The Ethereum blockchain supports a wide range of economic activities, from NFT markets and games to the expanding DeFi ecosystem. Ethereum is considered the best for all these activities because it is compatible with smart contracts, which can be used to create a broad range of applications.

However, as these applications gain popularity, they add additional transactions to the Ethereum blockchain. As a result, transaction fees (also known as “gas”) can sometimes increase to the point where making small or frequent deposits becomes economically unviable.

Enters Polygon, a “Layer 2” scaling solution (or “sidechain”) that has emerged to give users speedier transactions and lower expenses. It functions as a speedy parallel blockchain that runs alongside the main Ethereum blockchain. To use it, you must “bridge” a part of your crypto to Polygon and then interact with various popular crypto apps that were previously only available on the main Ethereum blockchain.

Let’s learn more about Polygon and how you can buy MATIC tokens in India.

What is Polygon (MATIC)?

Polygon is a crypto with the symbol MATIC, as well as a technology platform that connects and scales blockchain networks. Polygon—dubbed “Ethereum’s internet of blockchains“—debuted in 2017 as Matic Network.

The Polygon platform connects Ethereum-based projects by utilizing the Ethereum blockchain. Using the Polygon platform can boost a blockchain project’s flexibility, scalability, and governance while still providing the security, interoperability, and structural advantages of the Ethereum blockchain.

MATIC is an ERC-20 token, which means it is interchangeable with other Ethereum-based digital currencies. MATIC manages and secures the Polygon network and collects network transaction fees.

Advantages and Disadvantages of Polygon

Advantages

• Transactions can be processed quickly: Polygon can maintain fast transaction processing speeds by utilizing a consensus mechanism that completes the transaction confirmation phase in a single block. The average block processing time for Polygon is 2.1 seconds.

• Low transaction fees: Polygon keeps platform usage fees minimum, with a typical transaction price of under $0.01.

Disadvantages

• Not an autonomous blockchain: Polygon is a Layer 2 solution that runs on the Ethereum platform. Polygon’s value would most likely decline if the Ethereum platform suffers major downtime or ceases to exist.

• Has limited use cases: The MATIC token was created to administer and secure the Polygon platform, as well as to pay transaction fees. Unlike some digital currencies, MATIC is not commonly used for regular purchases.

How Does Polygon Work?

Imagine Polygon as an express train running parallel to the regular train (main Ethereum blockchain) but with fewer stops, making it much faster. Polygon employs various technologies to create a swift parallel blockchain connected to Ethereum to achieve this.

Polygon adopts a Proof-of-Stake (PoS) consensus mechanism for security and network maintenance, allowing users to earn rewards by staking MATIC tokens.

• Validators: Validators play a crucial role in verifying transactions and adding them to the blockchain, earning a share of fees and newly minted MATIC. However, becoming a validator necessitates running a full-time node and staking one’s own MATIC, as any mistakes or malicious actions may lead to losing staked tokens.

• Delegators: Delegators stake their MATIC indirectly through trusted validators, requiring less commitment. Nevertheless, selecting a reliable validator is essential, as their mistakes or malicious behavior could result in partial or complete loss of staked MATIC.

4 Reasons Why You Should Invest In Polygon (MATIC)

• Scalability Solution: Polygon’s Layer 2 scaling solutions enhance transaction throughput, reducing fees and congestion.
• Expanding Ecosystem: A hub for DeFi, NFTs, and gaming projects, Polygon’s ecosystem presents diverse investment opportunities.
• Governance and Staking: MATIC holders can participate in governance decisions and earn rewards through staking.
• Strong Partnerships: Polygon’s collaborations with major projects add credibility and potential for further growth.

Polygon Vs. Ethereum

To understand Polygon, it’s essential to familiarize yourself with Ethereum and some blockchain developer terminologies.

Blockchain developers often face the “blockchain trilemma,” a dilemma involving trade-offs between decentralization, security, and scalability. While Ethereum is a prominent blockchain, it often faces scalability issues, leading to slow transaction speeds.

Ethereum prioritizes decentralization and security, which impacts scalability, resulting in expensive and sluggish transactions. Enter Polygon, a Layer 2 blockchain designed to complement Ethereum’s scalability.

As a Layer 2 protocol, Polygon doesn’t aim to replicate Ethereum’s functions but focuses on enhancing transaction speeds and reducing costs for developers. It operates like an express train alongside a local train, moving faster with fewer stops.

Currently, Ethereum processes 14 Transactions Per Second (TPS), while Polygon achieves speeds of up to 7,000 TPS, making it significantly faster and cheaper for blockchain-based activities. Although Ethereum’s network upgrade is believed to improve its TPS in the future, Polygon’s lower fees will likely continue attracting developers, maintaining its allure in the crypto space.

After finally understanding Polygon (MATIC), let’s see how you can buy MATIC tokens in India in 2024.

How to Choose a Good Crypto Exchange in India?

You need to do thorough research when using a crypto exchange to invest or for crypto trading in India. You must research the legitimacy of the platform and the credibility of the team behind it before deciding on an exchange to invest in Polygon (MATIC) crypto in India.

You should also ensure the platform provides the following before investing in MATIC token:

• The exchange’s website/app has a simple user interface and is easy to use.
• The exchange supports Polygon (MATIC) trading pairs.
• The exchange employs state-of-the-art security measures and does not compromise when it comes to regularly upgrading it. Try to avoid exchanges that do not have a KYC protocol in place.
• The exchange offers reasonable trading fees to buy crypto in India.

So, here’s how you can buy MATIC in India in 5 easy steps.

Buying Polygon (MATIC) in India

Below are a few simple steps you can follow and buy the MATIC token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy MATIC tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy MATIC using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling MATIC, you are required to create an account on the WazirX platform by signing up. Also, you can directly login if you have an account already on the platform.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy MATIC through P2P to the WazirX wallet. The MATIC will act as funds to help you buy your favorite Cryptos.

Step 5 – Finally, buy MATIC on WazirX.

You can now easily purchase MATIC tokens using INR Deposits. In the case of P2P trade, check MATIC to INR here and USDT from here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the MATIC Tokens you purchased in your WazirX wallet.

Happy Trading!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.