polygon 1260x709 1 The Matic Network: Improving User Experience for Blockchain Applications

The Matic Network: Improving User Experience for Blockchain Applications

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  • The Matic Network is a new solution for scalability and usability issues in blockchain technology.
  • Matic Network is an off/side chain scaling solution that allows near-instant transfers, exchange and conversion of digital assets.
  • Matic Network is compatible with the existing Ethereum ecosystem and developer community.
  • Matic Network is focused on improving user experience in blockchain applications.
  • The Matic Network roadmap includes support for cross-chain transfers and third-party decentralized exchanges.
polygon 1260x709 1 1 The Matic Network: Improving User Experience for Blockchain Applications
The Matic Network: Improving User Experience for Blockchain Applications 4

Why Matic

The Matic Network is a Layer 2 scaling solution that achieves speed, scalability, and user experience by using a Block Producer layer to produce blocks and a Proof of Stake layer to validate and finalize them.

The Matic Network can theoretically achieve up to 2^16 transactions per second on a single side chain and has the capacity for millions of transactions per second with the usage of multiple side chains.

The Matic Network intends to enable low cost transactions through economies of scale by doing a large number of transactions on the Block Producer layer which ensures low cost, and then subsequently batching the proofs of the Matic blocks using the Merkle root of the blocks to a highly decentralized mainchain (for ex. Ethereum) using a decentralized layer of PoS Stakers.

The Matic Development team is expected to work on various Mobile and Web browser integration tools and is pioneering protocols in this domain. It intends to build a ubiquitous mobile/browser app, which will act as a secured interaction layer for blockchain interactions.

Architecture

The Matic Network is a new platform that promises to make cryptocurrency transactions faster and more affordable. The network is designed to be compatible with the Ethereum blockchain, and will allow users to transfer ETH and ERC20 tokens almost instantly, with very low fees. The Matic Network is currently in the alpha stage, and is expected to go live very soon.

The MATIC Stack

The Matic Network is a scalable, decentralized platform built on the Ethereum blockchain. It provides a smooth foundation to build upon, with a variety of security measures in place to protect against DoS/spam attacks.

Potential Use Cases

The Matic Network is a scalable and userfriendly ecosystem for thirdparty Decentralized applications. The governing body will promote various Base chain DApps to build and migrate their userfacing applications / transactions on the Matic Network. It will also award grants and funding to thirdparty app developers to build various use cases on top of the Matic Network.

The Matic Network is capable of supporting decentralized exchanges and enabling trustless, reliable and easy crypto trades. The Matic Network will solve that with an OpenIdentity system and will deliver a seamless experience to users.

The Matic Development Team already has started building infrastructure for developers, starting with Dagger. Dagger is a tool or engine to track Ethereum accounts and events in realtime. Developers can use Dagger to track their own smart contracts, accounts, and transactions.

The Matic development team is working on building an easytouse Plasma wallet mobile app, integrated with WalletConnect, to ensure secure storage of keys, intuitive access to the features provided by the Matic Network, as well as a seamless mechanism to connect browserbased DApps to the mobile app.

MATIC Tokens

  • Matic Token will be issued as an ERC20 standard compliant digital token on the Ethereum blockchain.
  • Matic Token is designed to be a utility token which functions as the unit of payment and settlement between participants who interact within the ecosystem on the Matic Network.
  • Matic Token is an integral and indispensable part of the Matic Network.
  • In order to participate in the consensus process on the Matic Network, users would be required to stake Matic Token as an indication of that user‘s commitment to the process.
  • Matic Token would also be used as a deterrent for punishing stakers for various offences by requiring them to first put up a stake of Matic Token before being entitled to participate in the ecosystem.
  • The contributions in the token sale will be held by the Issuer(or its affiliate) after the token sale, and contributors will have no economic or legal right over or beneficial interest in these contributions or the assets of that entity after the token sale.
close up photo of a gold commemorative coin
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Future Roadmap

  • Generalized state scaling and fraud proofs/cryptographic mechanisms for the same.
  • Evaluate the approach to expand Staker base in the checkpointing layer with the future Threshold based signatures implementations on Ethereum, if any.
  • Robust structure and design pattern for upgradeable smart contracts.
  • Context specific Ether less accounts and Gas Relay Abstractions on Identity
  • Privacy-enabled transactions
  • Blockchain interoperability
  • State channels on top of the sidechain

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