The Matic Network (MATIC) project is building a scalable blockchain network that offers instantaneous transactions through a variation of the Plasma scaling solution.
Founded in 2017 by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, the platform was originally conceived as a result of Kanani’s efforts on a side project that required a large scale of microtransactions. Along with Nailwal and Arjun, the founding team began tinkering with the Plasma architecture after quickly realizing implementations of Plasma had both usability and scalability issues, which spurred the team to develop their own scalable blockchain architecture.
The scalability issues that Ethereum has faced with large scale use of decentralized apps like CryptoKitties has spurred many projects to develop solutions that could accommodate a large number of simultaneous transactions in preparation for a future time when dapps are the norm. Matic Network is specifically targeting the problems of block time confirmations, high transaction fees and user experience.
The team is overcome these obstacles by modifying the much talked about Plasma architecture, a scalability solution that was first theorized by Joseph Poon and Vitalik Buterin in 2017. Matic Network’s own architecture is a variation of this. Plasma is an off-chain solution that is being reviewed and developed on by multiple projects. The architecture uses a Proof-of-Stake checkpoint system to periodically push transactions to the main chain. The team says that this should allow a single Matic sidechain to achieve 216 transactions per block.
Matic Network has a working Ethereum implementation on the Kovan testnet, and has launched an alpha version on the mainnet. Users can also deposit and withdraw ERC-20 assets using the Plasma implementation. Current development efforts focus on a beta version of the mainnet, Plasma-based asset swaps and generic smart contract support, all of which is expected in Q3 2019. A full mainnet release is expected in Q4 2019 or Q1 2020.