Polygon vs Litecoin: Comparative Analysis of MATIC vs LTC

A layer 1 blockchain protocol that was inspired from the OG Bitcoin and a Layer 2 blockchain protocol that is made upon the Ethereum blockchain have had quite a journey! While Litecoin was built to better the processes Bitcoin was catering to, Polygon similarly helps in scaling the Ethereum blockchain.

While the similarity sounds amazing, these two blockchains have their own path to pave. To understand them better, let us dive into understanding both of them!

What is Litecoin?

Litecoin (LTC) is a peer-to-peer open-source software and crypto project that was released under the MIT/X11 license. It is a crypto, that is designed to enable faster, more secure, and lower-cost payments, taking advantage of the unique properties of the blockchain technology. Although launched with the aim of Litecoin being digital silver to Bitcoin’s digital gold, it solved some perceived shortcomings of Bitcoin. It is designed to simplify the process of accepting payments from merchants using LTC, making transactions quicker than they would on Bitcoin’s blockchain. 

Unique Features Of Litecoin(LTC):

• The hashing algorithm used by Litecoin is Scrypt, which is pronounced as es-crypt. It works on the Proof-of-work consensus mechanism.
• Segregated Witness, also referred to as SegWit, which is a method that enables more transactions to be put within a crypt asset, was implemented by Litecoin, back in 2017.
• MimbleWimble, which is a privacy protocol that helps in building on confidential transactions which encrypts or hides information like transaction amounts.

Latest Litecoin News:

• Litecoin has announced on April 13, 2023 that a lot of upgrades that are in the pipeline for the network! A Litecoin developer, David Burkett, has mentioned that these series of upgrades will include PSBTs; which are intended to bring in hardware support for Litecoin’s MWEB.

A new major release to Litecoin Core is in the works!

⚡PSBTs
⚡P2P Support for Light Clients
⚡View Keys
⚡Payment Proofs
⚡Descriptor wallets

Read more in the latest update from @DavidBurkett38 https://t.co/BgPe7Mrktu

— Litecoin (@litecoin) April 10, 2023

• Similar to BTC halving, that is set to take place next year, Litecoin’s halving is almost around the corner and the community is excited for the same!

120 days till the #Litecoin Halving ⚡ pic.twitter.com/PaHAMwldiG

— Litecoin (@litecoin) April 4, 2023

Polygon MATIC vs Litecoin Crypto: A Comparative Analysis

What is Polygon?

Polygon, which was earlier known as the Matic network, is an easy-to-use and the first-ever well-structured platform which has helped scale Ethereum as well as develop its infrastructure. The core component of the Polygon crypto network is the Polygon SDK which is a flexible and modular framework supporting the development of various types of applications. The primary aim of the Polygon (MATIC) network has always been to build an internet of Ethereum based blockchains. Therm that the team had previously used is “Ethereum’s internet of blockchains”.

As Polygon is the only blockchain that supports Ethereum Virtual Machine (EVM), it has worked on the further possibility of the same and has introduced zkEVM to the world of crypto. The zkEVM of Polygon is one of the scaling solutions developed by the team to make dApps more scalable. A zk roll up stands for Zero Knowledge roll up, which sends transactions in batches to Ethereum for their approval, after which they are sent to the main chain.

Did You Know? Polygon blockchain can process up to 65,000 transactions per second, with a block confirmation which takes less than two seconds.

Unique Features of Polygon (MATIC):

• Polygon MATIC is a Layer 2 scaling solution for Ethereum scaling and infrastructure development.
• MATIC is the only scaling solution which supports the Ethereum Virtual Machine (EVM).
• The Polygon network supports two types of chains; they are standalone and secure.

Latest Polygon News:

• As an honor, the Polygon team had asked the Ethereum founder, Vitalik to make the first transaction, following the lainch of the zkEVM.

The moment we’ve all been waiting for – Polygon #zkEVM Mainnet Beta is LIVE with @VitalikButerin performing the symbolic first transaction.

👏🏿 Permissionless
👏🏾 Public
👏🏽 Fast finality
👏🏼 Leading EVM-equivalent zkEVM
👏🏻 Completely open-source

More 👇🏻https://t.co/Xo4mbhnASh

— Polygon (Labs) (@0xPolygonLabs) March 27, 2023

• As per the data shared by DappRadar in its Blockchain Games Report, Polygon has emerged as the second largest blockchain gaming network with about 138,081 unique active wallets (UAWs) that has engaged in games in March 2023.
• There are more updates coming, following the journey zkEVM has and the community feedbacks, says the Polygon team.

Now that Polygon #zkEVM Mainnet Beta is live, it’s time to follow the journey in all its twists and turns. Expect to hear more about the nitty-gritty details of this ongoing adventure, starting with this update:https://t.co/gF0fdQqdeP

— Polygon (@0xPolygon) April 6, 2023

Pros and Cons of Polygon vs Litecoin

Pros

Cons

Polygon Price Prediction 2023

Source: TradingView

• The MATIC price today is running on $1.13, with a 24-hour trading volume of $304,440,792 . The price has seen an upward trajectory of about 3.39% in the last 24 hours. The market cap of Polygon is standing at $10,401,767,116, as of April 13, 2023.
• The MATIC price has surged from the $1.046 levels during the first week of April 2023 and is still believed to be heading towards $1.245, which has been a major resistance and also a price where it had previously faced a rejection. But the rise in 24 hour volume indicates otherwise.
• Given the continued upward trajectory, the price may reach around $1.8 by the end of Q2.

Litecoin Price Prediction 2023

Source: TradingView

• The LTC price today is running on $93.85, with a 24-hour trading volume of $526,252,375 . The price has seen an upward trajectory of about 2.51% in the last 24 hours. The market cap of Litecoin is standing at $6,818,528,129, as of April 13, 2023.
• The upcoming halving event has given the much needed push, where the token reached $90, during March, to the tokens price and is still expected to kick in raising the price beyond $100 very soon.
• However, if the price does not surpass the 50-day MA and goes down to hold the lower support at 200-day MA at around $72.64, the bullish trend might go down while the bears may take over the rally.

MATIC vs XRP: Which Is The Better Buy?

Polygon and Litecoin, both have had quite an interesting year so far in 2023, while Polygon is working on setting up the path ahead after its zkEVM Mainnet Beta launch, Litecoin is gearing up for its halving event coming up in 3 months! While Polygon has the advantage of scalability, being available since 2011, Litecoin; as a crypto asset; has already been explored as a financial payment option by many all around the globe.

If one sits to have a pros and cons list, the above points have already listed the major pointers one should look at. However, before diving into exploring any of the two, it is imperative to conduct a thorough research on them, from a tokenomics point of view and also, if the vision of the project aligns with ones belief.

How to Invest in Polygon and Litecoin 

Investing in crypto is super simple, safe, and secured with CoinDCX app. It does not matter whether you want to buy MATIC or wish to trade LTC price today, we have got you covered.

Here are the 3 simple steps to buy your first MATIC or LTC with CoinDCX.

1. Sign up on CoinDCX
2. Complete your KYC
3. Link your bank details
4. Buy Polygon (MATIC) or Buy Litecoin (LTC)