What is Polygon (MATIC)?
Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum scaling and infrastructure development. The project aims to create “Ethereum’s internet of blockchains”, by solving scalability issues of existing blockchains, and offers developers with a set of tools to build ultra-scalable and high-performance blockchains and decentralized applications (DApps).
Launched in 2017, the Polygon team is led by its co-founders – Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. MATIC coin is Polygon’s native token, which is largely used for paying gas fees, and participating in the blockchain’s governance.
Polygon is also the only scaling solution that supports the Ethereum Virtual Machine (EVM), which allows different blockchains to exchange value and information easily, and eliminates the technological barriers that exist between most blockchains. Polygon blockchain can process up to 65,000 transactions per second, with a block confirmation time of less than two seconds.
Additional Read: Investing in Polygon (MATIC)? Take a Deep Dive
What is Tezos (XTZ)?
Tezos is a blockchain network that bills itself to be “safe, upgradable, and built to survive,” that its smart contract language delivers the accuracy required for high-value use cases. The network is believed to never face the danger of a hard fork.
The Tezos white paper was written by Arthur Breitman in September 2014. He claimed that one of Bitcoin’s primary problems was the lack of a governance framework. He and his wife Kathleen then started a company named Dynamic Ledger Solutions, which was responsible for building the Tezos protocol’s code.
The Tezos Foundation later purchased the corporation in order to assure that it possessed all of the network’s intellectual property rights. People who own XTZ can vote on protocol changes proposed by Tezos developers.
Key Differences among Polygon vs Tezos
The unique features of Polygon (MATIC) are:
- Polygon MATIC is a Layer 2 scaling solution for Ethereum scaling and infrastructure development.
- It is the only scaling solution that supports the Ethereum Virtual Machine (EVM).
- Polygon supports two types of chains – standalone and secure.
The unique features of Tezos (XTZ) are:
- Tezos is a blockchain network that’s based on smart contracts.
- It is a self-upgradable protocol that would never undergo a hard-fork, and splits the network into multiple blockchains.
- “Baking” allows Tezos holders to take part in the network’s governance via staking 8,000 XTZ.
Not sure about the basics of Crypto? Get all your answered at > Crypto Basics by CoinDCX Blog
Polygon MATIC vs Tezos XTZ: Comparative Analysis
| Comparison Basis | Polygon (MATIC) | Tezos (XTZ) |
| Launch Date | October 2017 | June 2018 |
| Founders | Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun | Arthur Breitman, and Kathleen Breitman |
| Blockchain Protocol | Ethereum Blockchain (ERC20 token) | Tezos Blockchain |
| Token Type | Native | Native |
| Use Case | It is a Layer 2 solution, which provides a set of tools for developers to create ultra-scalable blockchains and decentralized apps (DApps).
MATIC holders can pay gas fees and take part in the blockchain’s governance. |
It is a self-upgradable blockchain that can be used to build decentralized applications (DApps), and smart contracts.
XTZ holders can vote on proposals for protocol upgrades that have been put forward by Tezos developers. |
| Market Cap* | $12,054,895,305 | $3,124,908,067 |
| Circulating Supply** | 7.56B MATIC | 879,871,994.50 XTZ |
| Consensus Method | Plasma Framework + Proof-of-stake (PoS) | Proof-of-stake (PoS) |
| Official Twitter Account | Polygon | Tezos |
MarketCap* and Circulation Supply** as of March 2022
Source: CoinMarketCap
MATIC vs XTZ: Price Trends(Monthly)
Additional Read: Polygon (MATIC) Price Prediction & Tezos (XTZ) Price Prediction
Should you buy a MATIC coin vs XTZ coin
Both Polygon and Tezos have the same goal of enhancing the way today’s blockchain networks work, while remaining distinct as individual contributors to the blockchain economy. Tezos was built as a native blockchain to offer an infrastructure that is more advanced than Ethereum and Bitcoin — meaning it can evolve and improve over time without the risk of a hard fork. Polygon was built on the Ethereum blockchain as a layer 2 solution to develop solutions to some of Ethereum’s major challenges, such as high fees and low transaction speed.
Tezos’ “baking process” also adds a unique touch to the blockchain. Baking allows XTZ holders to participate in the network’s governance by effectively staking 8,000 XTZ, giving a financial incentive for people to be honest. Bakers are then given a four-step mechanism to vote on suggested changes to the blockchain’s code, which takes about 23 days. Proposals that garner overwhelming support are put through their paces on a testnet for 48 hours before being fully implemented if they receive a super-majority of votes.
Polygon presently supports just the Ethereum basechain. However, the network plans to expand support for additional base chains based on community proposals and consensus. Polygon would then become an interoperable decentralized Layer 2 blockchain.
In 2021, several reasons contributed to the rise of both the blockchains and price increases in the MATIC and XTZ coins. Polygon’s introduction of a DAO in partnership with Ernst & Young (EY) and the recent deployment of Uniswap on Polygon are examples of this. In the case of Tezos, famous artists such as Doja Cat have launched Music NFT collections on Tezos, and Red Bull Racing has partnered with Tezos for NFT collections. Experts are bullish on both the coins.
However, as an investor one must do their due diligence. We always recommend our readers to do their own research before investing their hard-earned money into any crypto assets. One must look at the use-cases, fundamentals, development teams, as well as the popularity of a crypto before investing in them.
Additional Read: MATIC Technical Analysis
How to invest in both XTZ and MATIC coin?
Investing in crypto is super simple, safe, and secured with CoinDCX app. It doesn’t matter whether you want to invest in the Polygon or the Tezos coin, we have got you covered. CoinDCX is India’s safest and simplest crypto investment app for your one-stop purchase of any crypto asset.
Here are the 3 simple steps to buy your first token with CoinDCX.
- Sign up on CoinDCX
- Link your bank details
- Buy Polygon (MATIC) or Buy Tezos (XTZ)
Additional Read:
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