Matic Network in contrast to numerous other Initial Coin Offerings (ICO’s), which failed to live up to their guarantees, will shortly deliver its promises made in the published white-paper in 2019. Matic Network will in reality provide scaling for mass adoption to the Ethereum and other Blockchains. Previous blockchain scepticism will be replaced with renewed optimism as the original hope of investors for mass adoption, which was led by crypto-technology, is restored. The result of adoption will likely drive Matic value.
Matic After Mainnet – What to Expect
Matic Mainnet will likely result in increased adoption by Dapps, other blockchains and key institutional industries. Ethereum currently has over 2700 Dapps built on it (State of the Dapps, 2020). In a blockchain survey conducted by Deloitte in 2019, 1386 executives completed surveys. The most wealthiest of companies were targeted for the survey from all over the world. The report showed that in 2019, 53% of the companies were willing to invest $5 million into blockchain development because “blockchain technology had become a critical priority for their organisations” . 86% of the polled institutions believed that blockchain will achieve mass adoption (Deloitte, 2019).
The Matic a layer 2 scaling option has now made this possible and 2020 is likely to see increased interest and possibly the beginning of numerous institutional partnerships. Furthermore in the above mentioned report, Linda Pawczuk, Deloitte consulting leader for blockchain and cryptocurrency stated, “we believe executives should no longer ask a single question about blockchain but, rather, a broad set of questions reflecting the role that blockchain can play in their organisations”. The Ethereum Blockchain is currently number 2 with regard to market cap and is gaining increasing attention as the shift of institutions moves away from only Bitcoin (as an investment) to blockchains with more practical usage. 2020 is probably going to be a great year for Ethereum due to its dominance as a blockchain and because of Matic’s ability to now mass scale Ethereum and Ethereum based tokens.
Why Matic Mainnet is Unique and Surprising
What usually happens after a coin launches mainnet is that the price drops, and generally this is what is expected. However, with numerous other blockchains that have launched in the past the mainnet has not coincided with increased adoption because if the truth be told they have not been ready for mass adoption, neither have they had sufficient partnerships ready to use the new platform. On the contrary, Matic Network has over 40 projects, purposefully built on Matic, ready to launch with the mainnet that is due in Q1 2020. Furthermore, Ethereum itself and numerous other tokens will more than likely begin to use it for scaling and fee reduction. It may be surprising to some that Ethereum currently does over 500 000 transactions a day, over $200 million, on the Ethereum blockchain (BitInfoCharts, 2020). This amount will increase substantially if the anticipated 2020 bull run is realised.
Source: BitinfoCharts, 2020
In addition, due to Matic’s interoperability, other blockchains are able to integrate with Matic. It is anticipated that numerous other projects are likely to begin using Matic shortly after mainnet. For example, Cosmos, which uses Inter-blockchain Technology (IBT) protocol, built by Tendermint, will be able to interact with Matic sidechains once the IBT protocol goes live. Matic itself is built on Tendermint, thus enabling easy connectivity to future Cosmos blockchains as a layer 2 scaling resource. For further insight into this scaling option refer to the article by Perry1 (follow the link). In addition, as can be seen from the graph below that any token sent through Matic will remain the same and not be converted in any way, for instance, Ethereum Classic (ETC) or Bitcoin Gold (BTG) will remain ETC & BTG.
With thanks to Sandeep Nailwal for providing the information in the chart above (January 28, 2020)
Contact a Core Team Member
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 [email protected]
FOR OTHER MATIC ARTICLES WRITTEN BY THE SAME AUTHOR GO TO BLOCKCHAIN INNOVATION
Sources
BitInfocharts. (2020, January). Ethereum / Ether (ETH) statistics - price, blocks count, difficulty, hashrate, value. Retrieved from https://bitinfocharts.com/ethereum/
Cover Image https://www.canstockphoto.com/technology-6777307.html
Source © Can Stock Photo / crstrbrt
Deloitte. (2019). Deloittes 2019 Blockchain survey - Blockchain gets down to business. Retrieved from https://www2.deloitte.com/content/dam/Deloitte/se/Documents/risk/DI_2019-global-blockchain-survey.pdf
Matic Network. (2018). Matic Whitepaper. Retrieved from https://whitepaper.matic.network/#scalability
Perry1. (2020, January). Matic Network | Blockchain Collaboration, Integration and Technology Sharing Encouraged | POS Sidechains | Adapted Plasma Framework | Cosmos | Chainlink | Harmony One | Elrond |Ethereum Blockchain. Retrieved from https://www.publish0x.com/blockchain-innovation/matic-network-blockchain-collaboration-integration-and-techn-xowxxw
State of the Dapps. (2020). State of the DApps — Blockchain apps for Ethereum, Steem, EOS, and more. Retrieved from https://www.stateofthedapps.com/platforms/ethereum
