Illmatic: What is Matic Network?
One of the major issues surrounding cryptocurrency and blockchain mass adoption is the lack of scalability throughout the entirety of the blockchain sphere: Matic looks to remedy this dilemma. Matic Network is looking to bring massive scalability to the Ethereum ecosystem and infrastructure through the usage of Plasma amalgamated with PoS side chains. Decentralized Applications, aside from DeFi, is one of the most prominent features of decentralized blockchain networks, however, many blockchains haven’t been able to scale to meet the demand of these d’apps. Matic aims to conceive of a paradigm of seamless interaction between the exterior user to the decentralized world. Matic also utilizes frameworks that allow for extremely low-cost and efficient fees on the main chain that is utilizing Matic’s technology.
Features Upon Features: The Matic Paradigm
The first and arguably most important feature of the entire Matic Network is the ability to promote scalability; lack of scalability has caused countless dilemmas throughout the blockchain ecosystem and is arguably one of the most pivotal causes on why blockchain has yet to be mass adopted. Secondly, alongside scalability comes transactions per seconds, otherwise known as TPS. Matic boasts that it can scale millions of transactions on side-chain architecture with transaction times up to 65,000 on one single Matic chain. User experience and seamless use are also pivotal components that are necessary to solve for blockchain to become mass adopted; Matic has a smooth UX interface from the side-chain to the main-chain. To add, Matic also boasts security features; for example, Matic chain operators are themselves stakers and delegates to the PoS system within the Matic network. Matic also boasts a paradigm known as asset interoperability; assets on different blockchains will be able to interact with one another in the near future within the Matic network. Lastly, Matic vaunts multiple protocols that foster the utilization of DeFi applications on multiple Matic side-chains.
Advisory Board: Prominence In The Blockchain Space
When observing the competence and success rate of a project, arguably the most crucial component during research is identifying key skill-sets of specific team members and also, notable partnerships that have been made for the network itself. To begin, surrounding Matic’s advisory board, Matic has onboarded Esteban Ordano, the founder and CEO of Decentraland, a virtual reality platform that operates on the Ethereum blockchain. Esteban was also a software engineer for the company known as BitPay. Secondly we have Pete Kim, who was the head of engineering, wallet at Coinbase. Thirdly, we have Ari Meilich, who is a project lead at Decentraland.
Matic also boasts numerous partnerships throughout the entirety of the blockchain space. Matic fostered a partnership with Decentraland. Matic Network’s scaling technology has the potential to power low cost/high throughput decentralized exchange of Decentraland’s virtual assets. Matic also partnered with Decentraland to conduct further research on scaling generalized smart contracts. Matic is also partners with MakerDao, a decentralized autonomous organization which governs the stable coined known as DAI; DAI is an asset backed cryptocurrency on the Ethereum network. These are just a few partnerships and advisors on the team that proves that Matic is hard at work shaping the future of scalable solutions for blockchain.
Conclusion: For Blockchain To Achieve Mass Adoption, Scalability Must Be Addressed
Matic is a blockchain project that aims to propel the blockchain sphere into mass adoption through solving the focal dilemma of high transaction costs and a lack of scalability. Projects such as Matic are incumbent for the success and vitality of the cryptocurrency and blockchain sphere; without scalability, blockchain will never be adopted (sorry maximalists), Matic aims to solve this dilemma. Through their team, technology and expertise, Matic has the potential to revolutionize blockchain technology through remedying the problem of slow transaction times and inefficient transaction costs.
Disclaimer: Cryptocurrency investing and gambling requires substantial risk, do not invest or gamble more than you can afford to lose! I am not a financial adviser and I am not responsible for any of your trades. I am an investor of Icon Coin and the information within this article represent my own thoughts and opinions. It is incumbent that you always do your own research before investing in anything!