others. @rosieperper It breaks down https://t.co/Ntg6cRCHuK
— CoinDesk (@CoinDesk) January 11, 2023
Known partners: Reddit and Starbucks rely on Polygon
Kryptoszene.de recently reported on the partnership with the decentralized exchange Uniswap. And Mastercard also relies on Polygon to advance their efforts in the area of Web3 and Non-Fungible Tokens (NFTs). But there are other known partners who want to collaborate with Polygán in the future or are already doing so.
This includes, for example, the discussion platform Reddit. In the summer of 2022, she introduced the NFT series “Collectible Avatar” with her mascot “Snoo”. The most active users of Reddit even received the free NFTs as a reward. There is a huge rush on this and according to one Reddit manager, more than three million new wallets were created for the Polygon network in a short period of time just to claim the NFTs. Meanwhile, the number of wallets has reportedly increased to 4.3 million, making the campaign a complete success for both Reddit and Polygon.
Starbucks, the world’s largest coffeehouse chain, is also relying on Polygon’s expertise in its NFT efforts. With Starbucks Odyssey, the company has launched a new Web3 rewards platform with NFT Rewards, based on the Polygon network. According to Starbucks, there is already “unprecedented interest” in the platform.
Meta and Robinhood also trust polygon technology
The series of partnerships can be continued. For example, sporting goods giant Nike is planning to launch a digital apparel collection on Polygon. Mark Zuckerberg’s company Meta is also introducing NFT support through its social media service Instagram. More than a billion users can use it to embed NFTs in their digital photos on Polygon. Even the former President of the United States, Donald Trump, is said to be using Polygon to house NFTs. The well-known trading app Robinhood launched a beta version of a wallet on the Polygon network at the end of September.
Polygon Studios CEO Ryan Wyatt told Decrypt: “Even after FTX, I don’t see people supporting it. From a technical perspective, I see people looking at Web3 as an integral part of their strategic future. Discussions are ongoing and I think all of these companies that are considering Web3 will consider Polygon first when making a decision.”
The price of MATIC could increase to $2 in 2023
MATIC, the native sign of Polygán, can benefit from many recent achievements. So Polygon could establish itself among the 10 most valuable currencies by market capitalization. The valuation is currently at $7.3 billion, which puts MATIC in 11th place, just behind OKB, the currency of the OKX crypto exchange, according to figures from coincodex.com.
Within a week, the price of OKB rose 18 percent and jumped over the 0.9 dollar mark. Analysts are also bullish on Polygon’s continued trend this year. Digital Coin Price sees the price rising to $2 in 2023, which would be more than 100 percent above the current level. The financial blog changelly.com estimates that the maximum price this year is $1.47, which also corresponds to a growth of over 50 percent. This could make buying MATIC one of the best investments of the year.
Meta Masters Guild: Presale is underway
The new Meta Masters Guild project is a platform aimed at gamers and game developers. It offers play-to-earn elements and integrates non-exchangeable tokens. The pre-sale of the native token is currently underway. MEMAG can be purchased for $0.007. However, phase 1 of the pre-sale ends in a few days.