The Ethereum blockchain actually became the ancestor of the new generation economy. Based on the Ethereum blockchain, smart contracts, decentralized applications for various purposes, and cryptocurrency projects with their own tokens are deployed. The number of platform users has increased so much that the blockchain began to suffer from congestion. For this reason, second-layer solutions have appeared that are aimed at solving the main problems of Ethereum. One of the most efficient is Polygon with its own MATIC token
What is MATIC
The Polygon network is an Ethereum-based sidechain, which was created to increase the throughput of the platform. To pay for transaction fees, mutual settlements between users and other technical needs, the network uses its own MATIC token. Technically, it is a token of the ERC-20 standard. Currently, MATIC ranks 13th in terms of market capitalization and is a potentially promising asset for investment. The token is traded on many major crypto exchanges.
Where to store MATIC
To store and manage MATIC, you will need a crypto wallet. A cryptocurrency wallet is a program that creates and stores a linked pair of keys to access your assets. The coins themselves remain on the blockchain. Such a program may be available as desktop software, a mobile application, a browser extension, a web client, or on dedicated physical media. Some of them support operations with fiat currencies, but the conversion of gbp to euro in them is not yet available.
MyEtherWallet
This is the most popular online wallet for storing Ethereum and other ERC-20 tokens. This is a classic hot storage that is not tied to any device. With such a wallet, you can quickly conduct transactions from anywhere in the world where there is stable access to the Internet. It has a built-in interface for working with decentralized applications. However, to convert Polygon to usd or other fiat currencies, you will need the services of a third-party marketplace.
MyEtherWallet has a clear and user-friendly interface, if necessary, it can be synchronized with a cold cryptocurrency storage. However, when working with it, it is important to observe cybersecurity measures as much as possible – like all hot wallets, it can be hacked.
Guarda
The Guarda multi-currency cross-platform wallet is available in local and mobile versions. In addition to storage and income and expenditure operations, Guarda allows the exchange of assets on an integrated exchange, staking, as well as crypto loans and the purchase of digital coins from bank cards. Integration with Ledger hardware devices is possible.
Backup function available. To restore access to coins, in addition to the backup file, you need a password.
Exodus
Exodus is available for download in both mobile and local versions. It is not required to record a seed phrase during setup, a cryptocurrency account is opened automatically after installation. A backup copy can be made later, at a convenient time for you.
Exodus supports the purchase of cryptocurrency for fiat, internal exchange, staking, it is integrated with decentralized applications. It contains information for market analysis. If necessary, integration with Trezor devices is possible.
Ledger Nano X
The most popular model produced by Ledger. The body of the hardware device is stylized as a flash drive, but it also supports Bluetooth wireless connection. To work with the device, you need to install the Ledger Live application on your phone or PC.
The wallet provides internal exchange, staking, interaction with DeFi applications. It can be integrated with hot storage and can also be used to pay in cryptocurrency via BitPay.
Hardware wallets are classified as cold storage because most of the time they are not connected to the internet. This is the safest way to store large amounts for long-term investment.
