Attention: Matic Wallet is still on testnet. DO NOT send any mainnet (real) tokens to the wallet!
Matic Wallet aims to bridge the gap between scalability issues & user experience on Ethereum. It makes it easier for users to interact with scalable DApps deployed on plasma chains & Ethereum.
Matic Network provides scalable, secure and instant Ethereum transactions using Plasma side chains and a Proof-of-Stake network. Matic Wallet will enable users to interact easily with Matic Network to make faster transactions while having a simplified user experience.
In this post, we will drill down to the important features and functionalities of Matic wallet.
As described earlier, Matic Network aims to solve the problems faced by the blockchain ecosystem by building a decentralized platform using an adapted version of the Plasma framework. This enables low-cost transactions using Matic’s sidechain while also increasing the throughput (i.e. Transactions per second).
Let’s dig a little deeper into the scalability issue:
When a user is transferring ETH or ERC20 tokens on the Ethereum network, they have to wait for the confirmation of the transaction which can take about 14 to 20 seconds. Even then the users have to wait for multiple block confirmations to be sure of the finality of the transaction. Let’s say you are buying a coffee or paying tokens to watch a movie. For each transaction, you are not only paying a high fee but also waiting for it to be confirmed. This acts as a deterrent for users wanting to use the service.
So let’s see how you can experience faster transactions using Matic Wallet:
- A user deposits a crypto asset, for example, ‘MANA’ from main-chain to Matic
- Once the transaction is confirmed, MANA tokens will appear on Matic. What’s better!? An address on Ethereum works on Matic chain too, you do not need 2 different accounts.
- The user can now transfer tokens to anyone they want almost instantly since Matic Chain has faster blocks — approximately 1 second or less for almost negligible fees.
- Whenever the user wants to withdraw funds from Matic Network, they can withdraw tokens back to Ethereum.
Matic Wallet enables access to 2 different networks within the app, i.e. Ethereum and Matic network.
Note: The same method will work for any ERC-20 token or any fungible crypto asset on the Ethereum blockchain.
Interact with DApps without your private key leaving your device
Matic Wallet has integrated the WalletConnect protocol, an open protocol for connecting desktop Dapps to mobile Wallets using end-to-end encryption as simple as by scanning a QR code.
WalletConnect connects DApps to mobile wallets using end-to-end encryption. This eliminates duplication of keys in browser wallets such as Metamask while allowing users to Interact with any DApp without risking their private keys. Matic Wallet uses your phone’s biometrics as an additional layer of security whenever you make a transaction.
Matic Wallet will help users to interact with DApps and sign transactions easily while keeping their private keys safe on their mobile. This should go a long way in making blockchains accessible to mainstream users.
The Matic wallet will act as a handy tool for DApp developers to quickly onboard their users to Matic side-chains to experience faster transactions.
Integration with Dagger
Dagger is the fastest & easiest way to get real-time updates from Ethereum Blockchain & Matic Network. Matic Wallet leverages the dagger engine to get real-time status updates for all your transactions.
You can try out the Beta version of Matic Wallet. As of now, Ropsten (Ethereum testnet) and Matic testnet will be the 2 networks available on Matic Wallet. On creating a new account you will be credited with Matic test tokens.
Note: Matic Wallet has integrated WalletConnect v 0.7. So any DApps using a higher version of WalletConnect will not work with our wallet.
Future upcoming features to look out for:
- A swifter onboarding for new users
- A really swanky looking notification feed
- A new robust WalletConnect v1.0
- In-app Interactions that will jazz up your experience
- And more…
Note that this is still an app under development and you may face issues while using the app, despite our best efforts. We’d be happy to hear from you about your experience with us. You can drop an email to us, email@example.com