Yesterday we held our last AMA of our week of daily AMA sessions. These daily AMAs 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.
For our final AMA of the week, our Head of Marketing, Chandrsh Aharwar joined the Crypto Bull And Bear Telegram community for an introductory Q&A followed by an engaging AMA session.
If you missed the AMA live, take a look through our recap to gain some deeper insights into Matic Network.
Can you please explain Matic Network and your role at Matic as Head of Marketing?
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.
We are a team passionate about decentralization and better blockchain-based products. The current decentralized ecosystem lacks usability and convenience – decentralized transactions are slow, expensive and complex. The blockchain environment as it stands today is therefore unable to facilitate mainstream-level Dapps. Solving this problem is our mission.
We are changing this by leveraging a combination of blockchain scaling, developer platform and tools, and a keen focus on user experience. Matic aspires to see a world where blockchain gains mainstream adoption, and our goal is to facilitate the decentralized future by providing the necessary infrastructure for Dapps to take flight.
We believe the answer to enabling widespread adoption of blockchain technology lies with second-layer solutions focused on scalability. To this end, Matic Network provides massive scaling capabilities on our sidechains whilst leveraging the security and decentralization of the Ethereum mainchain.
What sets you apart from the other Layer 2 scaling solutions and other projects in general in the crypto ecosystem?
As the biggest problem facing blockchain today, it’s no surprise that a wide range of scaling solutions is attempting to tackle the scalability conundrum each in their own way. There are also many Layer 1 platforms that we view as ‘competitors’, in the sense that they are attempting to provide an alternative to Ethereum in light of their scalability issues.
However, current scaling endeavors and new Layer 1 platforms offer only a partial solution due to limited functionality, poor user experience or their sacrificing of decentralization for the sake of performance.
Unlike other scaling solutions, Matic Network is committed to achieving massive scale alongside decentralization by utilizing checkpoints for 1-second block times and fraud proofs for security on its enhanced version of the Plasma framework.
Matic chains are based on an account-based EVM (inspired by Plasma MoreVP) and support ERC721 in addition to ERC20 tokens, along with asset swaps right out of the box. This makes Matic the go-to platform for deploying Decentralized Finance (DeFi) applications in particular.
As a general-purpose platform, however, our blockchain agnostic infrastructure is capable of housing a limitless array of Dapp types, and we are keenly focused on gaming as well as welcoming of all Dapps which stand to further the decentralized movement.
For a comparison of scaling solutions, we have written a comprehensive article on the topic, which includes a detailed infographic comparing Matic to some Layer 2 solutions alongside a couple of Layer 1 blockchains.
What are the top 3 highlights for MATIC in 2019?
Great question. Although we only held our IEO in April 2019, we’ve made so much progress on all fronts it’s difficult to pinpoint 3 specific highlights. So I’ll quickly outline 3 important areas: development, adoption, and education.
In terms of development, our flagship product, the Matic Wallet, has continued to gain traction daily due to the lightening-fast transactional capabilities and superb UX/UI. We worked relentlessly to deliver our Beta mainnet ahead of schedule at the end of Q3 of this year, which has already seen significant activity with many of our ecosystem Dapps building on our Beta mainnet and over 40K transactions processed so far.
We have also recently launched Counter Stake, Matic’s public staking testnet event, and have recently launched the first of our pre-staking initiatives alongside leading Korean exchange Coinone. Many more exchanges are also in the pipeline to collaborate with us for pre-staking.
Speaking on adoption, Dapp onboarding has been occurring at a staggering rate, even beyond our own expectations. We are consistently onboarding Dapps to our network. We already have 40+ Dapps building on top of and exploring integration with Matic, including Decentraland, Incento, Chainbreakers, Springrole, Battle Racers, CryptoControl, and BetProtocol.
More Dapps are onboarding every week. We have also collaborated with many of our ecosystem projects to facilitate token and NFT sales on via Matic Network, such as the recent hugely successful BetProtocol $BEPRO token sale.
We have also been hard at work spreading knowledge and providing education about the opportunities that blockchain development can provide, especially in India, as we believe education is one of the core components in pushing our space forward and opening up new opportunities for the wider developer community – thus increasing adoption.
As well as constant hackathons (we’ve supported and attended more than 50 this past year), conferences and events, and conducting active outreach to India’s educational institutions, we have previously launched our Developer Support Program designed to assist developers to spread their wings in the blockchain space.
Sounds like a productive year! You mentioned staking, can you give us some more details about your plans for staking?
Sure. 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 a huge amount of interest from the community in our staking program already. Alongside our launch of pre-staking with top-tier exchanges, we have recently launched our public incentivized staking testnet event, Counter Stake, 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.
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 Crypto Bull And Bear community. Here are some of the highlights, taken from both Twitter and Telegram.
@QunBo30375831: If a Dapp is built on the Ethereum platform, can they use Matic’s technology as an improved tool for their Dapp? Matic Network brings massive scale to Ethereum, is it synonymous with more efficiency?
All Dapps looking for better scalability can surely move to Matic Network.
The best part is it requires zero development effort from moving to Ethereum to Matic.
Please reach out to us, in case you are running a Dapp & interested in moving to Matic.
@Aqib46519992: What are you progress in finding new integrators who can support in on-boarding new customers in the future? The demand could grow quickly once you can show some real business value and of course you will have to be ready to meet the demand of Matic token?
We already have 40+ Dapps exploring Matic blockchain & it is growing exponentially daily.
Once we go live with our Mainnet, we are expecting we will have a good number of transactions happening on our blockchain & our BD team is already up to the task on this front.
@Chi_Mai_007: Staking seems to be popular right now on many blockchain projects to encourage investors to hold tokens and make it healthful for the project ecosystem. Does MATIC support this as well? If yes, what requirement of a Node and a Validator node be? And how does reward base on?
Yes. Matic is a POS-based chain.
Currently, we are live with Counter Stake & stage 1 will go live shortly where around 500 validators will test our network on testnet along with many other activities 🙂
Read More: https://blog.matic.network/matic-network-staking-economics/
@AmarSingh866: Looking back to 2019, Please tell us what are the milestones you have achieved so far? Where are you now on your road map? & What big thing we can expect from Matic in the year 2020?
We have our mainnet, staking & many other positive news on adoption front & token utility front coming up in 2020. Stay Tuned 🙂
We have also progressed a lot on the community, technical & adoption front. Please read the full blog:
@IkyNulil: You have definitely achieved a lot. Could you give us a summary of what Matic did in 2019?
We did make great moves on community, adoption & tech front with different launches.
You can go through our 2019 recap to understand more on this front.
@Tran_40: In what ways do you bring Matic As a bigger, more stable, credible service provider to the platform?
In the current scenario, where we are on the verge of mass blockchain adoption & seeing a lot of traction from the developer community, scalability is the need of the hour.
Matic solves exactly that problem with its Layer 2 solution
@zaferce: How do you plan to solve the low transaction volume problem? How will Matic enable 2 transactions on a single side chain to eliminate this transaction volume issue?
I read that it works on developer tools like Hermione. What advantages will this provide for Matic and how does it improve?
Adoption is the focus for us currently.
We have been continuously focusing on business development, that’s why we already have 40+ Dapps building on Matic.
Transaction volume will surely come over the period of time we believe. Currently, the complete adoption is not even at 1% of the real potential of blockchain.
Also, Matic infrastructure can support 65K TPS on a single side chain.
And yes, we have a lot of focus on developer tools, because we believe that blockchains with zero developer effort will get traction
@Boylut: What did Matic aim to achieve with the Matic Mitra program? and why did you decide to choose Africa as your first meeting? Kindly shed more light on it.
Matic Mitra’s have been doing awesome over last month for Matic. They have been continuously contributing on multiple fronts like community, business development, partnerships, community events, etc..
Planning events is solely the call of our Mitra’s actually. we were really glad that our first Matic Community Meetup was arranged in Africa which is growing rapidly
@Hussnill: For the further development of a project, the project community is very busy. The more powerful the community, the stronger the project. So my question is: What is your advice to your community for the further development of the Matic project?
To be honest, Matic has one of the most vibrant communities in the complete crypto space.
We already have MVCM, Matic Mitra & many other programs running to incentivize our community regularly.
Our community has been doing a good job in sharing the progress of the project & also playing a major role in the development.
So, would like to thank everyone for that.
@endtimeprophet: What’s your greatest threat going forward and what plans are in place to overcome them?
Getting adoption into blockchain space, in general, seems like to be a threat but the way things are progressing currently, we feel this will change.
There are already many traditional apps getting interested in blockchain space & trying to work on Decentralized apps.
The adoption part is the toughest one, but once it starts rolling. It will show exponential growth.
Announcing the AMA Winners
Congratulations to the 10 total winners who will each receive $10 in $MATIC tokens!
Thank you to everyone who attended the AMA sessions this week! It was a pleasure connecting with the wider crypto community to spread the word of Matic’s mission, discuss the recent MATIC market movements and answer all of your excellent questions.
This is only the beginning of our Outreach Program. Communication & transparency have always been of the utmost importance to the Matic team. Our Outreach Program is therefore still ongoing, and we will continue to reach out to our supporter base & the wider community through AMAs, interviews and direct communication.