12 Best Cryptocurrencies to Invest in According to Reddit

7) Polygon (MATIC)

Market capitalization as of August 29: $4.3 billion

Polygon, formerly called Matic Network, is an Ethereum token that powers the Polygon Network. It aims to offer faster and cheaper transactions on Ethereum through the use of Layer 2 sidechains, which are blockchains running alongside the Ethereum main chain.

Polygon joins the Plasma Framework and proof-of-stake blockchain architecture with a focus on facilitating the use of cryptocurrencies by addressing the scalability issues. The Plasma framework enables the easy execution of scalable and autonomous smart contracts. Polygon’s sidechain is safeguarded by proof of stake.

By staking MATIC, a strong network of powerful computers secures and validates this network (which helps in earning MATIC rewards in the process). The launch of Polygon 2.0 in June last year reflects a long-term plan for the four-layered scaling ecosystem. This leverages zero-knowledge cryptography to interconnect Layer 2 Ethereum networks. This update should help in strengthening the platform’s architecture.