Matic Network is an access layer scalable approach that manages scale by utilizing side chains with off-chain computing while maintaining asset protection through the Plasma platform and a decentralized Proof-of – Stake (PoS) validator network.
Matic seeks to resolve the problems of scalability and usability while not impacting on decentralization and exploiting the established development team and ecosystem. Matic Network is an off / side chain scaling solution for mobile infrastructure which provides DApps / user functionality with scalability and superior user experience.
Key Features & Highlights
- • Scalability: Fast , low-cost, and secure Matic sidechain transactions with inevitability accomplished on mainchain and Ethereum as the very first integrated base chain layer 1.
- • Good performance: up to 10,000 TPS on one side of the internal test net; several chains for virtual machines
- • User Experience: Easy UI and product isolation from mainchain to matic; Wallet Connect support for local smartphone devices and SDKs
- • Safety: The Matic power held themselves are stakeholders in the PoS system
- • Public Sidechains: Matic sidechains are public in nature (as opposed to individual DApp chains), unauthorized, and ready to sustain multiple protocols.
Where did the idea for Matic Network originate?
Good question! To tell the least it has been a crazy journey so far! The Matic team was involved in the blockchain space just before our social surface as Matic Network – alongside Ethereum’s top engineers, we have well made great contributions to the Ethereum network (Kanani,2019). This involves working on Plasma MVP architectures, the Wallet Connect method (which enables users to access Dapps in a safe, user-friendly manner), and the commonly used Dagger centralized authentication engine.
We can see the challenges associated of scaling in the current blockchain setting and envisaged a Layer 2 scaling process, utilizing an adapted variant of the Plasma architecture that could easily solve the optimization shortcomings of blockchain and to provide the infrastructure to promote the widespread acceptance of decentralized apps by mainstream. The dream became Matic Network and since then we have been on our path to scale up the Ethereum community and beyond. We were fortunate to obtain Seed Round support from Coinbase Projects, and as part of the Binance Launchpad initiative we had our IEO on Binance.
How is Matic planning on advancing the DeFi movement?
For Matic Network, DeFi is a major priority and is one field of the democratic revolution that we are especially excited about. A broad variety of financial infrastructure and censorship-resistant technologies will be rendered accessible to a much larger number of users in a open platform than those that already engage in the traditional financial ecosystem. The quick settlement times, removal of intermediaries, expanded collateralization opportunities and interoperability would cause a myriad of custom-tailored investment products to be created for countless context of corporate usage, many of which are still to be invented.
Our architecture renders Matic Network a perfect forum for DeFi DApps, and we are pleased to see the acceptance of DeFi on Matic already. In addition to ERC20 tokens, Matic side chains are based on an account driven EVM (inspired by Plasma MoreVP) and help ERC721 along with asset exchanges straight out of the box. This makes Matic Network especially the go-to network for the implementation of Decentralized Finance (DeFi) apps, including payment DApps, DEX’s, marketplaces, loan protocols etc.
Where do you see Matic in terms of goals and achievements in the next three years?
3 days is a lifespan in crypto space, but by that moment we allow to be well situated at the top of the list of the decentralized global movement – with tremendous progress in all our key objectives. We will continue to develop our growing Dapps community, create important strategic alliances to promote the wider decentralized movement, then double our efforts to spread knowledge and education not just about the Matic Network, but also about the value of cryptocurrency and decentralization overall.
Matic plans to play a vital role in heading India ‘s open revolution, where we are now making significant strides through activities such as introducing our User Support Program and arranging and hosting daily hackathons to propagate the blockchain message and assist hands-on realistic technology hackers. We assume it is important that we place developers to create creative technologies for the blockchain revolution to achieve its maximum potential in the best possible way.