A cryptocurrency platform that is originated from India and was created by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun addresses some particular scalability problems It boosts network scalability and transaction speeds. With its usability and spread throughout the charts, Polygon (MATIC) has been one of the select few initiatives to amass the cryptoverse.
The Matic Network aims to solve the scalability issues the Ethereum blockchain technology deals with. Ethereum will keep using Layer 2 scaling solutions like Polygon even after The Merge.
Polygon Hard Fork By Next Week
The community was recently invited by the Polygon Governance Team to discuss the improvements to the Polygon PoS chain on their site.The community will soon vote on its PoS blockchain’s hard fork proposal. The network is now planning to launch its hard fork by next week, as verified by Polygon's official blog article, according to the most recent developments.
As per the twitter post from them - the hard fork is expected to be launched on January 17. Polygon aims to limit the increasing gas fee along with address chain reorganization which is called as reorgs.
*Polygon Hard Fork Aims To Reduce Gas Fee *
In comparison to Ethereum, Polygon uses a proof-of-stake system and has a cheaper gas fee. However, when network activity grows, the Polygon network frequently experiences a slower network speed. First, as was already mentioned, the hard fork aims to lessen gas cost spikes, which occur when the chain encounters greater activity on the network.
The Polygon address chain rearrangement follows, and it occurs when a validator node receives data, resulting in a new iteration of the blockchain. Although this new version is only temporary, it makes it difficult to confirm a transaction's success.
To solve the reorgs issue MATIC aims to bring down the total time it takes to finalize a block in order to confirm transactions. In order to achieve this, the network uses sprint length, which reduces block size from 128 to 64, allowing block producers to construct blocks in 32 seconds as opposed to the previous 128 seconds. As a result, before January 17, all nod operators on the Polygon network will need to upgrade their nodes.
MATIC price goes 6.02% up
The Polygon hard fork may push the MATIC token price and offer better rewards to Polygon (MATIC) community members and validators. Polygon (MATIC) currently has a live price of $0.9442, which is 6.02% up in the past 24 hours. Starbucks, Meta, Disney, and other businesses have selected Polygon for their Web3 and NFT projects. Although there is now more competition to provide scaling solutions for Ethereum, Polygon remains the undisputed industry leader.
If MATIC price seeks impetus from the growing adoptions and developments in the protocol. The price could close the yearly trade for 2023, with a prediction of MATIC price of as high as $1.8351.
Read also - Can BTC Price Retest its All-Time High in the Next 3 to 4 Months?
Source - https://coinpedia.org/price-analysis/bitcoin-price-prediction-can-btc-price-retest-its-all-time-high-in-the-next-3-to-4-months/
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