When we talk about cryptocurrencies in general, over the last few years people have been discussing it a lot, but are still afraid to invest in it. In this entire universe of Blockchain, the concept of smart contract platforms also has gained grounds but when it comes to adoption, the rate has been slower than usual. Ethereum which is the most popular smart contracts platform has not seen its passage full of Dapps especially when it is extremely popular.
Matic network has been one of the biggest contributors in the Ethereum ecosystem that has made a significant contribution towards the implementation of Plasma MVP or the Minimum Viable Plasma. It is a layer 2 scaling solution that achieves scalability by making use of side chains mainly for off-chain calculation. In this process, it does not jeopardize asset security because it utilizes the plasma framework along with a decentralized framework of PoS or proof of stake validators. Matic is known to have launched its foremost testnet in September. It already has an advanced pre-mainnet version of the network in its system already. It is also expected to launch the plasma wallet to communicate with Dapps and different services in order to support different services as it comes with native Walletconnect support.
Key features and highlights
Its whole sole mission is to create a plasma-laden Layer 2 scaling solution that will enable throughout which has the potential to meet the transaction demand to bring a surge in the volume adoption of dApps. Some of its highlights and features are
- Matic supports rapid and safe transactions on its side chains with finality registered on mainchain and Ethereum as the Layer1 base chain. That makes it scalable and cost-effective.
- Seamless User Experience and developer cogitation from the mainchain to Matic chain and SDK
- It has already achieved 7000 throughputs on a single sidechain on its internet testnet.
- It offers well-guided security as the chain operators on the Matic network have themselves taken a stake in the PoS system and process.
What it offers
Matic has always been admired for its work on individual use cases as well as the technical support it provides on Layer2. It is a layer 2 of an account-based variant of More Viable Plasma which is a sure-shot cushion to assure the security of the assets on the main chain like ERC-20 & ERC-721 for Ethereum. Even the most universal and blanket transactions are well-supported with its Proof-of-Stake network which is built on Tendermint. The side chains are EMV-enabled and support the instant deployment of smart contracts. This makes it convenient for Ethereum developers to use it for scaling the purpose of their dApps and protocols.
For Decentralized finance protocols on the Ethereum ecosystem, Matic side chains are innately very sturdy as its structure is robust and capable of supporting them. It also helps Dapps enhance user experience which is usually in the case of centralized apps only. The Matic Network supports Ethereum as its first base chain but over the years of its flourishing community activity, it has been suggested to enable interoperable Layer2 decentralized blockchain platform.
The Matic team
The team comprises 12 teammates out of which 3 are technical co-founders, 2 of which are marketing strategists or consultants, one is a product manager and there are 6 developers. CEO of the Matic network Mr. Jayant Kanani with Mr. Sandeep Nailwal and Anurag Arjun as the co-founders.
Image Source – Coinpedia