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MATIC Wallet: Everything You Should Know Before Selecting Polygon

Last Update: 2022-03-08

MATIC Wallet: Everything You Should Know Before Selecting Polygon

Polygon, a platform for developing and sustaining Ethereum-compatible blockchain networks, has recently experienced a resurgence in the cryptocurrency markets four years after making its first entrance on the scene. Mark Cuban has shown interest in Polygon among other well-known investors because of its scalability and decentralized methodology.

MATIC wallet is essential and should be considered because of many reasons. You have to be careful while selecting the crypto wallet for MATIC stacking and storing purposes. Only highly secured and safe wallets should be chosen for your digital assets.

We covered MATIC network wallet and other companies to provide you with the ultimate security solution. 

What is Polygon?

polygon matic

Polygon MATIC, formerly known as the MATIC network, is a scaling solution that reduces complications and expenses while increasing the speed of transactions on blockchains that are compatible with it. Unfortunately, Ethereum has several difficulties, including a bad user experience, low transactions per second (TPS), and high transaction costs. 

Polygon's blockchain scalability platform will address some of these issues, which will be developed in the future. Jaynti Kanani, Mihailo Bjelic, Anurag Arjun, and Sandeep Nailwal founded the Polygon MATIC or MATIC network in 2017, which was renamed Polygon in February 2021.

As of the end of 2017, the MATIC network, tested in October of that year, served as the primary network. Decentraland (MANA) and Maker, two of MATIC's recent initiatives, are gaining headway (MKR). On top of these two platforms, the MATIC network cooperated with Coinbase and Binance, allowing it to grow administratively.

Venture investors such as ZBS Capital and Codex Venture Partners, AU21 Capital, and Coinbase Ventures as corporate venture capital invested in Polygon MATIC. Polygon received a significant boost from Mark Cuban's investment. Cuban has said that he plans to incorporate Polygon into his NFT (Non-fungible Token) portfolio since Polygon can process more transactions per second than Ethereum.

In early 2021, Polygon prices surged 10,000%, while Crypto prices have risen significantly since January. Polygon's market value is almost $11 billion, making it the 15th most valuable cryptocurrency globally.

Data Value
Polygon Price $1.6963
Market Cap $12.68B
Trading Volume $1.28B
Transparent Volume $777.30M
Transparency Grade Good
Circulating Supply 7,477,274,364
1st 1D Candle April 19
1st Trade April 19
1st Orderbook April 19
Exchanges 166
Trading Pairs 2,561

What is MATIC Token?

In addition to being used for stacking, MATIC tokens may also be used to pay transaction fees to help keep the network safe. Around 400 DApps on Polygon employ MATIC tokens as payment fees. Using Polygon, delegators and validators stake their MATIC in the stake contracts to establish consensus.

Tokens for Polygon may be found on several well-known controlled and decentralized exchanges. Bancor, DFYN, Quickswap, SushiSwap, Uniswap, and other decentralized exchanges. Other exchanges like Coinbase, Binance, Huobi, Crypto.com, FTX, Digifinex, and so forth are also available.

MATIC is an ERC-20 token based on Polygon technology that powers Polygon, which powers a Multi-Chain Ethereum. The foundation of the Polygon ecosystem is this. The ERC-20 Polygon token handles matic staking and transaction fees for the Polygon network. Polygon MATIC's popularity soared, and its price plummeted due to the rebranding and brought many advantages to matic.

Tokens based on the ERC-20 standard, such as Polygon, are widely available in the crypto community and matic review it's a must-read lecture. However, there is a Polygon-specific utility, which might impact consumer incentives and the project's destiny.

MATIC Network Wallet

The MATIC team is developing an Ethereum wallet to close the gap between scalability difficulties and the user experience provided by the Ethereum network. The wallet's goal is to make it simpler for consumers to connect with decentralized applications (dApps) running on the Ethereum and Plasma blockchains.

The wallet will dramatically improve transaction speed and efficiency by enabling users to access two distinct networks simultaneously. Additionally, it makes it possible to link desktop Dapps to mobile Wallets utilizing end-to-end encryption in seconds by scanning a QR code on a smartphone. This lets users engage with dApps without worrying about their private key ever leaving their device.

The MATIC wallet is still in the testing phase, and the team is warning users not to transmit main net tokens to the wallet, as they will be lost if they do so. However, anyone who installs the wallet immediately (there are Android and iOS versions available) will get MATIC test tokens to thank you for your participation.

Taking a closer look at the reviews for the wallet, it seems that they are on the ordinary side of things. However, users seem unhappy that the wallet demands them to use either their fingerprints or facial recognition software. This is a contentious issue, particularly for privacy advocates in the cryptographic sector. The fact that the MATIC support staff has not replied to any of these inquiries is also a source of some concern.

Types of Matic Wallets for Storage 

The MATIC Network is stored in wallets with private and public keys exclusive to each wallet. Because there are so many different cryptocurrency wallets on the market, it's tough to recommend one that will fulfill all of your needs. So instead, take a closer look at the most critical differences between wallets.

Mobile Wallets

The use of mobile wallets is growing in popularity. The convenience of these wallets is derived from the fact that they are always with you and maybe used anywhere, for example, to pay at a retail store. The best mobile MATIC Network wallets are Ethereum, Monero Free wallet, and Bread.

Desktop Wallets

If you want to keep your wallet on the computer's desktop, there are Desktop Wallets. You may get them by downloading and installing them on your computer, and this is the only machine on which they can run and be accessible. These wallets are among the safest options if your computer is somehow compromised or infected with a virus. The best desktop wallets for the MATIC Network are Monero GUI, Bitcoin Knots, and Agama.

Online Wallets

An electronic wallet known as an "online wallet" may be accessed over the internet. You can use an online wallet from anywhere in the globe, as long as you have access to the server where it's stored. However, because your private keys are stored online and with a third party, there is an increased risk of a hacker attack or theft. BOScoin and Scorum Wallets are the best options for MATIC Network wallets in terms of security.

Paper Wallets

As strange as it may seem to talk of "paper wallets" in the context of a digital currency, they exist in the form of private and public keys printed down on paper. And provides a high level of online security with physical security.

5 Best MATIC Wallets

There are a variety of hardware and software wallets available today that may be used to store bitcoins safely and securely. The following are the top five MATIC Wallets in our opinion:

Atomic Wallet

Atomic Cryptocurrency wallet is a software wallet that can be downloaded to your mobile device and used to store cryptocurrency. MATIC currencies may be purchased and sold using the Atomic wallet, compatible with both iOS and Android smartphones. It also allows for the staking of other crypto tokens.

Validators may provide incentives and tokens in exchange for their services, so you will be able to use your Bitcoin assets without suffering any expenses. In addition to the 300 currencies listed on the Atomic Wallet website, a new concept known as Atomic Swaps was created by the Atomic Wallet website, allowing users to swap between all sorts of assets supported.

Atomic Wallet has the following benefits:

  • In addition to mobile and desktop versions that are simple to use, they are also free.
  • No need for a middleman to provide MATIC Network to your wallet.
  • For the most basic services, there is no KYC or verification process.
  • Several thousand dollars in rebates.
  • A wide range of coins may be used.

It is still vulnerable to a wide variety of harmful approaches since it is software, and the Atomic Wallet team must ensure that all versions of the software wallet do not have any flaws. A desktop program would thus be more suitable and less dangerous in my opinion than a mobile application.

Trust Wallet

With the help of the Binance cryptocurrency exchange, this wallet is another one that is growing more popular among cryptocurrency investors and dealers. In addition, one may use this app to store and relocate it on a mobile phone to keep MATIC safe. As a result of the many backup choices and the simplicity of use, the Trust wallet is a place for new investors to keep their MATIC or other ERC-20 tokens.

Trust wallet's popularity may be attributed to many factors:

  • With a credit card, you may buy MATIC coins.
  • Transacting online is quick and painless.
  • Safe and secure.
  • To access Dapps, you must have a web browser.

Aside from buying and selling MATIC, the Trust wallet lets users stake money, invest in NFTs (Non-Fungible Tokens), and most importantly, it is the only wallet that allows users to cater to the language preferences they may choose based on their original place of origin. It also has a user-friendly setup method that can be accessed on the Trust website and 24-hour, seven-day-a-week assistance through the Trust Wallet Help Page.

If you are interested to know how to buy safemoon on trust wallet please check our home article section.

SafePal S1

The SafePal S1 hardware wallet works with iOS and Android devices, and it works with the SafePal app. It works with over 10,000 coins on over 20 blockchains. MATIC ERC20, BEP2, and BEP20 may be received, managed, and utilized on the Polygon network as well as Ethereum. Not reliant on third-party wallets.

The wallet's remarkable performance and functionality, along with its low price (without compromising security, EAL 5+ certification), made it an instant hit among bitcoin investors, who previously preferred Ledger and Trezor. On the other hand, SafePal uses an air-gapped secure connection, popular in hardware wallets. Only the QR codes used to sign transactions provide Wi-Fi, Bluetooth, or other connection.

It also has a built-in anti-tamper feature that deletes all private keys and data if forced entry is detected. In addition, you put down a recovery phrase when you set up your hardware wallet. As a consequence, your bitcoin is safe from online and offline attacks.

My Ether Wallet

Internet connection is needed to access MEW, which does not need any downloading or installation. However, a group of cryptocurrency enthusiasts has designed a non-custodial Ethereum wallet, which means you can only access your wallet's assets. MATIC coins may be sent directly from your wallet to the recipient's address, eliminating the need for a middleman once again.

A few benefits of using MEW include the following:

  • Cryptocurrency investors of all ages may benefit from extensive instruction and advice.
  • A number of cutting-edge encryption mechanisms protect the account.
  • The device's secure wallet stores all of the user's private keys.
  • A thorough backup mechanism has been established to guarantee that money can be retrieved.

To avoid losing critical user data and information, users should look for phishing attempts by bogus websites. To provide the maximum degree of security, MEW delivers a mnemonic key phrase that is unique to each user.

Trezor One

Using a Trezor hardware wallet connected through a USB connection to your phone, PC, or laptop, you may transfer and receive MATIC currencies. The hardware wallet developed by SatoshiLabs was the first of its type and a pioneer in the hardware wallet industry. With the help of this tool, you may build a safe environment for offline transaction signing. This wallet is protected with a unique PIN code never shared with anyone else.

If the wallet's computer is hacked, your PIN and your money are protected by this fundamental function. To protect against brute force assaults, it has built-in technology. Therefore, the attacker's latency between guesses is multiplied by two if he makes an incorrect one.

After establishing a connection between the wallet and your associated device, such as a laptop, a pin will display on the wallet screen, which must be entered into the other device. This is done before every transaction, therefore enhancing the system's security level.

Key Features:

  • Supports all of the major cryptocurrencies, such as Bitcoin and Ethereum.
  • This program is compatible with all devices.
  • Non-custodial.
  • A wide range of cryptocurrencies is supported.

How to Stake MATIC in Polygon Wallet? 

  1. If your wallet is supported, connect it (MATIC tokens on the Ethereum network)
  2. From the drop-down option, choose "Apps."
  3. A drop-down option will appear.
  4. Click "Delegate" after selecting your validator from the drop-down option.
  5. Click "Max" to stake the greatest quantity of MATIC tokens possible.
  6. Click "Continue" to continue.
  7. To approve the transaction, you will be charged a gas fee, and you will need to "confirm" the transaction in your wallet.
  8. To "Delegate" and "Confirm" in your associated wallet, you'll need to pay an additional gas fee.
  9. Please be aware that once the merchant has validated the transaction, it may take several minutes for it to reflect in your account and display under "my account."

Pros & Cons of MATIC

Pros

  • It has shown to be independent of Bitcoin's price fluctuations.
  • In comparison, Polygon Scales Faster, Is Interoperable and Has Hundreds of Partnerships.
  • Benefits from Ethereum's DeFi Revolution.
  • Grayscale is considering a Polygon-specific investment product.
  • Prominent Investors and Major Players have given it their seal of approval.

Cons

  • When Ethereum's Proof-of-Stake mechanism is completely deployed, the growth pace will slow down significantly.
  • Traditional financial institutions face a serious threat from blockchain-based innovations.
  • The theft of cryptocurrency is on the rise all across the globe.

FAQs 

What makes MATIC tokens unique?

Polygon MATIC was created to tackle poor performance and high gas costs while maintaining security. Polygon has three fundamental benefits derived from Ethereum's network effects: safer, more open, and powerful.

Which MATIC Network Wallet is best?

There is no one answer. Before buying a wallet, consider its intended purpose. If you want to pay and receive MATIC Network often, a mobile or online wallet makes sense.

Where to Buy MATIC tokens?

After hearing about the project's potential, many individuals want to know where to buy Polygon crypto. Coinbase and Binance sell Polygon tokens, and Uniswap and SushiSwap enable savvy cryptocurrency users to buy Polygon using Wrapped Ethereum.

Conclusion 

Comparing a variety of hardware and software wallets may help weigh the benefits and drawbacks of each. Even if millennials prefer cryptocurrency tokens to fiat cash, security is a must for any kind of transaction money. To make a sensible decision that is free of risk, it is vital to consider the pros and cons of different wallets. Internet technology and risk-averse attitudes to business are not in any way encouraged by this statement.

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