With the recent in surge of newer technologies in the cryptocurrency world, a lot of projects are simply profit-oriented without offering any substantial solution to any problem. Only a handful of cryptocurrencies are focusing on the core issues that the crypto-world is plagued with. Among the fundamental issues linked with blockchains is the issue of scalability and usability on a large scale so that cryptocurrencies can be integrated with our daily transactions.
Matic is an ERC-20 token and offers a scalable blockchain platform. It strives to solve the notorious scalability loopholes of the present day cryptocurrencies, including both Ethereum and non-Ethereum blockchains, while not degrading or compromising any of the other important features like security and decentralization. The goal behind its development as to solve a number of problems like slow transactions, lack of stability and scalability and high transaction fees. Along with these, Matic is also adamant to provide its users with a simple yet attractive user experience, which as of now, is very poor for many blockchain applications and platforms.
Matic is a project launched by one of the leading cryptocurrency trading exchange Binance under its Binance Launchpad Projects. Binance Launchpad has already launched three projects – BitTorrent, Fetch.AI, and Celer Network, all off which have been a success so far. Matic’s initial exchange offering was also launched under the umbrella of Binance Launchpad and was one of the most successful IEO of the industry so far .
Matic is sometimes also described as an expanded version of the Plasma framework of Ethereum blockchain network. However, the team has gone further to include the vision of being an offside chain scaling solution for blockchains in general.
Matic is being developed by Matic Foundation, which is headed by the CEO Jaynti Kanani currently. Sandeep Nailwal is the co-founder and also the COO of the Matic Network, and intends to provide Matic Wallet, APIs and SDKs, products and incentives to its users in future. These all will ultimately help and allow developers to design, implement and migrate their decentralized applications to the Matic Network .
Matic Network uses the “Proof of Stake” methodology on its side chains and thus brings scalability to the Ethereum network. One novel feature that Matic has been successful to implement is the Zapier integration through Dagger. Through this, Matic has allowed the developers of decentralized applications to connect Ethereum platforms with a wide range of applications which resultantly will boost the user and developer adoption of blockchain. Zapier is a platform that allows the access to over 1000+ applications to use in everyday life.
The year 2019 was huge for Matic. It successfully completed its IEO, in collaboration with Binance, and managed to become the best performing IEO in the crypto-industry to date. The IEO was valued at $5 million and accounted for about 19% of the total Matic supply.
The success gained by Matic over the past year has been incredible. The team is very satisfied with the developments and are of the view that they even surpassed their own expectations related to Matic’s development. A number of promotional events are in line for this year, while the roadmap revealed by the team talks about some very anticipated products and services. Matic has already gained the support of Coinbase and Binance, which will eventually boost its usage and make it one of the most popular cryptocurrencies of all time.