Matic Network – Clarifying Launch Sequence – Transaction Fees Elaborated – Portis Non-Custodial Wallet Connecting Dapps to Matic – Unbond Period Reduced – Matic to Ethereum Token Bridge Reduces Time From 7 days to 30 minutes

Matic Network – Clarifying Launch Sequence – Transaction Fees Elaborated – Portis Non-Custodial Wallet Connecting Dapps to Matic – Unbond Period Reduced – Matic to Ethereum Token Bridge Reduces Time From 7 days to 30 minutes

By Perry1 | Blockchain Innovation | 7 Jul 2020


  1. Introduction

With the blockchain community, there is currently some puzzlement regarding the Matic Mainnet launch. It was expected by many that the Matic Network would have substantially increased transaction history at this juncture. This expectation is likely to begin its exponential growth in a short period of time as will be explained in the next section. The Matic Network 2.0 sidechain build on the Ethereum blockchain is in its own rights a blockchain, but one that is closely associated and directly connected to the Ethereum 1.0 blockchain. In the same way that an artery connects all the blood vessels to the heart, in a single system, causing it to pump – Matic hybrid-proof-of-stake and Plasma-enabled sidechains connect Dapps to the sidechain which enables near-instant transactions for Ethereum / Matic Dapps at exceptionally low fees, enabling the realization of the mass-adoption dream.

7ac8ff08e6ae52950ceee599ec03d05cb2f559522a6f1375b2a1bab55eda44ad.jpeg

2. Clarifying The 3 Mainnet Phases / Stages / Steps

The Matic Mainnet is a 3 stage approach and not a single event as with other blockchains. Matic is not just a blockchain, it is a blockchain/sidechain vitally connected to the Ethereum Blockchain and cannot exist without it. This in itself creates complexities for the development team which have been needed to be resolved through highly innovative and creative software design strategies. For this reason, the Mainnet launch has been divided into three phases. The time frames for steps 2 & 3 have been provided below by Sandeep Nailwal (Matic COO & Co-Founder).

The chart below is an estimate; it cannot be determined exactly. To move from the centralized network to a decentralized one entails ensuring 100% integrity of the network as well as the removal of any bugs or weaknesses - and the security must be flawless. Thorough testing takes time and cannot be timed exactly due to unknowns that may arise during the process.

The launch sequence is as follows:

ecfc3355e6cbf35b9b7287041503eda5a0c6bde064de1aa21e1d776409f3eb45.png

Note: According to Sandeep Nailwal, “only one or two applications have started minting on the sidechain even though the blockchain community trust the Matic guidelines.” However, this will change in the next few days as more Dapps will be deployed. The reason for this has been rigorous testing. Another reason is third party tooling which is in the process of being set up, For example, “ Portis just added Matic Network Mainnet to their documentation” (Sandeep Nailwal, July 6 2020). More information regarding Portis will be provided in section 4 below. It is important to understand that the onboarding process is speeding up each day and numerous Dapps will be minting on the Matic sidechain in the coming weeks.

c23c1bd7d78890fca304980fb32f242805dd8379353081c4586a5603a9f094e6.jpeg

3. Portis Non-Custodial Wallet Connecting Dapps to Matic

Portis is a platform that provides a frictionless user experience for Ethereum Dapps

Portis is a web-based wallet built keeping easy user-onboarding in mind. It comes with a javascript SDK that integrates into the DApp and creates a local wallet-less experience for the user. Further, it handles setting up the wallet, transactions and gas fees. Like Metamask, it is non-custodial - users control their keys, Portis just stores them securely. But, unlike Metamask, it is integrated into the application and not the browser. Users have their keys associated with their login id and passwords (Matic Developer – Portis, 2020).

  • The Portis Wallet will enable many other Dapps to interact with the Matic Network simply and easily.
  • Users of Dapps can connect with and email address and password from any browser, on any device and from mobile phones
  • Portis accepts debit and Credit cards worldwide for those who do not have crypto – minimal KYC and no uploading of documents.

The addition, for example, of the third party tooling Portis Wallet will speed up the onboarding of many Matic partnership applications.

4. Unbond Period Reduced

Of concern to many Matic stakers and those wanting to participate was the unbond period for the tokens staked. The period to unbond until yesterday was 18-21 (at 424 checkpoints) days but is now 8-10 days (at 888 checkpoints) according to the announcement made of the 6th of July (Matic Official Announcements, 2020).

5. Matic to Ethereum Token Bridge Reduces Time From 7 days to 30 minutes

  • Currently, the time to transfer funds from the Matic Network to Ethereum is 7-days. This is for security reasons. This is for trustless token transfers. However, any third party can put up a trusted token bridge, where transfers can be instantaneous (Delroy Bosco – Matic Product Manager)
  • Delroy Bosco further has confirmed that a new token bridge that will be released by Matic within approximately the next four weeks will take the time down to 30 minutes (the time of each Matic Network checkpoint).
  •  
  • 6.Transaction Fees

It is well known that Ethereum fees are getting higher and transactions are currently expensive and sometimes slow due to the amount of applications onboarding Ethereum. Matic network provides high scalability and low fees – approximately 100 times less than Ethereum. This is an important consideration for businesses building their applications of the blockchain.

Fees to transfer from the Ethereum Blockchain to the Matic network are substantially lower than Eth1.0 fees and also from the Matic Network back to the Ethereum Blockchain. Businesses who desire to operate on the Matic network will have very low fees and only from time to time will need to pay Ethereum fees when withdrawing funds. However, the numerous day to day transactions will incur Matic Network fees.

Contact a Matic Team Member to Integrate Your Project for Layer 2 Scaling & lower fees

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

Links

Matic Artwork for this article done by Matic Arab @MaticArab

Twitter:  https://twitter.com/MaticArab

Telegram: @Faissalewac

Mainnet is Going Live! Announcing the Launch Sequence

https://blog.matic.network/mainnet-is-going-live-announcing-the-launch-sequence/

Matic Developer – Portis

https://docs.matic.network/docs/develop/key-management/portis/

Matic Official Announcements

https://t.me/maticnetwork_announcements

Matic Team

https://matic.network/about

Metamask Wallet

https://metamask.io/

Portis

https://www.portis.io/

Portis Introduction YouTube

https://www.youtube.com/watch?reload=9&v=fJjz-Hv9m70


Perry1
Perry1

I am a teacher and blockchain enthusiast.


Blockchain Innovation
Blockchain Innovation

This blog is devoted to exploring and understanding blockchain innovation and development. In particular, Matic Network is of high interest due to its scalability and 100 times reduced fees of the Ethereum Blockchain.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.