The Community Speaks segment is written by members of cryptocurrency coin or token project communities who wish to share news surrounding the project they represent with the Altcoin Buzz Army. The goal of the Community Speaks Segment is to bring these community members in to introduce the Altcoin Buzz Army to their opinions surrounding their respective projects and keep them updated on its progress. Any ideas or opinions expressed here do not necessarily align with those of the Altcoin Buzz core team.
Hello everyone, this is Cryptomoonie bringing you another Community Speaks article. For this Community Speaks article, I want to highlight the Matic Network.
The Matic Network is, in my opinion, one of the most exciting projects in the crypto and blockchain space. The Matic Network, born from Binance’s launchpad program is already proving to be Binance launchpad’s most promising project. Despite having only been on the market for only five months, Matic already outperforms many blockchain companies. To discover why, I invite you to continue reading more about Matic Network below.
Scalability has proved to be one of the most challenging and sought after areas of blockchain technology. Proof of work base algorithms has proved to be energy-consuming and a contributor to slow transactions. An area that the Matic Network is trying to fix as it utilizes a proof of stake system to power its side chains. In theory, Matic can process millions of transactions if they had a more substantial number of sidechains.
The Matic Network’s scalability is truly amazing. With fast, low-cost, and secure transactions on Matic sidechains as the first compatible Layer 1 base chain for its network and Ethereum. After several tests on their testnet, Matic was able to achieve an average of 10,000 transactions per second. Furthermore, Matic aims to not compromise decentralization by leveraging the existing developer community and ecosystem to provide the best network.
Here’s an excerpt from the Matic whitepaper on the growth of transactions and how they aim to lower fees:
“The Matic Network enables low cost transactions through achieving 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.”
A key element for adoption to take place relies on ease of use and great user experience. Smooth UX and developer abstraction from mainchain to Matic chain; Native mobile apps and SDK with WalletConnect support are all available for a developer who wants to build using a secure and scalable network.
But how will the Matic Network function?
A user deposits a crypto asset in the Matic contract on the mainchain.
Once deposited, tokens get confirmed on the main chain, and then tokens will appear on the Matic Chain.
You can now transfer tokens to anyone almost instantly for negligible fees.
The Matic Network main chain isn’t live yet. However, they do perform the points labeled above on the Ethereum chain.
Why is everyone so excited about the Matic Network and its token?
Ever since they went live the team has been delivering great achievements and partnerships. In an announcement by Coinbase, they highlight it as one of the next assets to be added to the exchange. In addition, Coinbase is a Matic Network investor, most likely during a private seed round. The Matic Network community is growing every day, and I invite you to join.
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