Bitcasino: What is Polygon crypto MATIC?

Cryptocurrency and blockchains are all about innovating the fintech industry, and Polygon is shaping up to be the next big thing. With the help of Polygon, you can enjoy faster and safer transactions and issues like scalability and excessive activity become manageable. 

This is just the tip of the iceberg. Discover everything you need to know about Polygon here.

What is virtual currency Polygon?

The Polygon blockchain is a 'layer 2' sidechain solution to Ethereum’s scalability problem. It runs as a parallel platform alongside the main Ethereum network, which quickens transaction time and reduces costs. 

In addition to the platform itself, Polygon has a native coin, the Matic token (MATIC). It’s primarily used to pay Polygon network costs, stake coins, and manage Polygon updates.

How and when did Polygon start?

The project started in India in 2017 when data scientist Jaynti Kanani discovered a vulnerability in the Ethereum blockchain. Its excessive activity clogged the network, making processing intervals long and gas costs high. It also caused efficiency and security issues. 

To address these problems, Kanani called upon the help of Sandeep Nailwal, a blockchain developer, and Anurag Arjun, a business consultant. With the three spearheading the operation, they founded the Matic network in the last quarter of 2017.

Ever since then, the team has found more points they want to work on, primarily scalability. With more members on board and an added scope to the project, Matic would undergo rebranding and be called Polygon from 2021 onward. 

How does Polygon work?

To understand how Polygon works, we first need to discuss the Commit Chain scaling technology and its two main Polygon bridges: the PoS Bridge and Plasma Bridge. The Commit Chan connects Polygon and Ethereum so that the former can operate efficiently and cost-effectively.

The Polygon Plasma bridge oversees the transfer of MATIC, ETH, ERC-20 tokens and NFTs on the platform. It uses the 'Ethereum Plasma' scaling solution, which has an exit function to maintain security. This bridge is better suited for developer use as it requires a long transfer time that can take up to 7 days of processing.

On the other hand, the Proof-of-Stake (PoS) Bridge offers faster transactions for tokens and NFTs but lacks the same level of safety as the Plasma exit method. It uses the PoS consensus protocol to safeguard its network, powered by external validators in addition to Ethereum.

The PoS Bridge's high degree of security is ideal for meeting the needs of numerous decentralised a (DApps) and connectors. As a result, the PoS Bridge is suited for users who can complete transactions within the maximum transfer period of three hours.

Polygon’s developer features

Polygon also offers tooling assistance for developers interested in maximising the blockchain’s flexibility. Some of the most recognisable and helpful features include the Bridge Explorer, Faucets and Polygon Scan.

Bridge Explorer

The Bridge Explorer is a handy tool that allows users to inspect and track ongoing and previous bridge transactions to and from Ethereum. Both deposits and withdrawals are available alongside transaction hash, time of the transaction, and transaction amount details. 

This feature helps promote transparency on the site and reminds its users that transactions are meticulously recorded for reference.

Polygon Scan

The Polygon Scan feature allows developers an overview of what’s happening within the Polygon system and for MATIC. Key information such as the latest blocks, transactions, and MATIC market price can be found. 

In addition, the scan feature allows you to filter the information according to the tokens, labels, addresses, and more for easy viewing.

Polygon Faucet

To make sure that functions, applications, and tokens work as intended and are safe for the community to use, developers use the Polygon Faucet. This tool is used to troubleshoot and investigate any of the decentralised apps for their functionality and their place within the blockchain without using any currency.

In addition to not having to use any currency, the faucet also ensures that developers have a space to test out applications before their launch and fixes for existing bugs.

What is Polygon MATIC crypto?

The MATIC virtual currency (MATIC) is Polygon’s native token with multiple functions, one of which is fueling the system with its gas-based mechanism. This then helps pay for the network fees derived from the power needed by the network to transfer data.  

This approach also enables software developers and ecosystem participants to create dApps on Polygon. They spend MATIC tokens for access to the platform and its development environment.

It’s widely available and can be bought through many centralised exchanges like Binance, Coinbase, BitPay and Kraken. It’s also available on decentralised platforms like Uniswap. As of 2023, there’s a max supply of 10,000,000,000 MATIC tokens while over 4 billion MATIC tokens are being circulated.

What does Polygon crypto do?

MATIC is created and secured with the help of the PoS consensus mechanism, where you can earn money on MATIC by staking. Validators verify incoming transactions within the network and add them to the blockchain after a thorough review.

For their help in keeping the blockchain moving, they’re rewarded with a cut of the fees and MATIC. Delegators, on the other hand, will stake their MATIC using a validator, so the delegator must do plenty of research to make sure their MATIC is well-used.

Matic Wallet: Where to store MATIC

You can hold onto your MATIC through a Matic Wallet. This enables you to quickly stake and manage your tokens. Matic Wallet has an intuitive user interface (UI) that helps users safely and conveniently manage their crypto funds. 

For added efficiency and speed, the wallet is designed to interface with WalletConnect to ensure the security of your private keys and help you access other Polygon features. You can also connect the wallet to other dApps and hold on to other ERC-20 tokens available.

Virtual currency Polygon: How to use it

Now that we know how Polygon and MATIC work, let’s look at some of the use cases where we can see the platform in action.

Payments

The most obvious use case for the system would be for payments because of its efficiency and fast transaction speeds. The platform is built to help dApps with payments through specialised application programming interfaces (API) and software deployment kits (SDK). 

As a result, retailers and users can use the Polygon platform to transact in any crypto they choose, like ERC-20 tokens. 

In addition to crypto, token transfers, atomic swaps and fiat-based payment systems are also available through the Polygon system. Examples of these payments could be through online casino platforms or luxury goods retailers. 

Blockchain gaming

Blockchain gaming has been evolving, and Polygon’s Layer-2 sidechain is helping to make it faster and easier to create. One of the concerns when creating a game on the system is its slow transaction speed and network lag. Polygon can help solve these concerns through its Commit Chain scaling technology and partnership with the Ethereum network. 

With NFT marketplaces and games becoming more popular and widespread, Polygon can offer better systems to make the gaming experience more enjoyable.

Polygon's commitments 

We’ve established that Polygon has amazing capabilities as a blockchain network, but there’s more to it than that. The platform has other features and advocacies that make it stand out from other blockchain networks. Keep reading to learn more about why working with Polygon has been fulfilling for many developers and users.

Sustainability

Polygon understands that, as a network, it relies on a lot of energy to function, but it also wants to set a precedent as an eco-conscious blockchain. That’s why it has pledged to become carbon-neutral in 2022 as part of its Green Manifesto. 

To make this initiative a reality, every transaction, NFT, DeFi trade and token is accounted for while having its environmental impact offset. 

To keep the community involved and show its commitment to the plan, Polygon posts its electricity consumption and CO2 emission equivalents on its site with reports by the Crypto Carbon Ratings Institute (CCRI).

Community

Community is a big part of what keeps Polygon innovative and competitive. That’s why Polygon encourages community building through events, guilds, social media pages and its community home page.

The Polygon Guilds allow users and developers on the platform to get together and host workshops and talk about the latest happenings regarding everything crypto, Polygon and Web3. Polygon allows users to find, join and host a Guild in their area to quickly connect and network with like-minded crypto enthusiasts.

Blogs, communications and updates

Because Polygon is a constant work-in-progress, the platform feels that constant communication and updates between users and developers are needed. As such, forums, institutions and blog posts are available on the website. 

While the forums can help you look and connect with different developers and user experiences on the platform, the blogs contain vast topics of interest for everything crypto, Web3, blockchain and more. This keeps the platform engaging and helps the community become knowledgeable about initiatives, interests and platform updates.

Should you use Polygon?

We’ve discussed many things about Polygon, like its functionality, native token and use cases. With all that said, Polygon has much to offer its users. Let’s review the main reasons why Polygon is such a fascinating and innovative blockchain when compared to others:

Why use Polygon MATIC for online casino payments

As a gambler, you would want to deposit your money as fast as you can to start betting as soon as you can. The same goes for instances when you win big rewards and want to cash them out and enjoy. Polygon helps enrich your crypto gambling experience by ensuring transactions are well-secured and processed faster. 

Depositing with MATIC in a Polygon casino is easy as all you need to do is either scan the QR code or copy the wallet address and make sure that the deposit wallet address is correct. If you’re already convinced to try it out, look out for Polygon to be available at Bitcasino.

Where to buy Polygon crypto

MATIC is widely available on cryptocurrency exchanges because of how trustworthy it is as a coin and its cheaper transaction rates. As a response to demands from investors, MATIC can be bought on many crypto exchanges.

Buying MATIC from these well-known exchanges is easy, simple and secure as you’ll only need to create an account, verify your identity, and connect your account to a bank to start buying and storing your newfound digital asset.

Here’s a list of where you can buy MATIC from some of the most reputable and trusted crypto exchanges:

Polygon payments are to come at Bitcasino

The Polygon blockchain has so much to offer its users and clients beyond secure and fast financial transactions like improved blockchain gaming and better-decentralised trades. There is also a lot of potential to get creative with Polygon because of its flexible and scalable architecture. 

There are many use cases that Polygon already has, but overall, adding Polygon as a payment system for Bitcasino users helps improve the gambling experience because now you can fund your account quickly and get straight to betting.

Polygon FAQs

Polygon virtual currency: How to buy?

Polygon has a native token which is called MATIC virtual currency. It’s a widely available crypto that can be found on popular crypto exchange platforms like Binance and Coinbase. 

What’s so good about using Polygon?

One of Polygon’s most impactful features is the ability to make transactions faster and cheaper between users and retailers or clients. 

Does Bitcasino use Polygon?

Not, Bitcasino does not accept Polygon yet. However, you can expect it to be available soon.

Can I add Polygon To Metamask?

Yes, you can use Matic MetaMask. All you need to do is ensure that MetaMask Polygon is added to your MetaMask account.

What are the crypto options available on Bitcasino?

There are many types of cryptocurrencies that you can choose from on Bitcasino, such as DOGE (DOGE), Tether (USDT), Bitcoin (BTC), Ethereum (ETH) and more.

Words by: Charlotte K.