The two UCT cryptocurrency tokens [UCT and UCTC] will be available on the Polygon network.
This means that all transactions such as exchanges with UCT or UCTC and fiat currency or other cryptocurrencies will take place using Matic Mainnet (the full name of the blockchain which is essentially the Polygon network).
What is the Polygon network?
Polygon is a Layer-2 blockchain, or sidechain, running alongside the Ethereum network.
Ethereum Mainnet, also known as the Ethereum network or Ethereum blockchain, was one of the original blockchains after Bitcoin.
Imagine them as railway lines. Ethereum network is the main line, with a new second line called Matic Mainnet (Polygon) veering off it.
One at a time
It’s important to note, though, that any cryptocurrency tokens can only be on one line at a time (and transactions with those must occur on that line) – either the Ethereum Mainnet or the Matic Mainnet.
Why use Polygon network?
The Ethereum network has become congested with so many transactions that gas fees (payable in ETH, the native token of Ethereum network) have been driven up, and it has become expensive as well as slow to process transactions there.
Enter Polygon network – a sidechain of the Ethereum network – with faster processing times and much lower gas fees (payable in MATIC tokens, the native token of Polygon/Matic network).
How do you ensure your UCT tokens are on Matic Mainnet?
There are two ways to do this, depending on the origin of your UCT or UCTC tokens.
- If you have already received, or exchanged fiat or other crypto for, some UCT or UCTC on Ethereum Mainnet (the network appears to the top of your Metamask wallet), you will need to move your tokens across Polygon Bridge to Matic Mainnet.
- Polygon Bridge is the mechanism to transfer cryptrocurrency tokens from one network to the other, but note that this will incur gas fees.
- Gas fees will be payable in ETH when transferring crypto tokens from Ethereum Mainnet to Matic Mainnet. (Similarly, gas fees will be payable in MATIC if transferring crypto tokens from Matic Mainnet to Ethereum Mainnet).
- Once you have moved your crypto tokens to the Matic Mainnet, then any transactions there will be faster and cheaper (payable in MATIC).
- Or, when you purchase MATIC or other cryptocurrency from an exchange platform, which you intend to then exchange for some UCT or UCTC, make sure you purchase them at an exchange platform which offers withdrawal via Polygon/Matic network.
- Some of the exchange platforms which currently have this option are: crypto.com, okex.com and kucoin.com.
- This means that the MATIC and/or other crypto tokens will end up in the Matic Mainnet side of your Metamask wallet.
- You will then be able to exchange them, via specially created Liquidity Pools, for UCT or UCTC on the Matic Mainnet, once UCT and UCTC are launched for these purposes.