Polygon(MATIC) Schedules Long-Awaited EIP-1559 Upgrade for Next Week

The India-based project stated on Wednesday that its MATIC update will go live on the mainnet at 8:00 a.m. on Eighteenth January 2022. 

After Vitalik Buterin & Joseph Poon published a government report on the Plasma framework in 2017, Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun created Polygon Network. The team discovered that the Ethereum layer could not scale and used Innovative Solutions for Scaling Technology to solve the problem. They devised a solution for side chains that are linked to the central network and provide additional benefits. Each individual chain is responsible for its own networks, consensus, and block validators, as well as the ability to construct new baby networks of its own.

Polygon Network recently redefined its services with the products it released. They are a team of full-time developers who take care of all the programming needs for their clients. Polygon also focuses on other aspects of their businesses. The actual expected cost is two dollars, with a circulating supply of 7,162,892,403 MATIC coins and a total supply of ten million other coins. 

Integration with MATIC makes payment services really convenient. It also allows users to confirm payments any time of the day or night without having to wait for confirmation through phone calls or messages. Transactions take minimal time as well and there is a lower cost for the network this way. With MATIC, decentralized exchanges have been able to be expeditious and inexpensive; now, they can trust their users with a more secure platform. The Polygon decentralized exchange prevents a central authority from dictating the price of digital assets, which holds true in the near future as well.

The EIP-1559 update, often called the London hardfork, radically changes the way the Ethereum network’s market space functions. It excludes the first-price sell-off as the primary method of calculating fees and replaces it with a discrete base charge that is burnt rather than given to miners. This adjustment can help you anticipate usability better because it minimizes the number of people that overpay. With this new upgrade, cost accuracy may be enhanced as well. These changes will affect all Polygon stakeholders. MATIC is especially significant since it transfers all data from the off-chain to the Blockchain network. Read this Polygon crypto price prediction to know more about MATIC.