Yesterday we conducted the first of our daily AMA sessions which will be held once per day all this week. These efforts constitute part of our ongoing Outreach Program, designed to connect with the wider community to spread the word of Matic’s mission and answer any questions which people might have regarding the recent market movements, or general queries including our progress on our journey so far, recent updates and our plans moving forward.
We began our daily AMA sessions with the BigcoinVietnam community. Our Head of Marketing, Chandresh Aharwar, connected with the community for a particularly exciting AMA session which included an introductory Q&A session and a community AMA session, followed by a quickfire quiz round held in the Official Matic Network Vietnam Community.
If you missed the AMA live, take a look through our recap to gain some deeper insights into Matic Network.
Can you briefly introduce yourself- as the Head of Marketing and Strategy and your project- Matic?
Sure. Firstly, thank you for having me here today, it’s a pleasure to connect with the BigcoinVietnam community. At Matic Network, we try to do things a little differently from the typical platform protocol. As a Layer-2 scalability solution on top of the Ethereum network, we’re providing key resources to the existing base of very skilled Ethereum blockchain developers. Matic is providing a solution to the problems of the current decentralized ecosystem which lacks usability and convenience – decentralized transactions are slow, expensive and complex.
We are changing this by leveraging a combination of blockchain scaling, developer platform and tools, and a keen focus on user experience. Our Plasma-based sidechain solution will enable countless DApps around the world to process TPS rates as high as 65,000 per second, per Matic sidechain. This will revolutionize the way a broad range of applications are created, from decentralized finance to gaming, and, therefore, shape the user experience of end-users around the world.
As Head of Marketing & Strategy, my main priorities are to launch global community engagement initiatives, further the conversation revolving around blockchain and Matic Network, establish collaborations with key counterparties, institutions, and projects, as well as set forth a vision for product marketing to attract developers from around the world.
As I know, Matic will release the mainnet in this quarter, can you share with us the importance of the mainnet launch and future plan after the mainnet (any new products, partners, etc)?
Absolutely. The final mainnet launch will essentially signal the implementation of the final broad version of our infrastructure, with all capabilities enabled. These will include Plasma Fast exit services on mainnet, Transaction relay pool (perform transactions without ETH) and Generic smart contract support (with Plasma guarantees).
By that point, Matic Network will be equipped to offer full functionality to the Dapps on our network with a full range of features. Thus, we can expect the exponential Dapp adoption of Matic to increase as we approach and surpass the launch of the full mainnet. We are seeing more and more interest in Dapp adoption of our platform as we get closer to our final mainnet, and we expect this to continue to increase as the network becomes more stable and feature-rich.
Moving forward from mainnet launch, we aim to prove our superior scaling capabilities by becoming the go-to scaling solution for Dapps of all kinds, in terms of both building on our sidechains and wider collaboration. We will continue to build out our expanding ecosystem of Dapps, forge valuable collaborative partnerships to accelerate the wider decentralized movement, and will double down on our efforts to spread awareness and education not only about Matic Network but also regarding the importance of blockchain technology and decentralization as a whole.
Our goal is to serve as more than simply a scaling solution, but as an entire global collaborative ecosystem of Dapps running on Matic Network which will become stronger together as the ecosystem expands. A big step in this journey will be the launch of our final mainnet, and we couldn’t be more excited to see our development progress so strongly on-track!
Sounds like it’s a very exciting time for Matic and the community! What kind of progress has been made so far in terms of adoption & industry collaborations?
Our partnerships span three different areas: Dapps looking to leverage Matic’s scaling solution, Layer 1 platforms wishing to increase scalability, and collaborative industry partnerships. We are consistently making huge strides in all three areas. For instance, we have already announced our collaboration with Layer 1 platform Harmony for scaling purposes and forged collaborations with many high-level industry players, such as Chainlink to enable decentralised oracles on Matic .
Our experience, unique vision and innovative solution has captured the attention of much of the cryptospace, leading to the collaboration with some of the industry’s most recognisable projects even at this relatively early stage – including Coinbase Ventures who were our Seed Round investor, and Binance with whom we launched our IEO through their Launchpad initiative. We have also grown to become the most adopted Layer 2 solution in the space, and we couldn’t be more thrilled.
In terms of projects building on Matic Network, Dapp onboarding has been occurring at an outstanding rate, even surpassing our own expectations. We already have 40+ Dapps building on & exploring integration with our infrastructure, including Decentraland, Marble.cards, Incento, Chainbreakers, Springrole, Cryptocontrol, and Betprotocol. These encompass Dapp types ranging from gaming, DeFi, social platforms and beyond. More Dapps are onboarding every week.
This is real adoption, which we are thrilled to see accelerating as we continue on our journey to facilitate mainstream-ready Dapps. This is only the beginning for Matic Network – our awareness and adoption will continue to grow alongside our development progress and outreach efforts.
Matic Network uses POS to ensure security and decentralization. How many stakers do you expect at the beginning? What mechanism will be used to choose stakers?
Yes, exactly. To give the community a bit more context, as a Layer-2 solution utilizing a network of Proof-of-Stake validators for asset security, staking is an integral part of the Matic ecosystem. Matic uses account based variant of More Viable Plasma to guarantee the security of assets on the main-chain and it ensures the security of generic transactions by using a decentralized network of Proof-of-Stake validators. Essentially, Validators will stake their MATIC tokens as collateral to become part of the network’s PoS consensus mechanism and will receive MATIC tokens in return.
We have seen huge a huge amount of interest from the community in our staking program already. We have recently launched Counter Stake (our public incentivized staking testnet event) which has attracted the interest of more than 500+ Validators. As our PoS network is built on top of Tendermint, we will have a maximum of 100 validators on the mainnet at any one time. Our Validator selection/replacement strategy will run independently based on multiple factors such as the efficiency, total stake etc. of the Validators.
That said, those who wish to stake but do not wish to be a Validator, or aren’t able to be a Validator, can delegate their tokens to a Validator of their choice and still take part in our staking process. We’re continually finding ways to improve the UX for stakers (including a recent collaboration with Frontier Wallet for seamless staking from mobile). Our staking program is shaping up nicely, and we’re just as excited as the community to see it launch!
You can see a sneak peek of our Validator & Delegator interface here: https://youtu.be/2F7vnn0X2rw
Community AMA Session
There were many excellent questions asked by the BigcoinVietnam community. Here are some of the highlights, taken from both Twitter and Telegram.
@QunBo30375831: Matic token is currently relies on Ethereum platform! But, as we know Ethereum Blockchain currently have many scalability issues! Then, Whats the main reason behind choosing Ethereum, not other blockchains?
So, first of all, Matic is ‘blockchain agnostic’, meaning we can go ahead & deploy our solution on any Layer 1 blockchain, including Bitcoin.
Our solution is currently live on Ethereum. The reason is that Ethereum has the biggest developer community & is the most adopted blockchain in the entire space currently.
Ethereum has the capability of performing around 15 TPS currently & the requirement is obviously more. With Matic as a Layer 2 solution, we are helping Ethereum scale to mass adoption levels of performance.
In the future, we see Ethereum as a well tested, fool-proof decentralized blockchain, with all business activities happening on Layer 2 solutions like Matic.
@LaLang46025698: Hi!! stage 0 had to last 2 weeks and we had to launch stage 1 just after I wanted to know when would stage 1 staking be launched ?? Thank you!
Counter Stake is going to be one of the most vast & well thought out staking events in the entire blockchain ecosystem to date.
I guess, no blockchain has tested Delegation also in the Testing phase yet, but with Matic’s Counter Stake program, we are planning to do this. It will be really exciting.
For initiating stage 1, our team is in the process of conducting thorough testing currently & you can expect Stage 1 to start in the last week of January. It’s going to be awesome, I’m really excited for Stage 1 launch.
@chau69612778: Recently, #Matic has a huge dump and it makes people have a lot of bad words about matic . Can you explain this problem to everyone through this ama and why investors, customers and users should believe and follow Matic in long-term?
What happened with us was a planned attack by a few whales. FUD was spreading that Matic team had sold tokens, but it was then justified with actual data, that this is not the case.
What was especially motivating for us was that nearly every partner & project who we are in touch with came out publicly in our defence including Coinbase, Binance, Elrond, Harmony & many more. The list goes on.
If the entire industry is standing with us, then it proves that we are doing hard work in the right direction. Our team is performing great on every front & Matic is becoming the go-to project for everyone in the space as the preferred scaling solution.
To tackle to all the FUD & reach out to every last community member, we have started our Matic Outreach Program also.
Please read more here: https://blog.matic.network/matic-outreach-program-clarifying-the-recent-situation
@Whale_ak47: For Every Project in Market needs Adoption and awareness ! So, Whats the Future main plans matic planned for the Adoption/ Awareness?
We already have 40+ dapps exploring Matic with prominent names like Decentraland, BetProtocol etc. & this list is growing day by day.
Our Business Development & dapp support team is providing such excellent support that Matic is quickly becoming the first choice as scaling solution in the industry.
We will keep working hard for driving the adoption from our end, as we are aware that it’s matters most in long term.
@Chesleypey: Why would dApp developers choose Matic Network to develop a dApp? How do you encourage developers to build applications on the blockchain?
We have a saying which goes, “If you are an Ethereum developer, you are already a Matic Developer.”
Also, our team provides all possible support to all dapp developers exploring Matic, including
- Tech support
- Marketing assistance
- Fund raising connections
- Introduction to our partners
- Financial support through Matic grants etc.
Our approach has been very effective in supporting and growing our ecosystem & we are one of the teams who are available 24*7 for supporting dapps building on our platform.
@paraphan: Viet Nam is a potential market for crypto and blockchain projects. However, blockchain gaming is still not popular at here yet, crypto payment is still not accepted and many start up blockchain projects refer to build their own blockchain rather than using external ones. As a project focus on these 3 aspects, how will Matic Network make a good move to this market?
We’ve noticed that in the initial phases of blockchain adoption, every geographical region faces nearly the same issues.
If you look at the Indian ecosystem, we have supported around 50 hackathons in the last year to build the ecosystem & we are seeing lot of things changing in short period.
Now, we have started our efforts in specific geographies also including Vietnam. We aim to play a major role in shaping up the complete ecosystem & the pain points you are highlighting will be tackled for sure over time.
Quickfire Quiz Round
The AMA session then transferred over to the Official Matic Network Vietnam Community group, where the community were asked four multiple choice questions. The first four members to answer the following questions correctly each won $10 in MATIC tokens.
1. Which of these variations of Plasma is Matic’s Plasma solution adapted from?
a. Most Viable Plasma
b. More Viable Plasma
c. Might Viable Plasma
d. Matic Viable Plasma
2. What is the possible throughput of a Matic Network sidechain?
a. 65 TPS
b. 1,000 TPS
c. 65,000 TPS
d. 100 TPS
3. Which type of Dapp is Matic Network built for?
d. All Dapp types
4. Which member of the Matic Network team has previously worked on implementations of Plasma alongside Vitalik Buterin and Joseph Poon?
a. Anurag Arjun
b. Jaynti Kanani
c. Chandresh Aharwar
d. Sandeep Nailwal
Announcing the AMA Winners
Congratulations to the 10 total winners who will each receive $10 in $MATIC tokens!
Community AMA (Twitter winners chosen by BigcoinVietnam):
Community AMA (Telegram winners chosen by the Matic team):
Thank you to everyone who attended the AMA! It was a pleasure connecting with the BigcoinVietnam community. Vietnam is home to a growing base of crypto enthusiasts and a developing blockchain industry, and this is clear to see. We will continue to spread the word of Matic’s mission to the burgeoning Vietnamese crypto community.
If you haven’t already, you can join our Official Matic Network Vietnam Community group here: https://t.me/maticnetwork_vietnam
Don’t forget, this AMA was only the start of our week of daily AMAs across different global communities. Stay tuned for an update each day regarding our next AMA session.