Matic Network | Blockchain Collaboration, Integration and Technology Sharing Encouraged | POS Sidechains | Adapted Plasma Framework | Cosmos | Chainlink | Harmony One | Elrond |Ethereum Blockchain
Cover by Kyle Zo Twitter @Kylezo_
Matic Network | Blockchain Collaboration, Integration and Technology Sharing Encouraged | POS Sidechains | Adapted Plasma Framework | Cosmos | Chainlink | Harmony One | Elrond |Ethereum Blockchain

By Perry1 | Blockchain Innovation | 13 Jan 2020


“Ethereum Scaling Research Organization Plasma Group (ESRPG) shuts down” – In this recent article it was announced that the above mentioned group responsible for developing Optimistic Rollup and ZK Rollup, layer 2 solutions for scaling the Ethereum Blockchain, has shut down due to funding difficulties (Messari, 2020). This may come as a shock to many but it may be due to the fact that the above scaling solutions were not the best or most viable at this time. The goal of THE ESRPG was to eventually be able to achieve 20 000 transactions per second (TPS) but this dream would still have taken a fair amount of time to achieve. Matic Network, on the other hand, have already achieved 10 000 in a test environment and 65 000 TPS on a single layer 2 sidechain which is possible once mainnet is launched in Q1 of 2020. “Matic plans to achieve 65,000 TPS (transactions per second) on a single Matic chain. Combining these chains under a sidechain tree architecture could achieve several millions of TPS” (Prime ICO, 2018Matic Network, 2019). Thus Matic is clearly the only apparent solution for mass adoption level scaling on the Ethereum Blockchain at this time.

Why Matic the Current Optimal Solution for the Ethereum Blockchain

In a recent interview on RT, 28 Dec 2019,  Aly Madhavi an industry blockchain expert explained that to satisfy the requirement of major institutions wanting to build on the blockchain for mass adoption purposes – they would not be comfortable to invest huge amounts of capital into something less than 250 000 TPS capability (RT, 2019 Video). When making the precedent he cited an example of Ali Pay in China which a couple of years ago had a major sale and managed 256 000 TPS during the event. To date only Matic is able to claim that its network is capable of such high throughput.

In an article written by Alex Wearn he states that IDEX, the most successful Dapp in existence, has the need to reduce network resources in an effort to increase scalability (Wearn, 2019). Here is a clear example of a Dapp on the Ethereum blockchain that will likely achieve its scaling goals while at the same time reduce costs with the use of Matic. Wearn states that in 2018 IDEX users paid $4.3 million in Ethereum gas fees. These fees can be greatly reduced with Matic side-chains as well.

In addition numerous other existing Dapps as well as new projects will need to use layer 2 scaling solutions in order to be viable web 3.0 applications in the near future, and Matic Network is the way to go; however, not just for Dapps built on the Ethereum Blockchain (Perry, 2020).

Image by @smartmen6 Twitter Smartmen6

Artwork by Twitter: Smartmen6 |@smartmen6

Why Other Blockchain Integration and Technology Sharing is Encouraged

Another exceptional quality of the Matic Network is its ability to integrate with other blockchains, enabling them to use Matic, for instance, for scaling and fee reduction. One such example is Elrond. In a recent article the collaboration between Elrond and Matic was explored (Matic, 2019). Both projects intend to accelerate adoption of blockchain technology and Matic is very interested in Elrond’s “random block selection approach”. The article further clarifies that Matic intends to support Elrond’s scalability capacity by exploring  integration. Elrond recently announced its partnership with Samsung to launch its game application, “Battle of Elrond” due for release in the 1st quarter of 2020 (Ferrer, 2020).

The Matic team has always emphasized that as with Elrond, other blockchains have much to offer as does Matic Network, and thus the need for collaboration and integration. In addition, “Matic intends to support other blockchains in the future which will enable it to provide interoperability features alongside offering scalability to existing public blockchains” (Matic Network FAQ, 2020).

Harmony One is another blockchain that has integrated with Matic (Sorenson, 2019). In the article by Sorenson, the author states that “Matic boasts a strong interoperability proposition that will make it simple for users to communicate and transfer value across multiple blockchains in the future.” Harmony is Ethereum Virtual Machine (EVM) compatible and so has taken advantage of existing layer 2 solutions such as Matic. Although Harmony One uses sharding it is able to achieve even faster speeds and throughput with Matic integration (Sorenson, 2019).

Currently, there about 40 new projects on the Ethereum Network that have integrated with Matic and are waiting for mainnet due in Q1 2020. Other networks are also investigating the Matic Network as an option for independent blockchains scaling needs.

A further example of integration is Chainlink and Matic (Jangid, 2019). In this article Nirbhik Jangid clarifies the need for integration with Chainlink. Chainlink provides oracles with critical pieces of information needed for irreversible smart contracts. According to the author Chainlink oracles will provide decentralized real world data for smart contracts running on Matic.

In an analysis written by a Dave Kajpust (2018), he elaborates the Cosmos and Matic scaling solutions. He clarifies the exemplary benefits of both options. Nevertheless, in the last section “The road ahead for scalability” he explains that Cosmos’ main contribution to scaling is Layer 1 horizontal scaling which is crucial and Matic’s main contribution is to “improve layer 2 by  scaling high throughput applications.” He further states that layer 1 and layer 2 scaling solutions will probably be used together to scale blockchains for commercial-scale applications. Thus the need for blockchain integration and technology sharing is emphasized here. Cosmos is able to achieve several thousand transactions per second but will need to increase scalability for mass adoption.

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Image by Crypto Briefing -ChainLink oracles see future on Matic Network

Integration of Other Blockchains Native Tokens with the Matic Network

For independent blockchains Matic integration, the blockchain base token, will be created at the time of deposit, as a one to one peg by locking it on the base-chain and issuing a representative token on the Matic sidechain. At the time of withdrawal, the representative token is burned and the locked base tokens are released (Sandeep Nailwal - Co-founder & COO, 2020) . Matic uses POS Sidechains and an adapted Plasma framework.

Conclusion

In summary, Matic offers an ideal solution for scaling the Ethereum Blockchain and other blockchains. Blockchain collaboration, integration and technology sharing is encouraged. As the blockchain transforms from layer 1 to layer 2 scaling is a crucial factor to consider for future success.

For those interested in building / integrating with the Ethereum / Matic network you can contact a member of the team at https://matic.network/about/ where individual team members contact information can be found, or at info@matic.network

 

References

Cover Art by Kyle Zo - Twitter @Kylezo_

https://twitter.com/kylezo_/status/1214123962537349120?s=08

Crypto Briefing. (2019, June). ChainLink oracles see future on Matic Network. Retrieved from https://cryptobriefing.com/chainlink-matic-smart-contracts/ 

Ferrer, J. (2020, January). The most awaited blockchain gaming 'Battle of Elrond' thrilled Elrond community! ???. Retrieved from https://medium.com/@ferrerjeremiah6/the-most-awaited-blockchain-gaming-battle-of-elrond-thrilled-elrond-community-ac29261c6c13

Jangid, N. (2019, June). Matic integrates with Chainlink!. Retrieved from https://medium.com/matic-network/matic-partners-with-chainlink-15f9d5cb87df

Matic Network FAQ. (2020). Matic FAQ. Retrieved from https://docs.matic.network/faq/

Matic. (2019, August). Matic Network & Elrond engage in joint research collaboration. Retrieved from https://blog.matic.network/matic-network-and-elrond-engage-in-joint-blockchain-infrastructure-research/

“Harmony and Matic team up — to set new industry standards in blockchain scalability and Dapp…” by Marianne Sørensen https://link.medium.com/GvIyeEbBS2

Jangid, N. (2019, June). Matic integrates with Chainlink!. Retrieved from https://medium.com/matic-network/matic-partners-with-chainlink-15f9d5cb87df

Kajpust, D. (2018, September). Blockchain scaling solutions: Cosmos and Plasma. Retrieved from https://medium.com/tendermint/blockchain-scaling-solutions-cosmos-and-plasma-b5ee09456f80

Messari. (2020, January). Ethereum scaling research organization plasma group shuts down. Retrieved from https://messari.io/article/ethereum-scaling-research-organization-plasma-group-shuts-down

Perry. (2020, January). Matic Network |Ethereum blockchain layer 2 scaling solutions for Web 3 Dapps |Why 250 000 TPS?. Retrieved from https://www.publish0x.com/blockchain-innovation/matic-network-ethereum-blockchain-layer-2-scaling-solutions-xnwxdr

Prime ICO. (2018, September 11). Matic ICO review – Scalable and instant blockchain transactions. Retrieved from https://primei.co/matic-ico-review

RT VIDEO Tesla takes on China & France’s Foray into fin tech. Retrieved from https://youtu.be/5Zg-SrCpi6I?t=1087

Sørensen, M. (2019, July). Harmony and Matic team up??'to set new industry standards in blockchain scalability and Dapp?. Retrieved from https://medium.com/harmony-one/harmony-and-matic-team-up-to-set-new-industry-standards-in-blockchain-scalability-and-dapp-b2e60a4aff68

Wearn, A. (2019, May). Measuring DApp Usage. Retrieved from https://medium.com/idex/measuring-dapp-usage-73a39eba9c2f


Perry1
Perry1

I am a teacher and blockchain enthusiast.


Blockchain Innovation
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