Blockchain Smart contract platforms and cryptocurrencies have captured mass attention but still haven’t been able to achieve mass adoption due to scalability and user experience issues. Even on Ethereum, which is the most widely used smart contracts platform, there have been no significant Dapps which have seen mass adoption. There have been a few cases where one or the other application temporarily succeeded in achieving a significant user base, but it led to crippling of the entire network during the high load times. Essentially meaning that even the most advanced and widely used platforms are not ready for mass adoption.
On the other hand, there are a few smart contract platforms which boast of higher transaction throughput, but they trade off transaction speed with decentralization. Also, many of the upcoming solutions propose their own blockchains neglecting the network effects DApps and other projects have already generated on platforms like Ethereum and others. Even more importantly they neglect the massive developer community and developer ecosystem that exists for platforms like Ethereum.
Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.
Matic strives to solve the scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem. Matic Network is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities.
Key Features & Highlights
- Scalability: Fast, low-cost and secure transactions on Matic sidechains with finality achieved on mainchain and Ethereum as the first compatible Layer 1 basechain
- High Throughput: Achieved up to 10,000 TPS on a single sidechain on internal testnet; Multiple chains to be added for horizontal scaling
- User Experience: Smooth UX and developer abstraction from mainchain to Matic chain; native mobile apps and SDK with WalletConnect support
- Security: Matic chain operators are themselves stakers in the PoS system
- Public Sidechains: Matic sidechains are public in nature (vs. individual DApp chains), permissionless and capable of supporting multiple protocols
The Matic system was consciously architected to support arbitrary state transitions on MATIC sidechains, which are EVM-enabled.