Originally called Matic Network, Polygon Network is a blockchain platform and framework for connecting and constructing Ethereum-supported blockchain networks. Its popularity has increased as a consequence of the high throughput and low gas prices seen by clients and developers on Polygon.
One of Polygon’s primary goals is to collect scalable solutions that will facilitate a multichain Ethereum ecosystem. As a result, the network is also known as “Ethereum’s internet of blockchains.”
The Polygon token, named MATIC, is the system’s primary resource. Apart from being used for exchanging transactions, it is also used to store tokens to safeguard the Polygon network. Following a massive increase in usage, the Polygon MATIC token’s price has skyrocketed since its rebranding. Let’s read about how to use MATIC and additionally, how MATIC works.
Connecting your Matic (Polygon Network) Blockchain Address to ZenLedger For Your Crypto Tax Forms
- To import your Matic (Polygon Network) Blockchain transactions into ZenLedger for your crypto tax forms, all we need is your public address
- Select the proper blockchain or wallet from the dropdown list
- Paste your address into the address field in ZenLedger
- Select if the wallet is based in the USA or not
- Then hit ADD COIN button
How Does MATIC (Polygon Network) Work?
Like all other Ethereum based networks, MATIC Sidechain (Polygon Network) works on the principle of Proof-Of-Stake, and not Proof-Of-Work.
PoS uses an off-chain network of validators to validate transactions before finalizing them on Ethereum’s main chain. This can significantly reduce the load on the core blockchain, resulting in less data traffic, better transaction speeds, and lower gas prices.
Polygon Network has developed a layer-2 networking system enabling the creation of a cross-connected Ethereum blockchain. Off-chain options are alluded to in Layer-2 scaling approaches. This entails removing or lowering components with assessment power from the principal blockchain before executing them elsewhere, such as on sidechains. In turn, this will increase the mainchain throughput and disperse assessing proficiency around the network. The said layer of solutions is gaining popularity as it plays a crucial part in the widespread acceptance of cryptographically protected money.
How To Use MATIC (Polygon Network)?
1. Setup Polygon Network RPC
- Open MetaMask and select the network option from the network dropdown menu at the top of the window. By default, this will state “Ethereum Mainnet.”
- Click “Custom RPC” and fill-up the form as seen in the picture below. We’ve also provided a plain text version of the information below the screenshot for you to copy and paste.
- Click the “save” button. You are now a member of the Polygon network!
You may now connect to DApps on Polygon – but first, you must send some tokens to the network.
2. Asset Management
- Go to https://wallet.matic.network/ to use the Polygon/Matic online wallet. Connect to the wallet after ensuring that your MetaMask network is set to “Ethereum Mainnet” in the dropdown menu.
- If the wallet does not instantly transfer you to the bridge, click “Move money to Matic Mainnet.”
- Choose the object and the amount you want to move to Polygon.
- Confirm the transaction by clicking “proceed.” Transferring assets over the PoS bridge will take roughly 7-8 minutes and will incur Ethereum gas costs. The status of your transaction will be displayed in the following window.
When finished, the balance will be updated on the online wallet’s home page.
3. Polygon dApp
- QuickSwap is the Polygon network’s “Uniswap“
- Aave – loan markets and more, available on Ethereum as well
- Sushi – Ethereum-based decentralized exchange, leverage, and more
The Bottom Line
Based on the functioning and prospects of Polygon MATIC, it is possible to conclude that this platform has made substantial progress in tackling blockchain scalability issues.
Additionally, various blockchain developers may enjoy developing their own decentralized network using the polygon platform’s given tools and features, which allow developers to access various choices for customization.