Polygon, a protocol and a framework for constructing and buttressing Ethereum compatible blockchain networks, has made a comeback in the crypto markets quite recently, four years after their launch.
With a market cap of $11.3 billion (which can see a massive surge by the time you finish reading this article – you know it’s possible), Polygon has caught the eyes of many respectable investors such as Mark Cuban with its scalability and decentralized mechanism.
Unfortunately, the blockchain universe suffers from an ailment called the ‘Blockchain Trilema,’ which essentially means that at any given point in time, a decentralized application can provide only two of the three known benefits, namely decentralization, security, and scalability.
The main aim of Polygon was to overcome Ethereum’s scalability issues and high fee structure while maintaining transaction velocity. Currently trading at $1.8, Matic coin, the native cryptocurrency token established on Polygon, has seen a 100% return in a short period of just 24 hours.
This implies the future prospects and believe that investors have poured into Polygon in the near future.
The most rhetorical question that arises is ‘Where can I buy Matic?’
Binance and Coinbase are the most widely used and entrusted crypto exchanges that provide services to buy and sell Matic. So the next logical question that should arise is ‘Where do I store my Matic coins?’
5 Best Matic Wallets
Hardware and Software wallets are available today to store cryptocurrencies safely and securely. The five best Matic Wallets are given below:
Atomic Cryptocurrency wallet is a software wallet that, in layman terms, is an application that you can install on your phone.
Atomic is an IOS, Android compatible wallet that helps straightforward buying and selling of Matic coins and even staking other crypto tokens.
This implies that you can leverage your cryptocurrency assets without any fees and receive rewards and tokens from validators.
A new concept called Atomic Swaps was initiated by Atomic wallet, which enables users to swap back and forth between all forms of assets supported, including ERC-20 and BEP2 tokens, in addition to the 300 coins available on the Atomic Wallet website.
Advantages of Atomic Wallet:
- User-friendly mobile and desktop versions are freely available.
- Matic Network can be directly sent to your wallet without a third-party mediator.
- No KYC or verification process for basic services offered.
- Massive cashback.
- Supports multi-cryptocurrencies
However, being a software wallet, Atomic Wallet could fall prey to many malware practices, along with the fact that the team has to ensure no exploits are present on all versions.
Thus, in my opinion, a simple Desktop application would be suitable and prone to less risk as opposed to a mobile application.
Trezor is a hardware wallet that can be physically connected to your phone/PC/laptop to transfer or receive Matic coins. This was a pioneer in the field of hardware wallets designed by SatoshiLabs. It builds an isolated environment for offline transaction signing. This wallet is manipulated by a PIN code that never leaves it.
This simple feature makes sure that even if the computer that the wallet is using is compromised, your PIN will not get stolen.
How does it ensure that?
So, it has an inbuilt system that prevents Brute force attempts. So if the attacker incorrectly guesses, then the time between the guesses is raised by a power of 2.
Trezor too has 2 sub-wallets – Trezor One and Trezor T.
Once you provide an interface between the wallet and your connected device, say your laptop, a pin would pop up on your wallet screen, which needs to be entered on the other device. This takes place before every transaction, thus, adding a layer of security.
- Supports all basic altcoins such as BTC, ETH, LTC, and many more.
- Compatible with all devices.
- Supports multi-cryptocurrencies.
However, it costs $75, which could be a bit steep!
The significant difference between the two is that Trezor One has a few buttons on it, whereas Trezor T is entirely touch-screen operated. However, the early installation steps could take a while!
- Supports more assets
- Compatible with all devices.
Again, it costs more than $159, which is not very favorable for average users.
This wallet is another software wallet and is rather famous amongst investors and traders, as supported by the Binance Crypto exchange. One can store and transfer Matic by downloading this app on the mobile phone without compromising security.
Trust is highly suitable for novice investors to store Matic and other ERC-20 tokens due to the convenience of navigating through the app and the backup options available.
The reasons why Trust wallet is widely used:
- You can buy Matic coins with a card.
- Exchange instantly without hassle.
- Safe and secure.
- Browser for Dapps.
Apart from buying and selling Matic, Trust also offers to stake currency, invest in NFTs (Non-Fungible Tokens), and most importantly, is the only wallet that offers to cater to the user according to his/her language preference which users can select according to their native country.
Moreover, it has an effortless set-up process, which is available on the Trust website, and solid support called the Trust Wallet Help Page, which is open 24/7 to aid users at large.
This is a web-based, trusted, tried, and tested wallet which allows you to store all ERC-20 tokens, including Matic Network.
MEW does not require to be downloaded or installed and can be accessed on the go via the internet. However, a group of crypto-enthusiasts launched this non-custodial Ethereum wallet which means that you can only access your funds.
Again, you can directly transfer Matic coins from the wallet to the destination without an intermediate third party.
Following are the perks of using MEW:
- A complete tutorial and guide are offered to teach young investors how to stay safe and secure in the world of crypto.
- State-of-the-art encryption methods are used to keep the account safe and secure.
- Keys are stored locally in a secure wallet on the device.
- An extensive backup mechanism is available to recover funds.
Users need to remain cautious about phishing attempts by fake copies of the website, leading to the leakage of critical user data and information. Therefore, MEW offers sign-in methods such as a mnemonic key phrase unique to each user, thereby providing as much security as possible.
This testnet wallet aims to bridge the gap between user experience and scalability issues on the Ethereum network. Being a testnet as of now, Matic wallet has not been made public and does support the transfer of mainnet, i.e., real tokens.
However, it is in the beta phase of development and would soon be available for general usage. Furthermore, being a direct subsidiary of the Polygon chain, instant transactions on the Ethereum sidechain, this Proof-of-Stake network would steal market potential in wallet usage once open for public use.
So, why would Matic Wallet go big?
Let’s consider a simple example. Say you want to buy a cup of coffee using your ETH token. Users familiar with the Ethereum blockchain know that you are paying a high fee for that transaction and waiting for it to be confirmed.
This is a very inefficient way of transacting in the real world. With Matic into the picture, users can transfer tokens almost instantly in 1-2 seconds, with nearly negligible fees by leveraging the sidechains that run parallel with the Ethereum main chain.
Furthermore, one does not need to open separate accounts as the address on the Ethereum chain works on Matic as well. Another prospect that would gain Matic attention is the ease of connecting Dapps with Matic using WalletConnect Integration.
All these factors favor Matic and would be a safe and reliable option for most investors.
A detailed survey on various hardware and software wallets does help outweigh the positives over the negatives.
However, security plays a crucial role in transaction money, be it our fiat money or the millennial favored cryptocurrency tokens.
Thus, one needs to thoroughly consider the compromised options by different wallets and then make a solid, risk-proof decision. This does not imply that one should oppose the usage of online tools and follow a risk-averse approach.
I hope this article helps you and if you have any queries related to it, leave your comment below. If you have not joined our community then you can now. We are very active there and have been sharing important information there.
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