Interacting with the DeFi app on Ethereum is a little complex. Polygon developers have built a way to enhance the speed and lower the complexities and cost of Ethereum transactions using a 2-layer scaling solution. It means Polygon is an add-on layer and transactions can be completed on Ethereum without the need to modify the unique blockchain layer.
Reasons to buy MATIC
Matic wallet plays a huge role in operating and maintaining Polygon. It is used to hold, spend, send, or stake MATIC tokens. The crypto token is easy to use around the world.
Matic can be bought from crypto exchange ZenGo X, a trusted crypto platform. The platform uses proven technology and rigorous procedures to safeguard its customer’s funds.
Steps to buying MATIC
- Get registered and open an account – Enter your user name, and email address, and choose a strong password for better protection.
- Account verification – There is a need to provide personal details including name, birth date, residence country, and mobile number before depositing crypto to purchase MATIC. If you are using fiat currency like dollars or euros then you will need extra documents for identity verification.
- Add funds – The platform supports several payment and funding methods. You can choose any based on your penchant and location.
- Buy Polygon MATIC – The final step is to purchase MATIC on ZenGo X. You will have access to every potent product that makes the platform popular among worldwide cryptocurrency users.
Where to store your MATIC?
After you purchase MATIC, you will need to store it safely. ZenGo X is a safe platform but you need a personal MATIC wallet. The wallet is basically a hardware or software that stores the public & private keys needed to implement crypto transactions.
What is a wallet private key?
It is a secret number similar to a password but in cryptography form. The owners use it to gain access to their coins. Private keys are proof of blockchain ownership necessary to sign transactions. The cryptography design of this number disallows unauthorized access to crypto wallets.
How do private keys work?
Matic is controlled via digital keys and addresses. It represents ownership and control of virtual tokens. The Matic users deposit tokens on a public address. For example, you bought Matic on a digital platform like ZenGo X using fiat currency and sent them to a public address wallet. Now, to withdraw the token there is a need for a unique private key.
Private keys are an array of numerical and alphabetical characters. The aim is to make the key impossible to crack. Public keys are created from private keys using complex mathematical algorithms but process reversal is not possible. The same algorithm creates receiving addresses using the public keys.
The digital address is similar to a mailbox and the private key in the box. Anyone can insert packages through the mailbox opening but a unique key will be needed to retrieve the package. So, it is essential to keep private keys safe and protect them from getting stolen. A missing key means losing funds, so beware of its safety!