What is Matic Network ($MATIC)?
Matic Network is a layer-2 scaling platform that enables fast, easy and secure off-chain transactions for payment transactions and generalized off-chain smart contracts.
|Issuing Price||$0.00263 USD|
|Initial Circ. Supply||3,230,085,551 (~32.30% of Total Supply)|
|Total Supply||10,000,000,000 MATIC|
Some of its key features include:
- Scalability: fast, low-cost, and secure transactions on Matic sidechains with finality achieved on mainchain and Ethereum as the first compatible Layer 1 basechain
- High throughput: achieved up to 7,000 TPS on a single sidechain on internal testnet; Multiple chains to be added for horizontal scaling
- User experience: smooth UX and developer abstraction from mainchain to Matic chain; native mobile apps and SDK with WalletConnect support
- Security: Matic chain operators are themselves stakers in the PoS system
- Public sidechains: Matic sidechains are public in nature (vs. individual dApp chains), permissionless, and capable of supporting multiple protocols
Matic's mission is to create a plasma-influenced Layer 2 scaling solution to "enable throughput capable of meeting the transaction demand for mass adoption of dApps".
Matic is unique both in terms of its technical approach towards Layer 2 as well as its potential support for a variety of use cases.
- Matic Layer 2 is an account-based variant of MoreVP (More Viable Plasma). The Plasma framework is used to guarantee the security of assets on the main chain (such as ERC-20 and ERC-721 tokens for Ethereum), while generic transactions are secured by a Proof-of-Stake network, built on top of Tendermint. Matic sidechains are essentially EVM-enabled chains and are conducive to ready deployment of solidity smart contracts, making it an easy tool for Ethereum Developers to scale their dApps/Protocols.
- Commercially, Matic sidechains are structurally effective for supporting many Decentralized Finance (DeFi) protocols available in the Ethereum ecosystem.
- Matic's core philosophy is to enable dApps to compete with the user experience that is offered by centralized apps today.
- Ethereum is the first basechain Matic Network supports, but Matic intends to offer support for additional basechains, based on community suggestions and consensus, to enable an interoperable decentralized Layer 2 blockchain platform.
Within the Matic Network, the MATIC token has three key use cases:
- Participating in the Proof of Stake consensus: Matic sidechains enforce consensus using a Proof-of-Stake (PoS) layer in which network participants stake Matic tokens to participate as validators.
- Paying for the transaction fees in the network: The transaction fees on Matic sidechains are paid in MATIC tokens. The more users onboard to use the apps on Matic Network, the more the transaction volume and hence the transaction fees. The Matic token is also used to pay staking rewards to the POS stakers
- Having taken inspiration from Livepeer and its "protocol funding the ecosystem" model, Matic intends to enable a separate staking mechanism for supporting the ecosystem projects. This will help create a fund out of the "block rewards" that can help support developers working on features and dApps needed by the network to get a part of block rewards. This mechanism is funded by reserving a percentage of the transaction fees in-protocol to support the building of the project for enhancing the Matic Ecosystem.
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For more information on this project please visit their website: