With the desire of achieving high degree of decentralization with trust-less and decentralized execution while ensuring near instant transfers, low fees and conducive economics for micro transactions . Matic’s open source foundation intends to provide Matic wallet, payment APIs SDKs, products, identity solutions and other enabling solutions that will allow developers to design, implement and migrate DAPPs built on base platforms like Ethereum.

Website: https://matic.network/

1. Token Metrics :

Matic token matric is still under discussion.

2. Communities :

Telegram official community group: 1028 members

https://bit.ly/2JhK7EM

Telegram technology group: 200 members

https://bit.ly/2sNsaTl

3. What is Matic Network?

Matic Network provides scalable and instant Ethereum transactions using Plasma side chain. In another word, Matic’s aim is to solve the scalability and usability issues while not compromising on decentralization and leveraging existing developer community and ecosystem. It is built on the foundation of PLASMA philosophy as a side chain scaling solution for existing platforms and provide scalability and enhance user experience to Dapps/user functionalities built on top of these platforms.

4. How is Matic’s usefulness?

Decentralized Apps are making huge progress; however, the current blockchain ecosystem is not well- prepared enough to meet this demand. Some of the problems associated with the current blockchain platforms are Slow transactions, High transaction fees, Low transaction throughput, Scalability, Multiple micropayment channels, and Poor usability. Matic Network solves these problems by building a decentralized platform using Plasma Methodology that provides a solution for faster and extremely low cost transactions with finality on a mainchain .

Matic deals with the slow transactions which exist in most PoW and PoS based blockchain protocols like the limitation on the block size, the time to generate a block and the cost of decentralization by using a Delegate layer to produce the blocks. Delegates enable the system to produce blocks at a very fast rate. The system ensures decentralization using PoS checkpoints which are pushed to the Mainchain (Ethereum as a first chain). This will help to achieve higher level of decentralization with an extremely fast (less than 2 seconds) block confirmation times and enable Matic to theoretically achieve 2¹⁶ transactions on a single side chain.

They are also building a product ecosystem that will include user friendly mobile apps, desktop wallets and browser extensions which will provide a seamless experience for all users. So that users will be able to pay, transfer or hold crypto assets without worrying about the complexity of the underlying system.

5. MVP :

Matic has chosen Ethereum as the first platform to showcase it’s scalability and already has a working implementation for Ethereum on Kovan Testnet. Besides, Matic showed Matic Network demos and its app WalletConnect Protocol at Consensus BSIC in Mumbai, India but the quality of these videos is not good enough to watch how these apps work. They also intend to launch the alpha version of its Mainnet with working Dapps before the ICO .

One noticeable thing is that on the testnet is only the first Matic Chain and in future, they can add more side chains to horizontally scale up their transaction processing system (TPS) to tens of times of the TPS provided by their single chain (which is 2^16 ~ 65000+ TPS per side chain)

Moreover, with sharding, since they have Earn Value Management (EVM) only on the side chains, whenever sharding comes to Ethereum they can make use of it on the side chains.

DEX on Matic Network with 0x

This is a possible approach to the integration of Matic Network with the 0x protocol. An important use case for Matic Network will be transactions on decentralized exchanges that will be enabled in a future release of Matic. Here is how Matic Network will work with the 0x protocol to enable instant, decentralized and low-cost trades.

6. Ecosystem

Plasma: Scalable Autonomous Smart Contracts

Plasma is a proposed framework for incentivized and enforced execution of smart contracts which is scalable to a significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralized financial applications worldwide. These smart contracts are incentivized to continue operation autonomously via network transaction fees, which is ultimately reliant upon the underlying blockchain to enforce transactional state transitions.

Dagger: Dagger is simple development tool to get blocks, transactions or events triggered by Ethereum blockchain in realtime . It provides a way to listen incoming and outgoing transactions from accounts and contracts, and as well as logs. In another words , developers can use Dagger to track their own smart contracts, accounts, and transactions.

Dual strategy of Proof of Stake:

Matic uses dual strategy of Proof of Stake at the checkpointing layer and Delegates at the to achieve the faster blocktimes while ensuring high degree of decentralization by achieving finality on the main chains using the checkpoints and fraud proofs.

Checkingpoints :

Checkingpoints provides the finality on the mainchain and have a very important role to play in withdrawals as they contain the proof-of-burn of tokens in the event of user withdrawal. It enables the users to prove their remaining tokens on root contract (the contract deployed on Ethereum chain) using Patricia Merkle proof and header block proof.

Fraud Proofs:

To enhance the security of the transactions, Matic Network also provides Fraud Proofs on the mainchain . This mechanism enables any individual on the mainchain to submit the details of the transactions which he/she thinks is fraudulent. If the challenge is successful, the stakes of the parties involved in the fraud are slashed and the challenger receives the slashed funds as an incentive to detect the fraud. This can be considered an ever running high reward bounty program for any parties who want to investigate the veracity of the transactions on the Matic Network.

7. Matic Team :

There are only 3 members listed in the whitepaper as well as the website.

Anurag Arjun

Co-founder. Chief Product Officer at Matic Network. Fintech product guy.

Previously, AVP (Product Management), IRIS Business.

Jaynti Kanani

Co-founder. Contributor to Web3, Plasma, Walletconnect.

Previously, data scientist at Housing.com.

Sandeep Nailwal.

Co-founder. Chief Operations Officer at Matic. Blockchain Programmer and Entrepreneur.

Previously, CEO Scopeweaver , CTO ( Ecommerce ) Welspun Group



All of them are the most important leaders of Matic team. They are all well-experienced in the field of blockchain , Dapps, finance, management. However, it is necessary to list as full vital members as possible for the readers/ contributors to know clearly about Matic team.

8. Partners :

Currently, there are not any partners joining Matic. Maybe because of this is a new project, not many parties know about it. Or there is not enough information for them to contribute or support for Matic.

9. Roadmap



Matic’s Roadmap has not been released. Therefore, we need to wait till knowing how Matic team develops before making any decision.

10. Compared to related Projects.

Compared to Ethereum

Matic is a Plasma implementation basing on Ethereum blockchain. The aim of Matic is mass adoption of DApss by providing scalability and better user experience while Ethereum by far is the largest Smart contracting platform and has thousands of DApps, protocols and other types of decentralized products built on it.

Compared to Loom SDK

Loom SDK model is not direcly related to Matic Network as Matic sidechains are public blockchains in themselves. Focus is different. Loom is focusing on games and social apps with less decentralization while Matic needs security and decentralization as we are gearing for normal DApps as well as games, finacial transactions, DEXs etc. They also have plans for full blown 3rd party financial services like lending/trading dapps ( tokenset swaps, margin trades and many more).

Compared to Flasma Cash

Plasma Cash blocktime will always be more than the Ethereum blocktime since you need to push every block of the sidechain to the mainchain , while Matic uses checkpoints (PoS layer) for 1 second blocktimes ( DPoS layer)

In Plasma cash, you need to watch your own tokens, it means normal users need to pay some fees for a third party to watch their tokens, while in Matic anyone can challenge transactions without watching their tokens. It increases the usability and UX for mass adoption.

One more thing, on Matic Network, developers can directly use their DApps without changing much of their current code base.

11. Verdict

In terms of technology, Matic has a good idea with many cutting-edge features like flasma side chain, Dual strategy of Proof of Stake, checkingpoints , proof of fraud, and so on. Sidechains are in general weaker than main chain but using fraud proofs and checkpointings can make it as strong as possible. That creates a proper network with the purpose of solving the scalability and usability issues while not compromising on decentralization and leveraging existing developer community and ecosystem. Matic has shown its MVP and clear Github; however, there are a lot of important information not released yet. We need to wait for more real details about Matic before making our own decisions.

Rate from Icogens.com:

HYPE RISK ROI TERM ICOGENS ' SCORE MEDIUM HIGH NOT RATE SHORT NORMAL



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You are reading [ICO REVIEW] What is Matic? New Solution to Scalability and Usability Issues of the current Blockchain?, from the section ARTICLES.

Source: ICOgens