MATIC, an ERC-20 token running on the Ethereum blockchain, is the native token of Polygon, which is a solution that provides tools to increase the speed and reduce the cost and complexities of transactions on blockchain networks.
Polygon is a protocol and framework for building and connecting Ethereum-compatible blockchain networks. These Ethereum-compatible blockchains, commonly known as “sidechains,” are unique blockchains that are bound to the main Ethereum blockchain and are used to support many decentralized finance protocols. Polygon helps enable the building and connecting of these sidechains through its framework, which allows for a “one-click deployment of preset Ethereum-compatible blockchains” and is comprised of a set of modules for developers who want to build their own custom blockchains. This framework is implemented alongside the Polygon Network’s protocol, which allows communication between any two participating Polygon sidechains, as well as between any Polygon sidechain and Ethereum. Taken as a whole, Polygon is intended to facilitate the creation of two types of sidechains: “secured chains” and “stand-alone chains.” Secured chains leverage the validation mechanisms of the Ethereum network or a pool of professional validators. In contrast, stand-alone chains require their own pool of validators.
Polygon has a max supply of 10,000,000,000 MATIC tokens. They are currently released monthly. All tokens are scheduled to be released by December 2022.
Polygon was created in India in 2017 by Ethereum developers Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, as well as Mihailo Bjelic.
Users are rewarded in MATIC tokens for providing resources and services to Polygon networks, including by validating transactions using the proof-of-stake consensus mechanisms implemented by Polygon blockchains or for executing smart contracts. Additionally, users who own and stake MATIC are able to vote on upgrades to Polygon, with each MATIC token representing one vote.
MATIC can be used for staking and for paying transaction fees on Polygon blockchains.
Eager to buy Polygon (MATIC) but not sure how? No worries! Bitbuy is the simplest and most secure platform to buy Polygon (MATIC). Bitbuy always ensures the lowest associated fees and highest security when buying, selling or trading cryptocurrency.
Investors can easily invest in Polygon (MATIC) by creating an account with Bitbuy, adding funds to their account directly through e-Transfer or bank wire and buying the Polygon (MATIC) directly through the Bitbuy platform. Experience problems or need questions asked along the way? Do not fear, Bitbuy is here. Our customer success will ensure your investment journey is smooth throughout.
Buying Polygon (MATIC) in Canada as well as other digital currencies is simple and secure with Bitbuy. Here is how it works:
If at any point you need help signing up, verifying your account, adding funds, or buying and selling MATIC, just contact customer support for same-day assistance.
Bitbuy is one of the best and most secure places to buy Polygon (MATIC) Canada. Here is why:
Every transaction you make on Bitbuy is encrypted using SSL (Secure Socket Layer) technology with two-factor authentication solutions implemented throughout. Bitbuy operates with a 99% cold storage reserve for all digital currencies in custody and executes daily encrypted and distributed backups for disaster recovery. Here at Bitbuy, it is crucial users know that their digital assets are is safe with us.
Bitbuy offers some of the lowest buying and selling fees in Canada. You can check out our trading fees and processing times before you buy Polygon (MATIC).
Buying cryptocurrency directly from individuals is slow and risky. Cryptocurrency exchange platforms like Bitbuy make the process faster and far more efficient.
We pride ourselves in our exceptional customer support which sets us apart from other digital asset marketplaces. Simply submit a request under Bitbuy Support to be paired with one of our experts. We believe that exceptional customer support is an essential part of simplifying cryptocurrency for everyone.
Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy Polygon (MATIC) with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy MATIC in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you then use to buy and sell cryptocurrencies in Canada.
Looking for a place to store your MATIC? Bitbuy is the perfect place to start. Bitbuy has built in wallets in each user accounts that you can use to store your MATIC safe and securely.
Website (instructions for the mobile app below)
When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To institute the trade, click the 'Sell' button which will appear in red.
Click the drop-down and search MATIC to begin the sale.
Enter the amount of MATIC that you wish to sell. The dollar value of your sale will be displayed below under ‘Transaction summary'. When you are ready, click the 'Sell' button to complete the transaction.
Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.
Locate MATIC and click on the 'Sell' button.
Enter the amount of MATIC you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!
By staking your MATIC holdings on the Polygon network, you can earn up to 4.88% in passive income and watch your investment grow by locking in your cryptocurrency assets for any length of time you choose. Earnings from staking rewards are issued every hour, and automatically restaked to maximize your compounded interest returns. Bitbuy gives clients some of the best staking reward rates in Canada today, which means more of your money is allocated directly to you. Learn more on how to stake Polygon (MATIC) in Canada!
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