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Cryptocurrencies are the flavour of the season. On the back of the rise in Bitcoin and Ethereum prices, which are traditional and oldest virtual currencies, many new age currencies have come to the fore. One such cryptocurrency is Matic, which is now known as Polygon. The currency has given the return of around 520% since the beginning of this year.
What is Polygon? Polygon, formerly known as Matic Network, is backed by Binance and Coinbase. The project aims to resolve the problems around scalability on many blockchains for promotion of mass adoption of cryptocurrencies. The company has Indian founders, including Jaynti Kanani, Sandeep Nailwal and Anurag Arjun.
Its website states that Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It is known as Ethereum’s Internet of Blockchains.
Polygon price today is Rs 7.97 ($0.10) with the market cap of Rs 39.6 billion. Its current CoinMarketCap ranking is 84.
Should one invest in cryptocurrencies?
The Indian government has finalised the cryptocurrency bill which will soon be sent to the Cabinet. The Bill plans to ban private cryptocurrencies, as it does not have any regulatory framework and does not come under the purview of RBI and SEBI. Lot of debate is, however, going on what is going to be the definition of private and public cryptocurrencies in India.
Rahul Pagidipati, CEO of ZebPay says, “I really recommend people if you’re kind of beginner, you should stick with the two biggest ones, which are Bitcoin and Ethereum. So if you’re wondering which currencies are the strongest and which will do the best, Bitcoin and Ethereum are the ones.
He adds, “If I had to pick one other Bitcoin, Ethereum, and beyond that, I think I can tell you Matic has done really well probably maybe better than Dogecoin. It is an Indian project and now called Polygon but the actual coins are called Matic. The founders of Matic created a billion dollars of value. It’s made in India and this is the type of stuff that we want the Indian government to allow.”