Why PoolTogether(polygon)? Do you need other equipment?

Where there is money, there is lending, except that centralized exchanges will provide some financial products (just like banks in the real world will have some insurance funds). DeFi (Decentralized finance) that I recognized at the beginning is some pledge mining (liquidity mining) provided by some decentralized exchanges. The general principle is that these exchanges need enough and various virtual currencies to provide the transactions that users need. If we mortgage a certain token to the exchange, it will become one. I provide liquidity, and you can trade. , and part of the transaction fee you pay becomes our pledge income.

Of course, different exchanges will have their own ways of operating. After all, in one day in the currency circle and ten years in the world, there are already many different DeFi applications, just because the DeFi world is really dazzling, and I have to choose which exchange to compare. It is decent, and I have to take into account the terrible handling fees of the Ethereum chain. I am also a person who is afraid of the east and the west, because I have no money and no time to study, so I can't start it for a long time.

Until one day I heard the block potential Podcast (EP.158) introducing PoolTogether , I don’t know why, Taiwanese people love to buy lotto, so I decided to spend more than 1,000 yuan (there is not enough haha ), experience and see what is winning! At the same time, I also want to record the process (huo~ finally talking about the theme PoolTogether...).

Next, I will introduce PoolTogether from my cognitive perspective. First of all, everyone says that he is a "Lottery that won't lose" or a "Lottery that won't lose". The reason is simply because no matter if you win the lottery in the current period (today), the principal will continue to the next period (tomorrow) to continue to participate in the lottery. , and you can get the principal if you don't want to play. And the latest version V4 is more friendly to small shrimp investors like us. And everyone can jointly manage the entire PoolTogether through POOL or pPOOL tokens, such as setting the minimum entry threshold, or how many USDC are considered as a lottery and other proposals. I will mention some of their other functions and easy-to-use gadgets in the future.

Exchange

To enter the DeFi world, first of all, in addition to having an exchange account (because you have to buy cryptocurrencies with Taiwan dollars first), then you need to have an encrypted wallet. The exchanges that support Taiwan dollar deposits and withdrawals include ACE Ace Exchange , MAX Exchange , BitoPro Exchange , BITGIN Exchange and Binance Exchange . The first four exchanges are all local virtual currency exchanges in Taiwan, while Binance is a foreign exchange, so swiping VISA in Binance will be an overseas transaction ( C2C exception)!

As for the detailed comparison of these exchanges, there are a lot of information on the Internet for reference. In addition to handling fees, event discounts, etc., what everyone should pay attention to is whether the cryptocurrency you want to buy is listed on the exchange, or whether there is any Provide the trading pairs you need (such as: BTC/ETH, etc.), otherwise, like me, only a child can choose, I have done it all. Finally, some exchanges will require KYC level, so remember to apply early so that you can complete the real-name authentication earlier.

wallet

Finally, there is the encrypted wallet. The encrypted wallet is roughly divided into a cold wallet and a hot wallet. In short, a cold wallet basically requires hardware storage, such as a computer and a flash drive. Hot wallets are stored on the Internet. Although cold wallets are relatively safe, they are too inconvenient. Therefore, most people use hot wallets for transactions. There are also many options for hot wallets, and the most commonly used one is called MetaMask . This fox wallet and Chrome extension are very convenient. I also choose this one. Besides the Ethereum mainnet, if you want to add new ones such as: polygon, Avalanche Avalanche Chain, Binance Smart Chain, and many teaching resources on the Internet. If you have the opportunity, you can write another teaching about applying for a wallet.

With your own wallet, you get a set of private keys and a set of public keys. The private key needs to be well protected by you and cannot be known to others (otherwise the money in your wallet will be lost), while the public key (also known as the "wallet address") is very suitable for publicity and distribution to friends and relatives ( Just like you would tell your rich friend your post office account number and ask him to deposit his extra money here).

It is finally time to start the implementation. Next, I will demonstrate how to buy MATIC on the exchange and why to buy MATIC.

Finally, remember to log in and clap your hands 5 times in a row!