What is Matic Network?
Matic Network is a scaling solution that aims to address the scalability issues seen on Ethereum. Noted that as of now Ethereum can only process on average about 14 transactions per second. Today, the Ethereum network is on high demand running various popular decentralized apps such as CryptoKitties, Decentraland, Gods Unchained, and more. Not to also mentioned decentralized finance (DeFi) apps such as Maker, Compound, Uniswap, SNX, and the list goes on. All these apps compete for the limited computing resources that Ethereum can provide.
Matic Network plans to solve this problem by introducing a Layer 2 scaling solution. Instead of having all transactions and computations processed on the main Ethereum chain, they will be delegated to the side chains (off-chain computation). Validity of this second layer chain is assured using the Plasma framework and Proof of Stake (PoS) by the MATIC validators.
How was Matic Network Launched?
Matic Network was launched on the Binance Launchpad around April 2019 with an IEO price of $0.00263 USD.
What is the MATIC token used for?
MATIC token is the currency issued on the Matic Network. The token can be used for validators to participate in the network via Proof of Stake in order to secure the chain. Transactions fees on the network is also paid via MATIC tokens.
Where can I learn more about Matic Network?
We recently ran an interview with Sandeep Naiwal, co-founder and COO of Matic Network. In this interview we uncover the story behind how Matic Network started, how it solves the scalability issues, how the side chains interoperates with the Ethereum chain, as well as the blockchain scene in India where the Matic team is based off.