At Matic Network, we have been busy the last few months on building the core platform. Matic provides scalable, secure and instant transactions using Plasma-based sidechains. In short, it allows anyone to create scalable dApps with Ethereum’s security.
Here is a link to our Medium blog on what is Matic Network and the technical architecture: https://medium.com/matic-network/what-is-matic-network-466a2c493ae1
You can also read our whitepaper at https://whitepaper.matic.network
Key things Matic wants to do:
- Solve scalability by providing Layer 2 solutions
- Application platform for DApp developers on Matic (Like Stripe for DApps/payments)
- Provide assets interoperability for DEXs through 0x protocol and other DApps
- Better UX/UI for mass adoption while having better security and scalability
While we have already announced some of the following updates on social media platforms such as Twitter, this blog is intended to be a collation of the updates till now.
Esteban joined us as an Advisor at the end of May 2018. He will be working with us to help on how to approach the general state transition scaling problem, as well as figure out the right strategies and projects to onboard the first dApps on our platform.
Currently, he is involved in creating the virtual reality platform at Decentraland, as well as engender a whole new ecosystem of virtual possibilities on the platform, including games, marketplaces, etc. Previously, Esteban had been working with BitPay, where he worked on the Bitcore Bitcoin JS library.
Pete Kim joined us an Advisor at the end of August 2018. He has been very helpful in shaping our developer interface strategy, end-user experience and tools for Matic, especially for the WalletConnect protocol and the Matic wallet.
The Toshi browser (now Coinbase Wallet), for which Pete heads the development, is also a leading indicator of how we should forge the end-user experience for the DApps on our platform. We have been specially taking his inputs on this front. Now he is heading the engineering for Coinbase Wallet, so we expect to learn a lot from their user experience and adoption strategies and possibly derive the synergies with it in future.
Ari Meilich : Co-Founder and CEO at Decentraland
Ari has been instrumental in shaping our go-to-market strategy in terms of which DApp segments to go after first, what choices to prioritize, etc.
He has also been very helpful in formulating our investor strategy, as well as introducing us to important partners who will play an important role in the growth of Matic.
Decentraland : We are proud to announce that Matic Network’s scaling technology has been chosen to power Decentraland’s own marketplace for virtual assets. The marketplace currently works on the Ethereum mainnet, thereby making transactions costly with high wait times.
Matic is going to be working with Decentraland in order to solve this problem. Once the Decentraland marketplace is integrated with Matic, users will be able to quickly and cheaply interact with the awesome virtual reality platform. The current focus is to enable ERC721 asset purchases with ERC20 tokens, and later also allow for asset swaps in the ecosystem.
Zebi : Matic and Zebi announced a research partnership in the first week of August. You can see the announcement here:
We will be working with Zebi on a raft of new initiatives, details of which will be released as we go further. We look forward to working with Babu and his team, as they engage with enterprises and government for blockchain solutions.
We also met up with them at ETHIndia, Asia’s biggest hackathon for Ethereum.
See the Zebi weekly Medium article for a mention of Matic — https://medium.com/@Zebidata/zebi-weekly-10-08-2018-e6e42cc72a38
Analyse Ether : We have also finalised a partnership with an exciting new project — Analyse Ether. Analyse Ether is a browser-based platform to perform real-time data-analysis of Ethereum.
The platform abstracts several operations, giving the users simple interface to perform cheap real-time queries, gives strong incentives to share analysis, reproduce other analyses and provides a common space to engage with other blockchain data analysts. Performing real-time data-analysis on this blockchain will provide useful insights on decentralized exchanges, tokens, ENS, prediction markets and any smart contract.
We envision a lot of dApp developers on our platform using Analyse Ether to conduct and integrate data analysis capabilities into their dApps, in order to create wonderful experiences for their end users.
Since Matic has 1-second block times, they will be working with us to create relational data stores for Ethereum data for our internal use, which will also aid the development of various utilities such as a specialised Matic Plasma chain block explorer, among various other things.
dApps (Decentralized Applications)
Bitwords : Bitwords is working on an crypto-focused advertisement exchange for publishers and advertisers. Advertisers will pay fees to publishers via BitWords, and all transactions will occur on Matic Network.
Plentix : Plentix is a decentralized platform aiming to transform the referral economy. The Plentix team will be using Matic Network to ensure prompt referral payouts on their platform.
Pocketful of Quarters : Pocketful of Quarters is the universal cryptocurrency for games. The Quarters team will be using Matic Network to ensure instant and low-fee transactions to games that use the Quarters token.
Bankit : Bankit is a leading fiat payments company. They are looking to store fiat transactions happening on their banking network on the blockchain, to ensure immutability of the transactions. Matic Network was chosen as their platform because of our awesome scalability capabilities.
Audacious Games : Audacious Games Studio is developing a turn-based game — PayPerTank — for the Ethereum blockchain. They have decided to build their game now on the Matic platform, so that users can now buy and own assets on the blockchain much more quickly, and instantly.
Dappos : Recently, Dappos integrated the Matic testnet on their Point-of-Sale program. You can see a video demonstrating how fast the transaction takes place in this video:
We are very excited to see how we can enable instant transactions in the real world through Dappos!
Wiser : Wiser is a platform where traders can share their own cryptocurrency Buy/Sell Signals/Opinion and based on their signals/opinions, the platform can be used to build a trader reputation system. Based on this reputation engine, investors can identify the right expert trader to follow and buy premium advice from. Wiser is implementing the Token Curated Registry concept to build a curated list of expert traders.
Decentraland, Parsec Labs and Truebit for Generalized State scaling
This is the next frontier for Matic, once we are done with implementing micropayments, asset transfers and swaps in the first phase of development of the Matic Network. One of the main design approaches that we have taken involves a Plasma sidechain implementation that can run EVM-compatible smart contracts — i.e. the Matic Virtual Machine. A typical Plasma implementation will require generic fraud proofs on the main chain to ensure the sanctity of transactions on the Plasma chain.
For generic fraud proofs, we are currently experimenting with various approaches, most notably a construction, where if we can efficiently identify the problematic EVM state transition for verification, through an EVM-in-an-EVM smart contract implementation, then we can subject it to challenges, and thereby secure it. This is a work in progress and will require significant further work.
Please see this article for more details on this — https://blog.decentraland.org/blockchain-security-will-it-scale-5d82c5df4640
0x project : One of our main focus area in the initial version of the Matic Network will be to enable asset swaps, thus enabling exchange of crypto-assets on the blockchain. Decentralized exchanges are an important use case for us. We have already written about it in a previous blog — https://medium.com/matic-network/dex-on-matic-network-with-0x-7c1890590dab
Dharma : We aim to enable faster plasma exits using existing protocols on Ethereum such as Dharma and 0x Protocol. Please find the details in our blog post : — https://medium.com/matic-network/enabling-faster-plasma-exits-3ca5a936f215
MakerDao : Matic Network sidechains provide scalable and low cost transactions for Ethereum Mainnet assets. A Network like this provides an extremely user friendly platform to send and receive DAI for various end user purposes. Matic Network intends to integrate DAI on Matic sidechains. Dai will be the first ERC20 token to be integrated with Matic sidechains on mainnet.
And lastly, SpankChain notably mentioned us in one of their recent tweets alongside other great projects: https://twitter.com/SpankChain/status/1040276419534880768