MATIC NETWORK
What is Matic Network?
Matic Network provides scalable, secure and instant Ethereum transactions using Plasma side chains and a Proof-of-Stake network.
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.
Matic Network has a strong backing of strategic partnerships with powerhouse players in the crypto/blockchain space such as Coinbase Ventures, Binance and a wide array of collaborative partnerships.
Technical Details
Matic Network employs an innovative dual-pronged approach to scaling whilst retaining decentralization through our adapted version of the Plasma framework, by utilizing Proof of Stake (PoS) at the checkpoint level alongside Block Producers at the block production level.
Matic uses Block Producers selected by PoS participants on the base layer, who are responsible for block creation on the Matic sidechains. The system’s checkpointing mechanism ensures that for every few blocks on Matic Network’s block layer, a party will be chosen from the stakeholders to propose a checkpoint on the Ethereum mainchain.
These checkpoints are created after validating all the blocks on the block layer of Matic Network using a Merkle tree of the block hashes from the last checkpoint. The Merkle root is then broadcast to the network of stakers, who will also verify the proof, and approve the proposed block, if valid, by providing their signatures.
The system needs the approval of ⅔ of the stakeholders to propose a header block to the RootContract, and once the checkpoint is proposed on the mainchain, anyone on the Ethereum mainchain can challenge the proposed checkpoint within a specified period of time. If there is no challenge issued, the checkpoint is formally included as a valid checkpoint on the mainchain.
Matic Network also employs Fraud Proofs on the mainchain in order to provide another layer of transactional security, enabling any individual on the mainchain to submit the details of any transactions suspected of being fraudulent. This in itself operates as an ongoing community-driven fraud prevention mechanism which also rewards those wishing to contribute their time to upholding the Matic ecosystem.
Team Experience & Development Progress
Our team has been making valuable contributions to the Ethereum ecosystem for a long time. This includes working on implementations of Plasma MVP, developing the WalletConnect protocol (which allows users to access Dapps in a secured and user-friendly way), and the development of the widely-used Dagger Ethereum network event notification engine.
The Matic Network testnet achieved 6-10K TPS in a closed environment, and a single sidechain is theoretically capable of achieving 65K TPS. We have launched our Alpha-Mainnet this past June and Beta-Mainnet to be launched by Q3 2019. Full Mainnet with all its finalized features will be launched in Q4 2019/Q1 2020. We are working relentlessly to deliver on all elements of our roadmap whilst ensuring a thorough development process.
Our flagship product, the Matic Wallet, has been recently moved to our Alpha-Mainnet and is fully functional with a range of new features.
Stellar Rate of Adoption
Our experience, unique vision, and innovative solution have captured the attention of much of the cryptospace, leading to the on-boarding of and collaboration with some of the industry’s most recognizable projects even at this relatively early stage of development.
Other than our seed round partner (Coinbase Ventures) and our IEO partner (Binance) with whom we work closely, as a Layer 2 solution our partnerships comprise of Dapps/projects on-boarding to Matic Network, strategic industry partnerships, as well as Layer 1 platforms which wish to use Matic Network to improve their performance capabilities.
As the most widely adopted Layer 2 solution by far, we are consistently on-boarding Dapps to our network. Many projects are already building on top of Matic, including Decentraland, Marble.cards, Incento, Chainbreakers, Springrole, Cryptocontrol, and Betprotocol and many more. This list is growing every week.
Collaborative partnerships include ChainLink, Harmony, Marlin Protocol and Cere Network. Marlin has also conducted a private sale round on Matic Network using exclusively MATIC tokens, There are many more promising projects that are in the pipeline to do so.
Spearheading the Indian Blockchain Movement and Beyond
Matic Network is currently the leading blockchain project in India with a plethora of Indian projects either already migrated on Matic or are currently in the process of transitioning to Matic.
We believe that spreading knowledge and providing education about the opportunities that blockchain development can provide is one of the core components in pushing our space forward and opening up new opportunities for the global developer community, thus increasing blockchain adoption. Alongside hosting and attending regular hackathons (we’ve hosted upwards of 20 in the last year), conferences and events, and conducting active outreach to India’s educational institutions, we have recently launched our Developer Support Program and the Matic Ecosystem Initiative which are designed to assist developers and projects to spread their wings in the blockchain space through providing technical, financial, promotional and talent-sourcing related support.
Much More than Simply a Scaling Solution
Matic Network is on a relentless mission to facilitate the mass adoption of blockchain-based solutions across the globe. Though we are starting with scaling Ethereum, our infrastructure is blockchain-agnostic, meaning Matic Network can work to scale any blockchain which comes to prove itself as a key player in the decentralized movement (Harmony Protocol is one such Layer-1 which we have already announced a partnership with). We, therefore, intend to continually cement our place at the forefront of the global decentralized movement.
With our high-performance infrastructure, developer support initiatives and educational outreach efforts, Matic Network is well on the way to becoming the de-facto platform for building and deploying Dapps of all types.
Our goal is to serve as more than simply a scaling solution but as an entire collaborative ecosystem of developers and Dapps running on Matic Network which will become stronger together as the ecosystem expands. We are thrilled to see this already coming to fruition.
Join us on our journey as we continue #BUIDLing the decentralized future.