What is Matic Network
Matic Network is an off-chain scaling solution for existing decentralized applications to provide platforms with scalability and superior user functionalities.
Matic Network solves the low transaction throughput problem by employing a Block Producer layer to provide for the block generation on the Matic network. Block producers enable the system to provide blocks at a high-speed rate. The system ensures decentralization using POS checkpoints which are pushed to the Ethereum mainchain. this allows Matic to achieve 2¹⁶ transactions on one side-chain theoretically
So users are ready to pay, transfer, or hold crypto assets without fear about the complexity of the underlying blockchain system.
Matic Network focusses on decentralization, scaling, and faster transactions. The present decentralized eco-system lacks usability and convenience. Decentralized transactions are slow, expensive, and sophisticated. Matic aims to improve this by leveraging a mixture of blockchain scaling, developer platform, and tools, and a rabid specializes in user experience. Matic aspires to ascertain a world where blockchain gains mainstream adoption and fulfills its real promise.
Key Features of Matic Network
Fast, low-cost and secure transactions on Matic side-chains with finality achieved on mainchain and Ethereum because of the first compatible Layer 1 base chain.
Achieved up to 10,000 TPS on one side-chain on internal test net; Multiple chains to be added for horizontal scaling
Smooth UX and developer abstraction from mainchain to Matic chain; native mobile apps and SDK with Wallet Connect support.
The Matic Chain operators are themselves takers and Delegators in a Proof – of – stake system in Matic network.
Asset Interoperability –
Assets on different side-chain across various blockchain will be made inoperable by Matic Network in future.
How Matic works:
User deposits crypto assets within the Matic contract on the mainchain. Once deposited tokens get confirmed on the most chain, the corresponding tokens will get reflected on the Matic chain.
The user can now transfer tokens to anyone they need instantly with negligible fees. Matic chain has faster blocks. That way, the transfer is going to be done almost instantly.
Once a user is prepared, they will withdraw remaining tokens from the most chain by establishing proof of remaining tokens on the Root contract.
Matic Ecosystem: Tools
The Matic development team has built an easy-to-use Plasma wallet mobile app, integrated with Wallet Connect, to make sure secure storage of keys, intuitive access to the features provided by the Matic Network, also as a seamless mechanism to attach browser-based DApp to the mobile app. Users can interact with DApp on browsers and within the future more devices, while still keeping their keys secure in their mobile wallet. The Matic wallet will act as a ready tool for DApp developers to urge their users onboard and to deal with Matic side-chains quickly and efficiently.
Matic Network could also be a sidechain-based scaling solution for public blockchains. It’s supported an adapted implementation of the Plasma framework. Matic provides scalability while ensuring a superior user experience during a secured and decentralized manner. It is a working implementation for Ethereum on Kovan Test net. Matic intends to support other blockchains within the longer term which may enable it to provide interoperability features alongside offering scalability to existing public blockchains.
Matic Network Team
Jayanti Kanani (Co-founder & CEO)
Full-stack developer and blockchain engineer. Contributor to Web3, Plasma, Wallet Connect. Previously data scientist at Housing.com.
Sandeep Nailwal (Co-founder & COO)
Blockchain Programmer and Entrepreneur. Previously CEO of Scope weaver, CTO Welspun Group.
· Chandresh Aharwar (VP – Operations & Marketing)
· Keyur Shah (VP – Finance & Operations)
· Vaibhav Chellani (Blockchain Engineer)
Google Summer of Code 2018.
· Delroy Bosco (Product Manager)
· Deep Joshi (Product Design Intern)
Matic Network Analysis
Matic features a few apparent advantages going for it. First and foremost, it’s hitting the market well before the other comparable scaling solutions. Shading is years away, Lightning Network remains mired in testing, and Plasma went from being Oswego’s scaling solutions to a digital asset framework getting used by the community. Sure, one can argue that Loom Network may be a competitor — but their focus is nearly strictly on games. Secondly, Matic has solid backing and a roadmap filled with met milestones. That bodes all right for the project and takes it lightyears before other whitepaper projects out there.
The Matic team’s freshman look may be a bit concerning, but again, Coinbase didn’t invest in them blindly. The most concern for Matic is longevity. Once on-chain scaling hits networks like Ethereum, how do they still justify off-chain solutions like theirs? Matic may be a temporary fix for a drag that’s eventually getting to have far more elegant solutions that make their third-party band-aid nonessential.
Matic is learning partners faster than you’ll blink. The prospect of getting a highly scalable network with incredible Plasma-backed digital asset security and staking isn’t one to pass up inconsiderately. Using Matic, third-party apps can make the foremost of Ethereum and other blockchain networks now, albeit they need slow throughput mainchains. That’s an innovation worth taking an extended check out — especially if Matic continues accruing endorsements and partners.
This might only be a temporary solution which will be fixed by the large blockchains like Ethereum, NEO, ADA, and EOS quite soon. If sharing brings the type of transactional throughput that’s expected of it, there won’t be much cause for layer two scaling solutions anymore.
Latest News –
Jayanti Kalani – CEO & Co-founder, Matic Network, commented,
“As a neighbourhood of the partnership, we’ll extend the Matic Network and our in-house expertise to mentor and train the participating start-ups. The start-ups are going to be familiarised and trained to use the platform supported their projects’ requirements.”Jayanti Kalani
He also added that this is often just a facet of Matic’s involvement.
“In addition to mentoring the start-ups, our in-house experts also will join the judges’ panel to pick the start-ups which will continue to the subsequent level of acceleration and aid with financial grants to support the start-ups through their journey.”Jayanti Kalani
With go-to-market support from Tech Mahindra, infrastructure support from the government of Telangana, innovation deal-flow support from IBC Media, and platform support from the Matic Network, æternity, and Harmony, the start-ups to be shortlisted are getting into a growth-fuelled environment. Launched in February 2020, the T-Block Accelerator has completed its deal flow, and selected start-ups will undergo a one-week camp, followed by a four-month-long intensive educational program.
Read about Smart Contracts: Here
Read about Bonds Issuance on Ethereum: Here
Anushka is doing her PGDM in Marketing and HR from Jaipuria Institute of Management, Noida. She is a content writer and her hobbies are interaction with new people, handmade crafting, etc.