There are rare cases when extremely competent teams come up with solutions that can make a difference in the world of technology. As blockchains’ systems evolve and more people get into it, it is necessary to have a solid and scalable network that can provide quality for everyone participating in the process.
Polygon MATIC is one example of a solution to a very modern problem.
Polygon defines itself as a scalable Layer 2 solution, focusing on reducing the complexity of blockchain scalability and instant transactions. Their solution uses a custom version of the Plasma framework that is built on proof-of-stake checkpoints running on the Ethereum main chain.
This unique technology allows each sidechain on Polygon to reach up to 65,536 transactions per block – it is incredibly powerful. This system is powered by MATIC tokens, which can be found in the Klever Wallet.
Polygon MATIC use cases
The Governing body of the Polygon MATIC network says it is “committed to providing a scalable and user-friendly ecosystem for third party Decentralized applications to thrive on”.
With foundations on Ethereum and other platforms, it enables the promotion of various Base chain DApps, such as DApps built on Ethereum currently, and NEO, EOS in the future.
Their solution allows users to build and migrate their user-facing applications/transactions on the Matic Network. The magic happens when it provides grants and funding to third-party app developers to build various applications on top of the Matic Network, such as:
The Matic Network is a whole deal. It provides an interface for users, payment APIs, and SDKs for DApps, merchants, and users to instantly accept or pay in crypto assets (e.g., ERC20 tokens, Ethers, ERC721 tokens).
- Atomic Swaps
Users can pay with any crypto token they prefer, and receive payment in assets they prefer in the Matic Network. It also handles conversion through atomic swaps between cross-chain crypto assets.
- Liquidity providers
Tokens can’t exist without liquidity, right? In the Matic Network, third parties can use it to exchange any tokens for other tokens by leveraging 0x liquidity pool or other liquidity providers while transferring crypto assets.
- Decentralized Exchange (DEX) and Marketplace support
The goal here is to have all characteristics of an exchange with faster and cheaper trades. The Matic Network enables the capability of supporting decentralized exchanges and enabling trust-less, reliable, and easy crypto trades.
- Lending & Credit Scoring platform
Matic Network enables merchants to lend tokens to users on the network when transacting with users that do not have sufficient funds. Dharma protocol is expected to be used in case it is necessary to provide tokenized debt for users.
According to Polygon’s whitepaper:
“Users need a utilitarian yet user-friendly interface where MetaMask or web3 enabled browsers are not required. They do not need to understand how Ethereum works under the hood.
This system will also provide a way to auto-approve certain kinds of transactions depending upon the criteria chosen by the users. This will drive the recurring payments on the Matic Network.”
Of course, gaming and NFTs would not be out of this.
As Ethereum hosts a lot of these non-fungible tokens, in the Matic Network they also are expected to be bought, sold, and traded in huge numbers on their sidechains. Polygon also aims to enable an NFT Marketplace, where developers and users will truly have a fast, efficient and secure sidechain to build and play games on.
As the Polygon Development Team likes to advertise, they act on the simple mantra: make it simple and seamless. For that, the team announces that it provides new infrastructure around the Matic Network including user-friendly wallets for individual users and merchants, payroll dashboards, payment SDKs, and other open-source tools.
- Dagger (tool or engine to track Ethereum accounts and events in real-time)
What is the MATIC token?
Polygon MATIC token is a governance coin, with the role of protecting the system.
MATIC is designed to be adopted for use as the primary token on the network and it’s also issued as ERC-20 standard-compliant digital tokens on the Ethereum blockchain.
Furthermore, MATIC Token is designed to be a utility token that functions as the unit of payment and settlement between participants who interact within the ecosystem on the Matic Network.
These tokens are expected to provide economic incentives to encourage participants to contribute and maintain the ecosystem on the Matic Network. It’s also used as the unit of exchange to quantify and pay the costs of the consumed computational resources.
In their whitepaper, Polygon MATIC states that:
“Matic Token is an integral and indispensable part of the Matic Network because, without the Matic Token, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on the Matic Network”.
MATIC also explains that only users which have actually contributed to network maintenance would receive token incentives.
So, in order to participate in the consensus process on the Matic Network, users would be required to stake Matic Token as an indication of that user’s commitment to the process.
Polygon MATIC in the Klever Wallet
To Swap MATIC in the Klever Wallet, follow these steps:
1. Click on the Swap tab (which resembles a dollar sign) from the bar at the bottom.
2. From the tokens list, select the token you want to swap. Then, the token you want to get (in this case, MATIC).
3. Enter the desired amount to swap (YOU PAY). Note, there is a Minimum value to swap. Once done, click on the Next button.
4. Select the Account you want to receive the tokens on. You can select from your Accounts or Contacts by clicking on the Book icon. Alternatively, you can paste an address from the Clipboard or scan a QR code.
5. Choose if you want to Pay Fee with KLV by enabling the related button. Paying fees with KLV gives you a 25% reduction on swap fees. Once done, click on the Convert Now button.
6. After that, you will be redirected to a screen that confirms that your order is placed. You can click on the “Got it!” button and relax. You will receive your tokens after a while.
* The pictures above are for illustration. They show how to swap USDT into KLV inside TRX Main Account and where the swap fee is not paid by KLV. The same process can be done with MATIC.
You can buy MATIC, amongst other cryptos, fast and securely using your credit or debit card.
The user can either buy through Simplex or Apple Pay.
To do it, it’s very simple:
1. Open the Klever Wallet app;
2. Click on the banner ‘Buy crypto with credit card’;
3. Agree with the terms and conditions.
4. You will be redirected to the Simplex page, where you can choose the Payment method (Via credit card or Global Bank Transfer).
This simulation is with BTC but the same can be applicable to MATIC.
5. Fill in the card details then proceed to finish the payment process.
To deposit MATIC to Klever Wallet:
1. Click on the MATIC icon from your Portfolio.
2. Switch to the desired Account.
3. Inside the Account page click on the RECEIVE button.
4. On the next screen, you can:
– Use the sending application to scan the QR code.
– Copy the address to Clipboard, then paste the address inside the sending application.
5. In the case of sending, do the same as the first 2 steps and then click on “SEND”.
6. Enter the amount you want to send, then click on the NEXT button.
7. Click on the Book icon and select an Account or Contact to which you want to send the tokens. Alternatively, you can paste an address from the Clipboard or scan a QR code.
8. Once done, click on the Send button.
9. After that, you will be redirected to a screen where you can see all the transaction details. When everything is fine click on the Submit Transaction button. Once submitted, a green screen will appear which confirms that the transaction is submitted successfully to the network.
“Send” and “Receive” buttons are below the Main Account screen. These images are for examples only.
Approving Staking MATIC
The staking of ERC20 MATIC is performed on an Ethereum smart contract, and thus it requires paying some gas fees in ETH.
When you stake ERC20 MATIC for the first time, you have to approve the staking process and sign on some related terms.
After that, you can stake anytime directly.
How to accept and sign staking terms:
Step 1: Tap on 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” button. Note, you have to sign the staking terms only the first time.
Step 4: Tap on Submit Transaction button to confirm the transaction.
Step 5: Sign the transaction by providing your PIN code or using your biometrics.
Staking ERC20 MATIC
1. After accepting the terms, you will reach the staking screen. Tap on the Staking button to proceed.
2. Select a validator from the list to delegate your votes to it.
3. Input the amount of ERC20 MATIC to stake, then tap on the Next button.
4. Select a fee type, then tap on the Next button to proceed.
5. Sign the transaction by providing your PIN code or using your biometrics.
You can find the list of all validators and more information on the Polygon Staking page.