Blockchain technology has proven to be the most prolific innovation to ever impact the world in this century. It has changed the way the world operates and has a large space for more impact in the coming years.
Several blockchain project developers have made efforts to leverage the development associated with Ethereum but the challenges of higher transaction fees and scalability still remain a problem for the Ethereum developers.
However, Polygon, which is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing security, has proven to be a respite for the Ethereum community.
The Polygon platform operates using the Ethereum blockchain and connects Ethereum-based projects in a seamless manner thus helping in a large way to scale the Ethereum network.
Polygon uses a modified proof-of-stake consensus mechanism that enables consensus to be achieved with every block. The proof-of-stake method requires network participants to stake and agree not to trade or sell the Polygon (MATIC) token.
What is USDT?
Tether (USDT) is a popular cryptocurrency otherwise known as a stablecoin that virtually all crypto enthusiasts have used for years to leverage their cryptocurrency trades and also use for executing transactions.
Tether (USDT) is pegged to the U.S. dollar, and in theory, it is assumed to be unaffected by the possibility of market volatility that can so dramatically impact the valuation of other cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin.
Tether was initially launched as a digital currency called RealCoin in July 2014 and was later rebranded as Tether in November 2014 to portray the essence of a stable coin. It eventually began trading in February 2015.
Why is USDT popular?
Tether now supports other blockchain protocols which include Bitcoin’s Omni, Liquid, Ethereum, TRON, EOS, Algorand, Solana, and OMG Network, making it a highly interoperable token; hence the popularity of its service globally.
There is virtually no crypto wallet or exchange in existence that does not use or transact in Tether (USDT).
The global acceptance and popularity make it easily accessible and tradeable in all exchanges either centralized or decentralized.
Tether belongs to a fast-growing set of digital currencies (cryptocurrencies) called stablecoins, with a goal to ensure that the price of their tokens is stable, by tying it to the price of a traditional currency like the U.S. dollar.
How is Polygon different from other Blockchains?
The interoperability of Polygon (MATIC) gives it an advantage over other blockchains for its flexibility and scalability. This serves as a second-layer solution against other blockchains. Tether’s integration into Polygon now gives more than 8,000 different teams and developers using the platform an additional stablecoin option for making payments and transactions.
The year 2021 witnessed the launching of Polygon Studios, which is a subsidiary of Polygon focused on the creation of blockchain gaming and non-fungible tokens (NFTs) which by all standards has the potential to put Polygon on the global market based on its scalability and lower transaction fees.
With the current statistics available, Polygon has processed more than 1.6 billion transactions, with over 143 million unique user addresses and over $5.3 billion in assets secured, thereby making itself outstandingly one of the industry leaders in terms of scaling solutions for the Ethereum platform.
Polygon is very concerned about the current development associated with the future of web 3.0. Hence it has improved its developmental strategy to accommodate more scaling solutions in line with the global trends.
Subsequently, this would provide Polygon the opportunity to leverage fast transaction times and lower fees to accommodate more services on the Polygon network and ensure the use of the USDT in a seamless manner.
Polygon is tradable on Klever Exchange
The Klever team continues to create more possibilities for new and existing traders by partnering with major blockchain projects like the Polygon team thereby enabling traders to transfer funds in a very fast and cheap manner.
We would like to invite our traders to start using the Klever Exchange for trading purposes using the deposit and withdrawal options in USDT with the Polygon network.
