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.
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