Overview

Matic Network brings massive scale to Ethereum using an adapted version of Plasma with PoS based side chains.

Project stage

Prototype

Detailed description

Matic Network is an off chain scaling solution for blockchain built on the foundation of Plasma methodology. It already has a working implementation for scaling Ethereum. It allows instant transfers, exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies(e.g. Ether, Bitcoin).

Matic will implement properties of an ideal payment system including trust-less exchange decentralized execution, instant transfer, and extremely low transaction fees. Matic will also provide payment APIs, SDKs, products, identity solution etc that will allow Ethereum accounts to easily receive payments from any crypto tokens. Matic roadmap also includes supporting cross-chain transfers and trades.

Problem

Slow Transactions
Blockchain transactions are very slow and have a very limited throughput. Most PoW (Proof-of-Work) based blockchain protocols have a limit on the block size and it takes a certain amount of time to generate a block. Each transaction also has to wait for multiple block confirmations due to potential chain re-organizations.

Low Transaction Throughput
Public blockchains have to maintain a certain amount of time lag between the production of adjacent blocks so as to ensure ample time for block propagation. Also the block size needs to be less so as to ensure quick propagation of the block through the network. This entails that the number of transactions in a particular block need to be fairly limited.

Size of Blockchain
Each block on the blockchain and/or compute state in case of smart contract based blockchain must be validated by multiple nodes. Each node has to manage a copy of the state and blocks. While the chain increases as days go by, maintaining and validating the whole blockchain is getting more difficult resulting in fewer full nodes in public blockchains, which is becoming a risk for decentralization.

Multiple micropayment channels with other off-chain solutions
Some payment channel solutions solve the problem of micro-payments. However, the process of opening and managing channels with multiple DApps or users is complex. Additionally, the speed and convenience of mediated payments over channels is still up for debate.

High Transaction Fees
Fees are the important factor to reward validators and prevent certain kind of security attacks like DoS. But, the problem is the variation of fees depending upon the pending transaction pool due to the limited block size.

Poor Usability
The user interactions on decentralized applications are extremely poor compared to their centralized counterparts. For the Decentralization revolution to achieve mass adoption, the user experience of Decentralized apps have to be at par with, if not better than the centralized applications.

Solution

Slow Transactions
Matic solves this problem by using a high throughput blockchain with consensus provided by a selected set of Delegates, chosen for every checkpoint by a set of Stakers. It then uses a Proof Of Stake layer to validate the blocks and publish periodic proofs (merkle roots) of the blocks produced by Delegates to the Ethereum mainchain. This helps in achieving high level of decentralization while maintaining an extremely fast (2 seconds) block confirmation times.

Low Transaction Throughput
Matic Network solves this problem 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 enables Matic to theoretically achieve 216 transactions per second on a single side chain.

Scalability
In future, the Matic platform will be able to easily add more side chains horizontally to increase the total number of transactions on the Matic chain while using the same decentralized PoS layer.

Size of Blockchain
For Matic Network, the primary layer which provides decentralization may choose to have only the blocks of Matic chain from the previous checkpoint to the next checkpoint. All previous transaction/block proofs are anyways submitted to the mainchain. This enables extremely low fidelity PoS nodes which can be run in very low cost machines with low storage. In future, Matic Network intends to enable mobile device based PoS miners too.

Multiple micropayment channels with other off-chain solutions
Since Matic network uses a state based architecture on an EVM (Ethereum Virtual Machine), it doesn’t require payment channels to be opened between two parties. In fact, any valid Ethereum address is a valid Matic Address and receivers do not need to be on Matic chain to receive funds. They would only need to have a Matic wallet when they want to withdraw the funds to the main chain or spend it in the Matic ecosystem.

High Transaction Fees
Matic Network enables low cost transactions by achieving economies of scale by doing large number of transactions on the Delegate layer which ensures low cost and then 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.

Poor Usability
Matic Network is working on leading projects for 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. We will be publishing the designs and prototypes of these soon.

Features

Scalability
Scalability is implemented by using a decentralized Plasma operator mechanism with finality achieved on a main chain.

High Transaction Throughput
Can scale to millions of transactions on a sidechain tree architecture.

User Experience
Smooth UX abstraction from mainchain to sidechain. Native mobile apps and SDK with WalletConnect support.

Decentralization
The sidechain(s) operators are themselves Stakers and Delegates in a Proof-of-Stake system in the Matic Network.

Asset Interoperability
Assets in different sidechains across various blockchains will be made inter-operable by Matic Network in the near future.

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Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : MTX
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : NA
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :NA
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :NA
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist N/A
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :ETH,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :No
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :No
    Get details
  • Token and Funds Distribution

    Token distribution date

    NA

    Unsold tokens

    NA

Sale schedule

Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
Public sale — Soon
Start Soon
NA No - Uncapped Uncapped
Private sale — Soon
Start Soon
NA No - Uncapped Uncapped
  • Team

    • Jaynti Kanani photo
      Jaynti Kanani
      Co-founder & Chief Executive Officer
    • Sandeep Nailwal photo
      Sandeep Nailwal
      Co-founder & Chief Operating Officer
    • Anurag Arjun photo
      Anurag Arjun
      Co-founder & Chief Product Officer
    • Shogo Ochiai photo
      Shogo Ochiai
      Consensus Research Lead, Japan
    • Bhavir Shah photo
      Bhavir Shah
      Head, Engineering
    • Vaibhav Chellani photo
      Vaibhav Chellani
      Blockchain Engineer
    • Delroy Bosco photo
      Delroy Bosco
      Project Manager
    • Ashish Rajpurohit photo
      Ashish Rajpurohit
      Platform Engineer
    • Sayli Patil photo
      Sayli Patil
      Application Engineer
    • Nirbhik Jangid photo
      Nirbhik Jangid
      Community Manager
  • Advisors

    • Esteban Ordano
      Founder & CTO, Decentraland

Roadmap

No information

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