What Is MATIC Network? Is MATIC Network Worth Investing?
Welcome to our MATIC Network review!
MATIC Network has been a significant contributor to the Ethereum ecosystem having worked on implementations of Plasma MVP (Minimum Viable Plasma), WalletConnect protocol and the popular Ethereum event notification engine - Dagger.
Is MATIC Network worth investing? How to buy MATIC Network for investment? Read on to find out more.
Disclaimer: This article does not endorse or recommend investing in cryptocurrencies. This article should not be taken and viewed as investment advice, but only information and opinions. This article is for information and illustrative purposes only.
MATIC Network (MATIC) Review Summary
Name: MATIC Network (MATIC)
Circulating Supply: 3,100,000,000
Issue Date: 2019-04-25
Consensus Protocol: Plasma, PoS
Total Supply: 10,000,000,000
Summary: Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. Matic strives to solve the scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem. Matic Network is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities.
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What is Matic Network (MATIC)?
Decentralized Apps are making huge progress but the current blockchain ecosystem is not prepared to scale as per the demand.
The issues of slow block confirmations and high gas fees need to be solved before we target mass adoption by mainstream users. And most importantly, it needs awesome user experience.
Matic Network aims to change that by simplifying the interaction between users and the decentralized world. We want to make interacting with the decentralized ecosystem so easy that anyone can do so without worrying about the complexity of the system.
Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation, while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.
Matic aims to be the de-facto platform on which developers will deploy and run decentralized applications in a secure and decentralized manner.
The Matic Network (MATIC) had its initial IEO on Binance’s Launchpad back in April raising around $5 million and managing to sell all 1.9 billion tokens.
How Is Matic Network Different from the Other Scalability Solutions?
The founders of the Matic Network noticed that even though dApps are being proposed and developed in large numbers.
The networks they run on are hardly prepared to support mass adoption of dApps.
Moreover, in many cases, the user experience is quite poor, and the dApps are not designed to be approachable for the average user.
The first blockchain chosen to highlight the potential of Matic is Ethereum.
The developers already have a working implementation on the Kovan testnet.
While it is an adapted version of the Plasma network, ultimately the Matic development team envisions using it as a side chain scaling solution for any blockchain.
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Value Proposition of Matic Network
Matic is unique both in terms of its technical approach towards Layer 2 as well as its potential support for variety of use cases.
Matic Layer 2 is an account-based variant of MoreVP (More Viable Plasma).
The Plasma framework is used to guarantee the security of assets on the main chain (such as ERC-20 and ERC-721 tokens for Ethereum), while generic transactions are secured by a Proof-of-Stake network, built on top of Tendermint. Matic sidechains are essentially EVM-enabled chains and are conducive to ready deployment of solidity smart contracts, essentially making it an easy tool for Ethereum Developers to use it for scaling their dApps/Protocols.
Commercially, Matic sidechains are structurally effective for supporting many Decentralized Finance (DeFi) protocols available in the Ethereum ecosystem.
Matic’s core philosophy is to enable dApps to compete with the user experience that is offered by centralized apps today.
Ethereum is the first basechain Matic Network supports, but Matic intends to offer support for additional basechains, based on community suggestions and consensus, to enable an interoperable decentralized Layer 2 blockchain platform.
Matic Network Roadmap
- Matic Network Mainnet release (alpha)
- Allow Deposits and withdrawals of Ethereum-based assets using the Matic Plasma implementation in alpha
- Plasma - Cross-asset swaps between ERC721-ERC20, ERC20-ERC20, ERC721-ERC721) on testnet
- Proof-of-Stake Validator onboarding
- dApps developer program
- Matic Wallet - WalletConnect for dApps (Ethereum & Matic Network transactions)
- Matic Network Mainnet release (beta)
- Plasma - Asset swaps (ERC721-ERC20, ERC20-ERC20, ERC721-ERC721) support on mainnet
- Generic smart contract support (with PoS guarantees)
- Plasma Fast exits implementation on testnet
- Plasma Watcher nodes
Q4 2019 & Q1 2020
- Matic Network Mainnet release
- Plasma Fast exit services on mainnet
- Transaction relay pool (perform transactions without ETH) - for enabling easy asset/state movement from Ethereum to Matic
- Generic smart contract support (with Plasma guarantees) - Proof-of-Concept
- Plasma - NFT Marketplace platform release for Ethereum assets
Is MATIC Worth Investing?
One of the strengths of the project is the broad number of available use cases. These include decentralized exchange, identity features, credit scoring, atomic swaps, payments, and gaming networks among others.
One very interesting feature Matic has been developing is Zappier integration through Dagger. This allows developers to connect Ethereum platforms with hundreds of applications and is expected to help boost user and developer adoption.
Decentraland is a virtual reality platform powered by the Ethereum blockchain. Users can create, experience, and monetize content and applications using a developer toolkit that works on any platform (all VR headsets and web browsers) and is designed to create virtual environments and applications. Matic is collaborating with Decentraland to scale the transactions that will occur as a result of user interactions within the virtual universe. This will include payments, NFT sales and eventually general game states and other data.
QuarkChain is an innovative permissionless blockchain architecture that aims to provide a secure, decentralized, and scalable blockchain solution. Matic Network and Quarkchain intend to collaborate on L2 scaling research by exploring and developing Plasma sidechain solutions on top of Quarkchain. Matic will also be working with Quarkchain to build notification services like Dagger and Mobile Wallet capabilities for Quarkchain.
Ankr is a distributed computing platform that aims to leverage idle computing resources in data centers and edge devices. Matic will collaborate with Ankr to explore building a decentralized web 3 stack in which Ankr can provide Distributed Cloud Computing services for Decentralized Application Development on the Matic Network.
Portis is a technology company that wants to make sure any person in the world can use decentralized applications, just as easily as they use "regular" apps.Matic is working with Portis to help these dApps using Portis achieve scale and an enhanced user experience.
Maker is the organization behind the DAI Stablecoin. Matic Network is partnering with MakerDAO to explore and jointly support teams for the development of dApps which use DAI on Matic Network sidechains. Matic Network intends to integrate DAI as the first ERC-20 token on Matic sidechains.
Ripio Credit Network
Ripio Credit Network is a peer to peer credit network that connects lenders and borrowers located anywhere in the world.Matic is working with Ripio to enable Micro loans on its plasma sidechains. Matic along with RCN is also researching faster plasma exits where exit NFT’s will be used as collateral for loans on the RCN platform.
The mission of Matic hasn’t been proven yet, but development on the testnet seems positive. One thing the project could use is improved marketing and social network growth. This would give the developers a built-in promotion community.
Which Crypto Exchange to Buy MATIC?
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