In our previous article ‘A Brief History of Plasma’, we discussed the history of the Plasma framework and its potential to scale blockchains to billions of state updates per second. Ethereum is currently incapable of this, and mainstream adoption requires a capacity of thousands of state updates per second (over the near term).
Despite being a high-performance Layer 2 scaling solution (which means that it doesn’t entail on-chain scaling or converting Ethereum’s main network to a PoS), there was still room to enhance Plasma’s viability. Enter Matic’s MoreVP implementation as an enhancement of increasing scalability. Matic Plasma is an account-based More Viable Plasma (MoreVP) implementation that is compatible with the Ethereum Virtual Machine (EVM) and eliminates the need for confirmation signatures. Matic’s approach utilizes both a Proof-of-Stake checkpointing layer and a block production layer to accelerate block production. Finality on the main chain is achieved via checkpoints and fraud proofs.
The fraud proof system on Matic enables users to submit the details of transactions they have deemed fraudulent. The Plasma-based network also offers 1-2 second payment settlement times and provides APIs and SDKs such as Dagger and Matic.js, which make it easy to deposit tokens, transfer them, monitor accounts, and much more with succinct code.
Current Integrations with Matic Network
Matic Network’s Plasma framework primarily aims to accelerate the development of both the decentralized finance and blockchain gaming spaces. Some projects that have already integrated onto Matic Network’s Layer-2 protocol include: SpringRole, BetProtocol, CryptoControl, MakerDAO, and Decentraland (a virtual world-building game). Decentraland blogged about their use of Matic to scale up their transaction throughput and why they chose Matic.
“Unlike other chains with “mirrored” tokens (like PoA), if the Matic sidechain’s Proof of Stake mechanism is attacked, the deposits and withdrawals of the mirrored tokens on the sidechain go through a plasma contract. This achieves the security of plasma with the data withholding incentives of Proof of Stake.”Decentraland
Speaking of games, it was an early blockchain game called CryptoKitties that drew the most attention to the dApp scalability challenges. The virtual game, which involved purchasing, breeding, and selling virtual kittens had attracted users until it slowed down the Ethereum network. Unfortunately, the necessary infrastructure to facilitate a large volume of transactions inhibited the project from really taking off with a potentially larger number of end-users. The large transaction volume for Non-Fungible Tokens (NFTs) facilitated by Matic will be paramount to enabling the high transaction volume seen in video games (in-game purchases).
Check back in the next instalment as we cover some more technical value propositions of Matic Network’s Plasma contracts!