Let’s first understand what is Polygon cryptocurrency? In simple words, it is a cryptocurrency that is based on the Ethereum platform.
Polygon (Matic) was created to solve the issue of scalability faced by Ethereum. It is a hybrid proof-of-work and proof-of-stake protocol that aims to be an efficient, scalable, and secure cryptocurrency.
Let’s now focus on the Matic wallet.
What is a Matic wallet?
Matic wallet is a decentralized application that stores your crypto assets.
Matic Wallet aims to solve the scalability and transaction cost issues faced by Bitcoin and Ethereum networks.
It also has the potential to provide an alternative solution for other blockchain projects that are looking for a way to scale up their network without compromising on decentralization.
The main aim of Polygon (Matic) was to overcome Ethereum’s scalability issues and high fee structure while maintaining transaction speed.
While writing this article it was trading at $1.8, the 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 belief that investors have poured into Polygon in the near future.
The most rhetorical question that arises is ‘Where can I buy Matic?’
So the next logical question that should arise is ‘Which wallet do I use to store my Matic coins?’
5 Best Matic Wallets
There are many wallets available in the market, but not all of them are secure. In this article, we will discuss which Matic wallet you should use.
We all know that there are two kinds of wallets available for us to use. The first one which everyone recommends is a hardware wallet and the second one is a software wallet as such a desktop wallet or a mobile wallet.
Just a reminder hardware wallets need to be purchased but software wallets are free to download. So let’s begin with this list of wallets.
Trezor is a hardware wallet that can be physically connected to your phone/PC/laptop to send 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.
The wallet adds another level of security by adding a PIN 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?
Trezor wallet has an inbuilt system that prevents Brute force attempts. So if the attacker incorrectly guesses the PIN, then the time between the guesses is raised by a power of 2. Trezor has 2 sub-wallets – Trezor One and Trezor T and both come with a Matic wallet.
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 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 you might find a bit steep! But, the amount of security it offers is impeccable.
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 nothing compared to the amount of ease & security it provides.
Trust wallet is a 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 wallet is highly suitable for newbie investors to store Matic and other BEP20 & ERC20 tokens due to the convenience of navigating through the dApps and the backup options available.
The reasons why Trust wallet is widely used:
- You can access Polygon based dApps
- Exchange instantly without hassle.
- Safe and secure.
Apart from buying and selling Matic, the Trust wallet 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, the Matic wallet has not been made public and does support the transfer of the 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 favour Matic and would be a safe and reliable option for most investors.
The SafePal is a newcomer to the hardware wallet world, and it’s surely one of a kind. The SafePal is a low-cost, portable cold storage alternative backed by Binance Labs, Trust Wallet, and the Litecoin Foundation. Many attack vectors are removed since the wallet is nearly never connected to the internet.
A user connects the wallet to a smartphone app and exchanges data using QR codes.SafePal is portable and simple to use on the go due to its smartphone connectivity and absence of cords.
Following are the pros of using Safepal S1:
- 1000+ assets are supported.
- If tampered the data gets wiped out.
- Cheaper than Ledger and Tezos hardware wallets.
- Completely wireless.
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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