Explaining Polygon in TokenCrash
One of the most well-known digital currencies is the crypto token Polygon, formerly known as the Matic Network. It is among the Top #15 tokens in terms of market capitalization. But exactly what is this coin that has interested both investors and enthusiasts? Let’s examine more closely what makes Polygon the money that it is at the moment. The project initially began in 2017 when three Indian Ethereum engineers ran into a significant issue.
Ethereum is a fairly poor and ineffective cryptocurrency that has been trying valiantly for a very long time to scratch Bitcoin’s back in the hopes of rising to the top.
Despite holding the undisputed second spot in the cryptocurrency market and being a hugely popular blockchain-based programming platform, its transactions are excruciatingly slow, regrettably expensive, and a complete headache for those who want to do more with their coins than simply hold them for eternity.
Most investors dread the phrase “Gas Fees” in their minds. Most people still use Ethereum even if it is irritating. One thing became very evident as its popularity grew: the flaws need to be corrected. A standalone blockchain that sits on top of the Ethereum blockchain as a layer-2 solution.
Simply told, Polygon (Matic) is like the spoilt adopted child of Ethereum, the huge fish. It is native to Ethereum and compatible with their software. In February 2021, the Matic Network decided to change its name to “Polygon” in order to better reflect its growing popularity. However, MATIC remained on the token ticker.
Starbucks and Polygon work together to start a Web3 initiative
The blockchain is one of the most popular options in the Cryptoverse thanks to the Polygon Protocol’s cutting-edge architecture for creating and connecting networks compatible with Ethereum. The MATIC token increases in value and popularity thanks to the combination of scalable alternatives and technologies supporting the multi-chain Ethereum ecosystem.
Digital collectible stamps, or NFTs, will be available to earn and buy for Starbucks Rewards members. Users will receive a digital collectible “travel stamp” NFT as compensation for completing “journeys”. These “journeys” include engaging in entertaining tasks and interactive games that will broaden users’ understanding of coffee and Starbucks.
Each NFT stamp will have a point value depending on how rare it is. Through a built-in marketplace, users will be able to buy these stamp NFTs as well as “limited-edition stamps.”
As you acquire stamps, your membership’s points will rise, giving you access to exclusive advantages and opportunities. These opportunities could include “a virtual workshop on crafting espresso martinis, access to one-of-a-kind goods and artist collaborations, and invites to special events at Starbucks Reserve Roasteries.
Unfortunately, this suggests that Starbucks will be in charge of keeping the NFTs and stamps. We’re hoping that the app will include some sort of wallet feature so that we can truly own our NFTs.
The Polygon/Matic project’s primary goal is to connect interconnected blockchain networks to improve user experience overall. It is better, faster, and less expensive. Polygon’s utility is made evident by addressing the regions where Ethereum activity is restricted. This is another reason why more and more blockchain users and investors choose Polygon over competing products.
