The purpose of this article is to inform those who do not have a comprehensible understanding of Matic why it is a phenomenon and also why it is an investment of a lifetime. Many people have heard of Bitcoin and Ethereum but much fewer have heard of Matic Network. For crypto enthusiasts, this may seem strange but for mainstream individuals developments in the blockchain industry are not common knowledge; at the same time, the available information is mostly too technical for the average individual who may be looking for a solid investment to ensure future financial success and prosperity. Matic is such an investment and for those who invest now, the future will yield fruitfully.
A known example of a solid investment is the rise of Bitcoin from 1 cent to $15 000. Another example is Ethereum that went from less than 1 cent to over $1400. Matic is another such opportunity that has the potential for exponential growth. These opportunities are rare and come once or twice in a lifetime. In truth, everyone needs a good investment for the future whether it be for retirement or to have the financial freedom to live your dreams.
The visionary team of Matic began with a vision of the end in mind. To state it another way they sought a major problem in the blockchain space that needed a solution in the same way that world-class researchers and scientists seek a solution to real-world problems. They focused their attention on the Ethereum network — the world largest and most widely used blockchain network in the world. They found several problems that existed which would make Ethereum unsustainable in the future and not fit for mass adoption. The main problems related to slow transactions, high transaction fees and scalability, which refers to the rate at which a blockchain can process transactions in a second. For example, Bitcoin can process 4.6 transactions per second (TPS) and Ethereum can process 15 TPS. Visa does 1,700 transactions per second. So for blockchains to become competitive in the world they need to be able to be faster than the existing financial entities like visa and Master Card. This has been an unsolvable problem for the Ethereum Blockchain (layer 1) over the last few years until now. Matic (layer 2 network) has solved this problem. The result is that every company that operates on the Ethereum Blockchain will be able to now use Matic once it launches its final phase (Mainet 3) in the next 1–4 months. Matic can process up to 10 000 TPS on a side chain of Ethereum and any Ethereum token or Ethereum itself can use Matic.
Source: Matic Network in 2019 — https://t.me/maticnetwork/175532
It is important to add that other blockchains including Bitcoin and those most competitive to Matic can utilise and integrate Matic into their existing blockchain to make it even better.
At this point, I would like to add that Matic would not exist if it were not for Ethereum Blockchain co-founder Vitalik Buterin who described the Eth blockchain in a paper written in March 2015 (only four years ago). The Ethereum Blockchain is brilliant in every way but with the growth and expansion of blockchain technology knowledge and understanding, comes the need for modification and adaption.
Decentralised finance (DeFi) which will likely replace the existing banking financial institutions in the future, or be used by them. They need a blockchain that is structurally effective in supporting them, according to Jaynti Kanani (May 25, 2018) in an article titled “What is Matic Network” (see link below). Defiprime has a list of 208 decentralised financial institutions listed on their website, 191 of them are on the Ethereum Blockchain (see link below).
Source: DefiPrime Twitter https://images.app.goo.gl/9TPoTqSLJwjuHB8e7
In the infographic above you can see a company called Omisego — it is currently ranked number 50 with regard to capital invested in it. It is a project valued at about $100 million dollars and is a prime example of a Defi that could benefit by integration with Matic to improve its overall functionality and costs, as well as appeal in the blockchain space.
I originally mentioned three main problems on the Ethereum blockchain, slow transactions, high transaction fees and scalability. We have discussed scalability. With regard to slow transactions, Jaynti Kanani of Matic, explains that “Blockchain transactions are slow and have variable, sometimes exasperating transaction times. Each transaction also has to wait for multiple block confirmations due to potential chain re-organisations.” For example, Bitcoin has a block time of about 10 minutes and Ethereum for about 15 seconds. Matic has a block time of 1 second. This in reality combined with the capacity to transact thousands of transactions per second makes it possible for Ethereum with Matic to become adopted by the mainstream. Slow transactions actually mean that some transactions will have to wait for several blocks to get processed and small transactions in times past have taken days. With Matic your transaction is instant. Slow transaction speed is one of the main reasons that blockchain technology has not gone mainstream.
Matic Network Infographic
The final problem solved by Matic is lower transactions fees. A small company recently reported that “Without Matic, a Flint airdrop would cost over $5k in gas. With Matic, we pay less than $50 (MintFlint, December 2019 — see link below).
Finally, Matic is due for its final Mainnet release in the coming weeks. Mainnet release will result in a massive increase in usage and adoption and it is expected that dozens if not hundreds of projects will integrate with Matic, so tighten your seat belts and get ready for the ride of your life. An opportunity of a lifetime awaits!
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LINKS
Defiprime decentralized finance projects
https://defiprime.com/ethereum
Defiprime image
https://images.app.goo.gl/9TPoTqSLJwjuHB8e7
Ethereum Network Whitepaper
https://github.com/ethereum/wiki/wiki/White-Paper from the original on 28 March 2015.
Matic Network Competitor Comparison Chart
https://t.me/maticnetwork/175532
What is Matic Network
https://medium.com/matic-network/what-is-matic-network-466a2c493ae1
Matic Home
Matic Official Telegram Channel
Matic Twitter
https://twitter.com/maticnetwork
Matic Github
https://github.com/maticnetwork
Matic + MintFlint: airdrop to Matic holders and migration
https://medium.com/mintflint/matic-mintflint-airdrop-to-matic-holders-and-migration-723638370d99
Originally published at https://medium.com
