Billionaire Mark Cuban invests in Polygon (MATIC)
U.S. based billionaire investor, Mark Cuban is now investing in cryptocurrency Polygon $MATIC, the startup’s co-founder Sandeep Nailwal said.
Mark Cuban’s net worth is $4.4 billion according to Forbes, is a strong believer of cryptocurrencies such as Ethereum and Dogecoin. He was also one of the people who supported the GME battle and stood with the retail investor when he spoke on CNBC.
- U.S.-based billionaire investor, Mark Cuban is now investing in cryptocurrency Polygon $MATIC, the startup’s co-founder Sandeep Nailwal said.
- Polygon, which is previously known as MATIC Network, is the first easy to use platform for Ethereum scaling and infrastructure development. It combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system.
- The end goal is to become accepted by other cryptocurrencies by resolving the problems of scalability that come with many blockchains.
- Matic price at the time of writing is $2.24 and shows a recovery from the recent crypto market crackdown of over 100% in the last two days. The coin price at the beginning of the year January 2021, was about $0.03 which gives Polygon (Matic) an increase of 7000% in the last 5 months.
Meanwhile, Cuban is expected to help Polygon grow. According to reports, the owner of the National Basketball Association’s (NBA) Dallas Mavericks is integrating Polygon with Lazy.com, which allows people to easily display non-fungible tokens (NFTs).
“We have spoken to many investors, but the discussion with Mark Cuban was truly mind-blowing. It was so spectacular to know that the nuances of the industry, the tech and adoption we had figured out after months of grind, he was already thinking about those and had those questions in mind,” Nailwal said without divulging the terms of the deal.
About Polygon (Matic Network)
Polygon was founded in 2017 by three Indian software engineers named, Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. Mihailo Bjelic from Serbia was later added as a co-founder.
Polygon, which is previously known as MATIC Network, is the first easy to use platform for Ethereum scaling and infrastructure development. It combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system.
Its main aim is to solve pain points in blockchains like high gas fees and slow speed while ensuring security. This multi-chain system is akin to other such as Polkadot, Cosmos, etc with three differences that make Polygon distinguish that the other.
Firstly, it is able to fully benefit from Ethereum’s network effects which makes Ethereum developers prefer it. Secondly, it is inherently more secure and lastly it is more powerful and open to a broader audience since it offers adaptor modules for enabling interoperability for existing blockchain networks.
The Plasma Framework
Polygon is a Layer 2 scaling solution backed by Coinbase and Binance and combines the Plasma Framework and the proof of stake (PoS) blockchain architecture.
The Plasma framework used by Polygon was proposed by the co-founder of Ethereum, Vitalik Buterin, and allows easy execution of scalable and autonomous smart contracts.
This allows the existing ecosystem to stay the same when built on the Plasma-POS chain. Polygon has managed to build new features around the existing proven technology and can expand the needs of developers’ ecosystem. However, this doesn’t stop here since Polygon is continuing to develop the core technology so that it can scale to a larger ecosystem.
The end goal is to become accepted by other cryptocurrencies by resolving the problems of scalability that come with many blockchains.
By using the Plasma Framework, Polygon can be home to an unlimited number of decentralized applications on their infrastructure without the common drawbacks of proof of work (PoW) blockchains. So far, Polygon has attracted more than 50 DApps to its PoS-secured Ethereum sidechain.
Moreover, the network boasts of up to 65,000 transactions per second on a single side chain, along with a respectable block confirmation time of less than two seconds.
About its coin $MATIC
Matic’s price at the time of writing is $2.24 and shows a recovery from the recent crypto market crackdown of over 100% in the last two days. The coin price at the beginning of the year January 2021, was about $0.03 which gives Polygon (Matic) an increase of 7000% in the last 5 months.
According to CMC, “MATIC tokens are released on a monthly basis. MATIC currently has a circulating supply of 4,877,830,774 MATIC tokens and a max supply of 10,000,000,000 MATIC tokens.
At its initial private sale in 2017, 3.8 percent of MATIC’s max supply was issued. In the April 2019 launchpad sale, another 19 percent of the total supply was sold at $0.00263 per token to generate $5 million.
The remaining MATIC tokens are distributed as follows:
- Team tokens:16 percent of the total supply.
- Advisors tokens:4 percent of the total supply.
- Network Operations tokens:12 percent of the total supply.
- Foundation tokens: 21.86 percent of the total supply.
- Ecosystem tokens:33 percent of the total supply.
According to the release schedule, all the tokens will be released by December 2022.”
Matic is among the top 15 cryptocurrencies in the world, with a market capitalization of about $11 billion.
Disclaimer – I/we have no position in any stock mentioned. I wrote this article myself, and it expresses my personal opinions. I am not receiving any compensation for it, other than FDGT Academy. I do not have or had in the past any business relationship with any company that is mentioned in the above article.
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