Polygon (Matic) Network is a blockchain based on the Ethereum platform. It allows for faster and cheaper payments than traditional systems and has been widely adopted by businesses. If you have been looking for a good place to store your Polygon digital currency, then look no further. This article will show you how to add Polygon (Matic) to MetaMask and make it the only wallet that you need on your computer.
What is Metamask?
Metamask is an ethereum browser. It allows you to interact with smart contracts and decentralized applications on the Ethereum network. It is not just a wallet, but also a tool that sits between you and your smart contract or DApp.
To discuss what metamask is and its purpose, we need to understand some of the basics about Ethereum.
Ethereum was created by Vitalik Buterin in 2013 as a way to create a less trustless environment for people to build applications on top of the blockchain. You can think of it as an operating system for the blockchain: it provides the basic tools needed to run applications like computer programs and websites, but also gives developers access to some powerful functionality like decentralization.
The reason why Ethereum has become so popular is because it gives developers access to all this power without having to deal with any intermediaries or bureaucracies. This makes it ideal for building decentralized applications that are censorship resistant and secure against attacks from hackers or governments who want to shut down their operations.
Metamask comes also as a Chrome extension that allows you to run Ethereum dApps. You can find it at metamask.io and it is totally free. The MetaMask extension allows users to interact with their accounts through an interface built into their browser (Chrome, Firefox, Brave). Users are also able to create new accounts and send/receive ETH/ERC20 tokens without having to download a full copy of the blockchain onto their computer.
Metamask is a standalone browser wallet that allows users to access their wallets in their web browsers. It also has an integrated wallet built into it, which allows users to manage their private keys offline. The main aim of Metamask is to provide an easy-to-use interface for people who want to use Ethereum based tokens, smart contracts and DApps.
Metamask wallet in contrast is the most popular open-sourced non-custodial wallet in the crypto space. It is used by millions of cryptocurrency investors across multiple operating systems to purchase, store, and trade cryptocurrencies and other digital assets with ease.
How to set up MetaMask?
If you already have a MetaMask wallet, just keep reading to see how to connect your wallet to Avalanche and add AVAX tokens.
If you do not have a MetaMask wallet set up yet, follow these steps to set it up.
- First step is to download then install the MetaMask extension on Chrome, iOS, or Android through the official MetaMask website.
Be sure that you are using the official website before downloading this extension.
- You should see the MetaMask fox on the welcome screen after installation. Click on ‘Get Started’.
- Click ‘Create a Wallet’ to create your MetaMask wallet. If you previously have a wallet, click Import wallet to import an old wallet using your seed phrase.
- You will be asked at this point whether you want to share anonymous usage data with MetaMask to help them improve the extension. Regardless of your choice, this will not affect your MetaMask usage.
- Now create a secure password for your wallet.
- It is very important to note that before getting started, you need to backup your wallet’s seed phrase. This is what allows you to restore your wallet if you lose access to your device or forget your password. If you are not familiar with how a crypto wallet works, make sure to watch videos online and read up important/necessary information. When you are ready, click Next.
- Here, you will receive your seed phrase. Click to reveal the words and write them down in the correct order. You should keep your seed phrase in a few secure offline locations and it is extremely important you never share it with anyone.
- To make sure you have backed up the seed phrase correctly, you need to repeat it by selecting the words at the bottom in the right order. Click Confirm to proceed.
- Your MetaMask wallet is now ready to use! Click All Done to go to your wallet.
- You can now pin your MetaMask wallet to your Chrome browser for easy access. Click the puzzle icon and then the pin icon next to MetaMask to pin it to the toolbar.
What is Polygon?
Polygon is a Layer 2 scaling solution that focuses on reducing the complexity of scalability and instant blockchain transactions. It boasts of up to 65,000 transactions per second on a single side chain, along with a respectable block confirmation time of less than two seconds.
Polygon is a decentralized, fully-decentralized and distributed cryptocurrency. Polygon is an open source project that uses the latest developments in cryptography to create a cryptocurrency that is uncensorable, transparent and secure.
The Polygon network enables users to send encrypted messages to each other as well as make payments using a simple QR code scan. The payment system is entirely decentralized and peer-to-peer without any intermediaries or third parties involved in it.
Polygon’s blockchain technology allows for instant transactions, state of the art encryption, privacy and security. The protocol also allows for the creation of custom tokens on top of its platform which can be used to reward users or incentivize them to participate in the network.
Polygon provides a standard interface for developers to build decentralized applications with Web3 and ethereum. Polygon enables developers to create decentralized applications (DApps) that are easy to use and understand, while providing them with the full power of ethereum.
Launched in October 2017, Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun
The Polygon native token is known as Matic. Matic is an ERC-20 token running on the Ethereum blockchain used for payment services and as a transactional currency for users who operate within the Polygon ecosystem.
Released on a monthly basis, MATIC currently has a circulating supply of 4,877,830,774 MATIC tokens and a max supply of 10,000,000,000 MATIC tokens.
As at the time of writing, November 2022, the price is $0.942272 USD with a 24-hour trading volume of $1,655,523,786 USD. Polygon (Matic) is up 1.63% in the last 24 hours. The current ranking according to Coinmarketcap is #10, with a live market cap of $8,230,100,365 USD. Some of the exchanges trading in Polygon stock are Binance, MEXC, Deepcoin, BingX, and BTCEX.
How to add Polygon to MetaMask
- Open the Metamask application or extension and click on “Ethereum Mainnet”.
- Click “add network” on the popup
- Use the following details to add the Polygon network to Metamask, fill out correctly.
New RPC URL (Choose one of the following):
Block Explorer URL: https://polygonscan.com
- Click “save” and you are done!
The blog is to give the reader a better understanding of how polygon works and how it can be added to metamask. Users who want fast and cheap transactions can now use the Ethereum sidechain via Metamask, as adding polygon to metamask will allow you to use it without the high gas fees.