Developers have been creating great use cases for blockchain projects in recent years, which seems to dwarf the proposals made by Satoshi Nakamoto in the Bitcoin whitepaper.
For many, Nakamoto’s idea seems to limit cryptocurrency, especially Bitcoin, to just a medium of exchange in a digital form by means of a peer-to-peer transaction.
However, new projects are here to change the game.
What is MATIC?
Polygon (previously called Matic network) is a technology platform that enables blockchain networks to connect and scale. It also has its own cryptocurrency with the symbol MATIC.
Polygon is the first well-structured, easy-to-use platform that enables Ethereum scaling and infrastructure development.
The developers based the project on the core component of Polygon SDK, which is a modular, flexible framework that supports building multiple types of applications.
The Matic Network is deploying a secondary scaling solution that aims to mitigate the challenges on the Ethereum platform, which include high transaction fees and slow transaction processing speeds.
Learning about Polygon Matic
Matic uses an integrated, but modified proof-of-stake consensus mechanism that enables a consensus to be achieved with every block on the Matic network, unlike the traditional proof-of-stake.
However, the proof-of-stake method requires network participants to stake, in other words, agree to not trade, exchange or sell their MATIC tokens, for the right to validate Polygon transactions.
This is a means of rewarding or incentivizing the validators to maintain the stability of the network.
Is it possible to stake Matic on Klever?
Polygon Matic has proven to be a reliable partner to the Klever team and perhaps is one of the most exciting projects on the Klever wallet to date, as their support has been immense to ensure people have little or no challenge using their products wherever and integration is needed.
MATIC is an ERC-20 token, therefore it means that Matic is compatible with other Ethereum-based digital currencies. MATIC is used to govern and secure the Polygon network and to pay network transaction fees.
Therefore, anyone can stake the ERC20 MATIC token inside the Klever Wallet and earn rewards in a seamless way.
The staking of ERC20 MATIC in the Klever wallet is performed on an Ethereum smart contract, and thus it requires paying some gas fees in ETH.
When you stake the ERC20 MATIC for the first time, you have to approve the staking process and sign some related terms based on the smart contract.
Afterward, you can stake anytime directly without going through the process again.
What are the processes involved in signing the smart contract of MATIC in Klever?
Step 1: Tap on the ERC20 MATIC token from your Portfolio screen, then switch to the desired Account.
Step 2: Inside the ERC20 MATIC Account, tap on the STAKING icon.
Step 3: Select a fee type, then tap on the “I agree” and “I want to sign” buttons. Note, you have to sign the staking terms only the first time.
Step 4: Tap on the Submit Transaction button to confirm the transaction.
Step 5: Sign the transaction by providing your PIN code or using your biometrics.
How to stake the ERC20 MATIC Token
Step 1: After accepting the terms, you will reach the staking screen. Tap on the Staking button to proceed.
Step 2: Select a validator from the list to delegate your votes to it.
Step 3: Input the amount of ERC20 MATIC to the stake, then tap on the Next button.
Step 4: Select a fee type, then tap on the Next button to proceed.
Step 5: Sign the transaction by providing your PIN code or using your biometrics.
This shows to a large extent the efficiency of the Matic partnership with Klever wallet as it creates the ability to stake your Matic tokens on one of the world’s most secure wallets in the world, with an assurance of getting your return on investment for staking.
The Klever team would continue to encourage new and prospective investors and users to do their own due diligence by researching our whitepaper.
They also can research all that has been delivered over the years as we are progressing into new phases of making the use of crypto wallets as simple as possible, especially in a Klever way.
It all starts with the users downloading the Klever Wallet, and creating their own accounts to enable participation in all the possibilities of staking going on on the Klever wallet.
It is a Klever thing to do.
