31st August 2022 is marked as the launching date of the Polygon Wallet Suit. Before we go into that, I want to explain some brief about Polygon.
Polygon, named Matic Network founded in 2017. Matic Network rebranded as Polygon in February 2021. The initial objective was to provide a scaling solution to Ethereum Blockchain regarding TPS (Transaction per Second) and cost. Initially, Ethereum could only process 14 TPS whereas Polygon achieved to process up to 7000 TPS. However, the scenario changed after Ethereum 2.0 merged, which ensured 100,000 TPS. But still, the transaction cost of Ethereum, which is well-known as a Gas price, is very upward than Polygon, which ensures that Polygon will keep attracting developers and clients.
Figure: Polygon and Matic Logo
Polygon is a Layer – 2 networks, meaning it is an add-on layer to Ethereum and doesn’t alter the actual blockchain. It also offers plasma sidechains, where a sidechain is a distinct blockchain that runs independent of Ethereum and is connected to Ethereum Mainnet by a two-way bridge. A blockchain bridge connects two blockchain ecosystems. If bridges facilitate communication between blockchains by transferring information and assets, it is called a two-way bridge.
Plasma is a layer-2 scaling solution originally proposed by Joseph Poon and Vitalik Buterin in their paper “ Plasma: Scalable Autonomous Smart Contracts ”. It is a framework for building scalable applications. However, unlike sidechains, the “root” of each plasma chain block is published to Ethereum.
Now moving on to the new Polygon Wallet suit:
The cryptocurrency used in Polygon is MATIC. It is an ERC-20 token, a token created on the Ethereum blockchain.
Polygon Wallet Suite is a unified platform that helps users swap, bridge, and manages all of their digital currencies safely and efficiently, no matter where they are stored.
Polygon Wallet Suite was developed to bring the benefits and incentives of blockchain technology with minimal friction.
Currently, Web3 users face high fees, slow transaction times, tough workarounds, and an unclear user interface.
These problems Polygon Wallet Suite tried to solve with a new application suite. It consists of a range of powerful tools and functions that includes:
Polygon PoS Bridge: A blockchain bridge on Ethereum allows users to bridge their assets from Ethereum to Polygon.
Swap & Swap for Gas: A token exchange and gasless transactions facility because MATIC is used to pay transaction fees.
Enhanced User Experience: Polygon Wallet Suite offers enhanced user experience in onboarding, support, a user-friendly interface, and transaction transparency.
The Polygon Wallet Suite will smoothly introduce Web3 for newcomers, and existing users will participate easily.
The blockchain trilemma (also called the scalability trilemma) is the theory that decentralized platforms can only accomplish two goals among security, scalability, and decentralization—simultaneously. Ethereum founder Vitalik Buterin first coined the term. This trilemma challenge also can be reduced with this Polygon Wallet Suite.
To access the Polygon wallet suite:
Log on to Polygon Wallet Suite
Figure: Polygon Wallet Suite
Click on your preferred wallet and log in with your credentials
Figure: Clicked on Metamask and switched to new view
With other crypto-currencies, you can spot MATIC too
Figure: Main page for wallet
You can check your asset, bridge, and swap on Polygon Proof of Stake (POS).
Polygon is the only network that allows its token, MATIC, to be staked on the Polygon blockchain. Staking allows its users to earn interest annually to validate transactions on the blockchain. Therefore, any crypto enthusiast can spend time on the Polygon wallet suite, purchasing and selling assets when required.