April 16, 2023

By Nanda

The world of cryptocurrencies is continuously evolving, and one project that has garnered significant attention is Polygon (previously known as Matic Network). Polygon is a Layer-2 scaling solution for the Ethereum network that enhances its performance and usability. This blog post will discuss how Polygon works, who benefits from it, and its real-world use cases. We'll also dive into how Ninjapay, an app in India, is making it easier for users to trade MATIC at a lower cost than other platforms.

How it Works

Polygon is a protocol and a framework designed to build and connect Ethereum-compatible blockchain networks. It achieves this by using a combination of Proof-of-Stake (PoS) sidechains and Plasma technology. The sidechains run parallel to the Ethereum mainchain, helping reduce congestion, lower gas fees, and increase transaction speed.

In essence, Polygon transforms Ethereum into a multi-chain system by aggregating multiple Layer-2 solutions. This multi-chain system is often referred to as the "Internet of Blockchains." The MATIC token powers the Polygon network and is used for various purposes, including transaction fees and staking.

Who Benefits?

The primary beneficiaries of the Polygon network are Ethereum users and developers. Ethereum's network congestion and high gas fees have long been a pain point for users and dApp developers. Polygon addresses these issues, making it faster and more cost-effective to interact with Ethereum-based applications.

Developers can create and deploy their dApps on Polygon's scalable infrastructure, while users can access and interact with these dApps without being burdened by high fees and slow transactions.

Use Cases

Polygon's versatility and compatibility with Ethereum make it suitable for a wide range of applications, including:

1. Decentralized Finance (DeFi): Polygon facilitates seamless interaction with DeFi protocols by lowering transaction costs and enhancing speed.
2. Non-Fungible Tokens (NFTs): The cost-effective nature of Polygon enables the creation and trading of NFTs without prohibitive fees, making it more accessible to users.
3. Gaming and Virtual Reality: Polygon's scalable infrastructure supports the development of decentralized gaming platforms and virtual reality experiences, allowing for fast and secure transactions.
4. Identity and Compliance: Polygon can be used to create decentralized identity solutions that ensure data privacy and help businesses comply with regulatory requirements.

Ninjapay: Trading MATIC with Low Fees and No TDS

One of the standout platforms leveraging Polygon's technology is Ninjapay, an app that helps Indian users trade MATIC for a very low fee—lower than Binance and without Tax Deducted at Source (TDS). Ninjapay supports INR deposits using the Unified Payments Interface (UPI), making it more accessible for users in India to trade MATIC and participate in the decentralized economy.

Ninjapay's cost-effective trading solution highlights the potential of Polygon's technology to democratize access to cryptocurrencies and enable users worldwide to harness the benefits of blockchain technology.

In conclusion, Polygon's Layer-2 scaling solution effectively addresses Ethereum's limitations, opening up a world of possibilities for users and developers alike. With platforms like Ninjapay leveraging Polygon's technology to provide cost-effective solutions, the future looks promising for the widespread adoption of blockchain and cryptocurrencies.