What is important for a developer or project creator nowadays?
Well, I can tell you from my research that with the incredibly fast evolution of blockchain technology, whoever feels interested in incorporating this particular area into their business is looking for safety and agility first and foremost.
Let’s think for a second:
Imagine you have a company full of potential that you wish to apply blockchain technologies in order to create dApps of your own and tokenize some features.
You already have other centralized systems that perform similar tasks and programs, but you’ve read about blockchain and now you’re interested in something seamless, fast, safe, and easy to use.
The developer team in charge would look for a network up to the challenge.
Let’s keep in mind that even though the current system of the company is centralized, it performs reasonably well and you don’t want to take any bigger risks if it is to change the backbone of your platform.
That’s why some companies are looking for more than just a cool and functional blockchain system.
They are looking for more: scalability and secure infrastructure development that can hold the system down whatever the situation.
This is the moment that projects like Polygon MATIC enter the picture.
Meet Polygon MATIC
To sell an idea to a company, you must be convincing, right?
So, let’s say you are pitching the idea of having this blockchain network to support the company’s operations and then one of the directive members say:
“But I heard that they are not as fast when a lot of people use them”.
Yes, this member seems to know a little bit more about blockchain than you imagined.
However, here comes the solution:
Polygon MATIC (former Matic Network) is a totally decentralized platform that solves the scalability question in the Ethereum network in a very well-structured way.
According to their whitepaper:
“Matic Network strives to solve the scalability and usability issues, while not compromising on decentralization and leveraging the existing developer community and ecosystem. It is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities”.
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, as DApps built on Ethereum currently, and NEO, EOS in the future.
Their system allows users to build and migrate their user-facing applications/transactions on the Matic Network.
And the magic really happens when it awards grants and funding to third-party app developers to build various use cases on top of the Matic Network like:
- Atomic Swaps
- Liquidity providers
- Decentralized Exchange (DEX) and Marketplace support
- Lending & Credit Scoring platform
- 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.
Swap Polygon MATIC in Klever Wallet
You can Swap MATIC in the Klever Wallet with the following pairs:
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, 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.