The one system in the cryptocurrency industry in 2022 that collaborated with significant businesses the most was Polygon (MATIC), such as Starbucks, Disney, and Nubank. These facts helped the altcoin ecosystem expand even during a bad market, and more causes may place the bitcoin among the year’s biggest stories in 2023.
Polygon entered the blockchain community to provide scale for Ethereum (ETH) transactions.
Intending to provide resilience for Ethereum (ETH) transactions, Polygon entered the blockchain community. Investors who wish to pay cheap transfer costs while still enjoying the privacy of the most popular cryptocurrency on the market can do so with it.
In this regard, Polygon became the dominant Access layer network this year. By using it, investors can achieve their goals of paying minimal transfer costs and still taking advantage of the most well-liked altcoin’s privacy.
However, this includes the creation and improvement of its alternatives in 2023.
Due to the rising demand for resources that offer scalability for smart contracts, MATIC, Polygon’s token, may become even more efficient in the future year.
Ethereum may facilitate Polygon’s expansion.
Another significant improvement to the ETH network, known as the Surge, is anticipated for 2023. This improvement will aid the innovative contract platform’s scalability without compromising its decentralization.
Scalability will result from the elimination of the necessity for Ethereum validators to keep the whole cryptocurrency database. As a result, storage costs will be reduced.
It became evident this year that blockchain projects built on the Merge, the update that added proof of stake (PoS) to ETH, flourished. The Surge in Lido DAO’s (LDO) capitalization, which grew by 300% during July and September 2022, is an excellent illustration of this.
If the event is repeated, Layer 2 assets like Polygon might experience significant growth, and MATIC might take the lead in this market. Because of this, traders in the blockchain sector already have confidence in its network.
Discretion and safety
ZK Rollups is another sector experiencing growth, albeit a slight one. ZK Rollups is an Access layer blockchain system that holds valuables in an on-chain consensus mechanism while processing transactions, running calculations, and storing data off-chain for those new to the word.
The privacy and confidentiality of persons taking part in a bitcoin transfer are maintained because of the concept’s ability to validate data without requiring disclosing information unrelated to a transaction.
Polygon stands apart in this space thanks to its zero-knowledge proofs that combine several off-chain transfers into a single on-chain transmission. In addition, ZK’s cryptocurrency also lowers validation proof generation’s computing expense.
This demonstrates the Polygon team’s dedication to developing solutions for a range of difficulties, making a name for itself as a group that can work to find real solutions to issues rather than just inventing them. This is unquestionably another benefit for MATIC’s price in 2023.