In the current scenario, Decentralized applications are becoming popular and driving a lot of new users, but as the user base grows there can be a lot of scalability issues with these applications. Matic network wants to solve these issues by using Plasma-based side-chains on top of Ethereum.
Sidechain is like a child to the main blockchain that uses a two-way peg i.e. one coin on the main chain is equal to one coin on the side chain and vice-versa. Users can send funds to sidechains and use the Dapps, removing the pressure from the main chain and allowing it to process the transactions faster. Sidechain also allows users to use their coins in different blockchains.
For example: If a user is having some Bitcoins and wants to use it in another coin’s blockchain, say litecoin as the transactions are faster and cheaper there, Sidechains make this possible. One Prominent implementation of the sidechain technology is Plasma.
Matic also wants to improve the user experience of decentralized applications. It has built high-quality user experience libraries for mobile/web browsers and tools such as dagger which enable businesses to create real-world end-user applications at a large scale.
What is Matic Network?
Matic Network uses the Sidechains for off-chain computation while not compromising on security using the Plasma network and decentralized network of Proof-of-Stake validators.
Problems encountered while using current decentralized applications are :
High Transaction Fees
Low Transaction Throughput
Matic Network solves the above problems with the help of a decentralized platform that used an adapted version of Plasma Network. The system uses Proof-of-stake checkpoints which are pushed to ethereum’s main chain enabling Matic to achieve 216 transactions on a single side chain.
Matic is building Mobile apps, desktop wallets, and browser extensions that will provide Matic users a good usability experience. Matic’s consensus mechanism makes it achieve faster transactions.
First, the block producers are chosen by Pos Stakers on the base layer. These block producers produce blocks at a fast rate. Then the proof of stake layer validates these blocks and passes the Merkle root containing the hashes of these blocks since the last checkpoint to the main chain.
The transactions are fast, secure, and cheap on Matic’s side chain.
After running some tests Matic’s side chain was seen to achieve 10,000 TPS. Multiple chains can be added for horizontal scaling.
Matic team has built many libraries enabling developers to make mobile and desktop that are user friendly.
Dagger is used to track real-time events in the Ethereum blockchain. You can subscribe to a particular topic and you will start receiving messages based on that topic. The amount of subscriptions is unlimited. Dagger can be used in any DApp by just integrating a few lines of code in it.
Dagger can be used to sending e-mails regarding the smart contracts, alerts for erc20 token transfers, etc.
Matic Network is providing an easy to use user-friendly interface for merchants and users for instant payments. It will also include multi-asset cross-chain transfers and payments.
Matic will allow merchants to know about the credit score of the users based on which they can lend tokens to the users who do not have sufficient funds.
Using Matic Network users can pay with any cryptocurrency token that they want and the receiver will receive the payment in the assets he/she refers to.
Matic team has built a user-friendly wallet that enables secure storage of the keys and makes seamless transactions. It can be used to connect browser-based DApps to the mobile application making it easy for the users to interact with the DApps. Several DApps are currently working with the Matic network including Decentraland and Cryptostaw.
Matic network founded by Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun is an Indian crypto project that solves the two main problems associated with decentralized applications in the Ethereum platform i.e. scalability and usability.
The use of sidechains based on the adapted plasma network is one of the best ways to date to increase the scalability of Ethereum.
But many other crypto projects are working on the same problem.
If Matic can come out with a better and faster solution than the others it sure can be one of the best crypto assets that a user will love to hold in their portfolio.
Matic Coin is being performed great since the Binance IEO (Initial Exchange Offer) and has a great community backing it.