In order to end the current crypto crash, the year 2023 should be all about adoption. When more people use blockchain tech, the prices of cryptos increase. There has been a strong battle about which blockchain is better, Ethereum or Polygon. In this article, we go over the basics of both blockchains and assess which one is a better investment for 2023.
What is Ethereum Blockchain?
Smart contracts are programs that execute exactly as they are planned without the risk of delay, censorship, fraud, or outside influence. Ethereum is a decentralized, open-source blockchain platform that supports smart contracts. These smart contracts are created using the high-level programming language Solidity, which is then translated into bytecode that can be run on the Ethereum Virtual Machine (EVM), a runtime environment that is installed on Ethereum nodes.
Programmer and co-founder of Bitcoin Magazine Vitalik Buterin introduced Ethereum for the first time in 2013. Since the introduction of the Ethereum mainnet in 2015, the platform has grown to rank among the most popular blockchain platforms for the creation of decentralized apps (dApps). Ether is the name of the Ethereum platform’s native cryptocurrency (ETH).
Ethereum Price Analysis 2023: How did Ether perform?
The past year was a harsh one on the crypto market. After reaching its all-time high price of $4,800, Ethereum prices crashed and reached a low of $895. Ether lost more than 70% in the past year. However, this also was the average loss in most crypto prices. Most crypto analysts are hoping that prices recover soon, as prices in figure 1 breach the upper descending triangle line.
What is Polygon Blockchain?
A layer 2 scaling solution for Ethereum called Polygon (formerly known as Matic Network) seeks to increase the speed and scalability of decentralized apps built on the platform (dApps). By enabling dApps to function on a different blockchain that is linked to the Ethereum mainchain through a method known as “sidechains,” Polygon enables dApps to conduct transactions more quickly and cheaply than on the Ethereum main chain.
Since Polygon and Ethereum are compatible, they can function together and with other Ethereum-based networks without any issues. Additionally, Polygon supports a number of consensus mechanisms, including as proof-of-stake (PoS), which gives users compensation for acting as validators on the network. MATIC is the name of the Polygon network’s native cryptocurrency.
Polygon Price Analysis 2023: How did MATIC Perform?
The cryptocurrency market had a difficult year last year. MATIC price plunged to a low of 33 cents after hitting an all-time high of $2.9. In the last year, MATIC has decreased by more than 70%. However, this drop was also the norm for most cryptocurrency values. As MATIC prices in figure 2 showed a 50% recovery, the majority of cryptocurrency experts are anticipating an even higher price recovery, especially since traditional businesses are using Polygon’s blockchain to enter web3.
Which Blockchain is Better: Ethereum or Polygon?
Given that multiple blockchains are created to fulfill various functions and may be better suited for certain use cases, it is not really correct to state that one blockchain is “better” than another in an absolute sense.
For instance, although some blockchains are built to handle a high volume of transactions per second and are extremely scalable, others put security and decentralization over speed. While some blockchains are more general-purpose and may be used for a variety of applications, others are meant to be used for specialized uses, such as the creation of decentralized finance (DeFi) systems.
However, many well-known brands are using the Polygon blockchain to enter Web3. This includes Mercedes, Starbucks, Meta among many others. This means that once the crypto market goes back into its Bullrun, MATIC prices should soar very high and outperform most cryptocurrencies.
Offer from CryptoTicker
Are you looking for a chart analysis tool that doesn’t distract you with community messages and other noise? Check out GoCharting! This is an easy-to-use online charting tool that requires no downloads or prior knowledge.
Click here to get a 10% discount on your first payment (monthly or yearly)!
CLICK THIS LINK TO TRADE CRYPTOS AT BITFINEX!
MATIC Prediction for February 2023 – Things are looking…Greenish?
Is MATIC the ONLY Crypto with Good Fundamentals and Future?
MATIC Price to reach $1 before 2023 if THIS Happens!
Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
Don’t Miss on MATIC anymore! Buy MATIC at the next DIP?
MATIC Price is looking BULLISH! Here’s what to Expect in the coming weeks…
Ripple Price Prediction – How High will XRP reach in 2050?
How High will MATIC Price Go? MATIC 3 $ soon enough?
Polygon vs Polkadot: Who Will Hit $10 in the Next 90 Days? Potential Scenarios Unveiled!
MATIC Price Prediction 2030 – Is MATIC a Good Buy Today?
Big News: Ripple Price is about to TRIPLE? This News Confirms…
Conservative MATIC Price Prediction 2022: Buy MATIC before Year End?
Polygon Price Prediction: Can MATIC Price Reach $3 in 2023?
Ripple Price Prediction – How High will XRP Reach in 2025?
Why is MATIC Price down while Polygon adoption is up?
An AI Bot predicted Polygon MATIC price by the end of 2023…NOT GOOD?
MATIC Price back to 1$: PERFECT Opportunity to BUY Polygon?
Can Shiba Inu Price Reach 10 Cents?
Will MATIC reach 1 $ before 2023? Very likely if This happens!
Does MATIC have a Future after Ethereum Merge?
Top 3 Altcoins to BUY before January 2023 (Don’t Miss OUT!)
You might also like
More from Altcoin
EOS Price Crash to $0.67 with further drops expected…Bleak Outlook Ahead?
The classification of EOS as security triggered an EOS price crash, causing concern among investors and traders. Is EOS still …
BLOODBATH: How low can BNB price go?
Since June 5, when the SEC initiated a lawsuit against Binance, BNB's market capitalization has plummeted by over $7 billion. …
Solana Price Crash: SOL reaches $14.7, further Decline Looms Ahead?
Solana was among those tokens that were dumped, and a Solana price crash occurred, sending prices down by more than …