By registering on CyLimit, you receive a wallet on blockchain.
It means that you have your own wallet you can manage, put money into and withdraw from.
At CyLimit we use POLYGON as a blockchain network for NFTS and USDC for transactions (buy&sell on primary market and secondary market)
Polygon is a cryptocurrency, with the symbol MATIC, and also a technology platform that enables blockchain networks to connect and scale. Polygon launched under the name Matic Network in 2017.
The Polygon platform operates using the Ethereum blockchain and connects Ethereum-based projects. Using the Polygon platform can increase the flexibility, scalability, and sovereignty of a blockchain project while still affording the security, interoperability, and structural benefits of the Ethereum blockchain.
MATIC is an ERC-20 token, meaning that it's compatible with other Ethereum-based digital currencies. MATIC is used to govern and secure the Polygon network and to pay network transaction fees.
On your CyLimit wallet you will have an amount in USDC, we just want to use all the advantages of the Blockchain, without the risk of falling on the market.
USDC is the 2nd largest stablecoin in the world, created by Circle and Coinbase
USD Coin (USDC) is a digital currency fully backed by US dollar assets. USDC is a tokenized US dollar, with the value of a USDC coin being equal to the value of a US dollar in a 1:1 ratio.
Since USDC is a 1:1 indexed asset to the dollar and the fiat currency has no issuance limit (and never will), the smart contract that manages the indexing is very unique, allowing for infinite issuance of USDC.
What is a NFT ?
A Non-Fungible Token (NFT) is a unit of digital data stored on a blockchain that certifies ownership or authenticity of a unique or non-interchangeable digital asset. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and have equal value, NFTs are unique and cannot be exchanged on a like-for-like basis.
NFTs can represent a wide variety of digital assets such as images, videos, music, artwork, GIFs, tweets, news articles, virtual real estate in video games, virtual reality experiences, and more. Each NFT carries specific metadata that is unique to it, ensuring its authenticity, provenance, and distinctive characteristics.
The technology behind NFTs often relies on standards like ERC-721 or ERC-1155 on the Ethereum blockchain, although other blockchains such as Polygon, Binance Smart Chain, and others have also adopted similar standards for creating and managing these unique digital assets. Leveraging the immutable and transparent nature of the blockchain, NFTs provide traceability and a guarantee of authenticity for owners of these unique digital assets.
What is USDC ?
On your CyLimit wallet, you hold funds in USDC, a digital currency used to leverage all the advantages of blockchain technology without being exposed to market fluctuations.
USDC is the world's second-largest stablecoin, jointly developed by Circle and Coinbase.
Backed by assets in US dollars, USD Coin (USDC) is a digital token that faithfully represents the value of one US dollar in a fixed 1:1 ratio.
The underlying assurance of USDC is based on reserves in US dollars, providing stability grounded in this parity. Unlike traditional fiat currency, the issuance of USDC is regulated through regular audits to ensure parity between circulating coins and US dollar reserves.
This unique feature of USDC, as an asset pegged to the dollar with no defined issuance limit, is managed by a specific smart contract, theoretically allowing continuous issuance of USDC, although this issuance is controlled and backed by US dollar reserves.
What is Polygon / MATIC
At CyLimit, we harness the power of the Polygon blockchain network for NFTs.
Polygon, denoted by the symbol MATIC, serves as both a cryptocurrency and a technological platform enabling blockchain networks to interconnect and scale. Originally launched as Matic Network in 2017, Polygon facilitates operations within the Ethereum blockchain ecosystem.
Functioning atop the Ethereum blockchain, Polygon acts as a bridge linking Ethereum-based projects. Leveraging the Polygon platform can enhance a blockchain project's flexibility, scalability, and sovereignty, while ensuring the security, interoperability, and structural advantages inherent in the Ethereum blockchain.
MATIC, an ERC-20 token, is compatible with other Ethereum-based digital currencies. It serves the dual purpose of governing and securing the Polygon network while facilitating transaction fees within the network.