Crypto.com’s CRO Rebrands to Cronos
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The Rise of Polygon
MATIC is the native token of the Polygon blockchain. MATIC is primarily used on the blockchain as a staking token to validate transactions using the Proof of Stake (PoS) method. Miners can use these coins as both capital assets (which increase in value over time) and utility tokens (which can be staked for regular returns).
The Polygon network was meant to improve the lack of efficiency and scalability in Ethereum. Polygon creatora went on to start MATIC, basing their operations in Mumbai.When the platform had been developed, it could provide scalable solutions to Ethereum’s problems and utilize sidechains as a scalability asset. The network also bypassed the Proof of Work (PoW) problem by establishing itself as one of the only PoS blockchains at the time.
Fast-forward into 2021, Polygon underwent a rebranding exercise and completely changed its mission statement in February 2021. It became the network that served as an interconnection snice and the bridge between blockchains and networks while leveraging Ethereum’s security protocols.
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