While few projects from the crypto space were able to make their mark on the 2022 bear market, Polygon managed to gain significantly more attention. This is thanks to great technological advances from the leading scalability network for Ethereum, but also to some remarkable partnerships with large and influential companies. 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 massive returns to investors. Kryptoszene.de explains why you should have Polygon 2023 on the tie and how the price of the original cryptocurrency MATIC could develop.
Polygon improves the deployment process and provides more security
On a technological level, Polygon was able to convince with further development in the betting process. With Proof-of-Stake consensus mechanisms, unlike the Proof-of-Work method that uses the Bitcoin network, a new block in the chain is not validated by mining. On the other hand, users lock their tokens when they deposit and use this to confirm transactions. In return for the provided capital, users receive so-called effort rewards. Instead of having to solve complex calculations to mine new blocks, as with Bitcoin, which requires a lot of computing power, which is expensive and time-consuming, Proof of Stake promises significantly faster and cheaper transactions.
However, staking is also considered to be more vulnerable in terms of network security. Because Proof-of-Stake can only work safely and stably if the selected validators act reliably and efficiently. To significantly improve this process, Layer 2 of the Polygon network emphasizes network security. To this end, the validators are controlled by the community using a new rating system. The performance of the validators is graded 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 validator that must be remedied. Red indicates that a validator must act quickly, while black already signals a draft from the stake process.
New scaling programs accelerate Ethereum transactions
With this new mechanism, not only is network security significantly improved, but the desired decentralization in the polygon network is also progressing, because the community itself provides security and it does not happen from above through a management level. With this, Polygon can take a big step towards consolidating and expanding its position as the leading scalability solution for Ethereum.
Additionally, as reported by Decrypt, Polygon is developing three zero-knowledge secure scaling programs for project developers. They are designed to support the growing mainstream adoption ambitions. With this technology, many transactions can be aggregated into a separate chain on the Polygon sidechain and then transferred to the main blockchain (Ethereum) in one step, enabling significantly higher transaction throughput.
Its technological pioneering role 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 becomes more widely known across the board and many large enterprise users want access to the technology. Therefore, Polygon can become one of the important crypto projects on the market in the next few years.
.@instagram has found a way to bridge the gap between a Web2 platform and Web3 users with its Digital Collectibles feature, due in part to collaborations with NFT artists such as @Micah_Johnson3, @refikanadol, @DrifterShoots and more. @rosieperper breaking it down https://t.co/Ntg6cRCHuK
— CoinDesk (@CoinDesk) 11 January 2023
Known partners: Reddit and Starbucks trust 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 well-known partners who want to work with Polygon in the future or already do.
This includes, for example, the discussion platform Reddit. In the summer of 2022, she introduced the “Collectible Avatar” NFT series with its “Snoo” mascot. The most active users of Reddit even received the NFTs for free as a reward. This has led to a huge rush, and according to a Reddit manager, more than three million new wallets have been created for the Polygon network in a short time just to claim the NFTs. Meanwhile, the number of wallets is said to have increased to 4.3 million, making the campaign a complete success for both Reddit and Polygon.
Starbucks, the world’s leading coffee house chain, also relies on Polygon’s expertise in its NFT efforts. With Starbucks Odyssey, the company has launched a new Web3 rewards platform with NFT Rewards, which is based on the Polygon network. According to Starbucks, there is already “unprecedented interest” in the platform.
Meta and Robinhood also rely on polygon technology
The series of partnerships can be continued. For example, sporting goods giant Nike plans to launch a digital clothing collection on Polygon. Mark Zuckerberg’s company Meta is also introducing NFT minting via its social media service Instagram. More than a billion users can use it to stamp NFTs with their digital photos on Polygon. Even former US President Donald Trump is said to be using Polygon to mint merch NFTs. Well-known trading app Robinhood also launched a beta version of a wallet on the Polygon network in late September.
Polygon Studios CEO Ryan Wyatt told Decrypt: “Even after FTX, I don’t see people backing off. From a technical perspective, I see people looking at Web3 as a core part of their strategic future. The conversations are ongoing and I think that every single one of these companies that is thinking about Web3 will be thinking about Polygon first when they make a decision.”
The MATIC price could explode to $2 in 2023
MATIC, Polygon’s native token, can also benefit from the many recent achievements. Polygon was thus able to establish itself among the 10 most valuable cryptocurrencies by market value. The valuation is currently at $7.3 billion, placing MATIC in 11th place, just behind OKB, the currency on the OKX crypto exchange, according to figures from coincodex.com.
Within a week, the OKB price rose by 18 percent and jumped above the $0.9 mark. Analysts are also positive about 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 current levels. The financial blog changelly.com estimates the maximum price this year at $1.47, which would also correspond to a growth of well over 50 percent. This can make the purchase of MATIC one of the best investments of the year.
Meta Masters Guild: Presale is underway
The new project Meta Masters Guild is a platform aimed at gamers and game developers. It features play-to-earn elements and integrates non-fungible tokens. The initial token presale is currently running. It is currently possible to buy MEMAG for only $0.007. However, phase 1 of the pre-sale ends in a few days.