RENOVATING THE CRYPTOCURRENCY ECOSYSTEM THROUGH THE MATIC NETWORK

The Cryptocurrency ecosystem is on a rapid growth, catching the interest of a great number of individuals but still unable to deliver in the same pace due to the lapses in its transactions processes. It can therefore be said that the ecosystem including the blockchains are not equipped enough to handle or provide efficient services to the growing masses on the platform.

The blockchains inability to meet the growing needs is a result of its slow transaction processes, most of the programs on the blockchain lack the capacity to be expanded or upgraded(scalability), the intricacies in managing multiple DApps,expensive transaction costs,poor customer service and so much more.

To find solutions to these problems, a lot of systems have come up with strategies that can only solve the problem on their own platform not regarding the other platforms like the Defi community and other networks of the ethereum. Matic on the other hand intends to resolve these issues on the blockchains.

MATIC EXPLAINED

Matic network is a system designed to solve the aforementioned problems by providing services that are adjustable to upgrade, safety of transactions, fast and reduced costs of transactions. The network will do this by establishing non-centralized networks which are suitable for Scalable Autonomous Smart Contract (plasma). This framework will deliver a fast, safe and reduced cost of transactions which will catapult the growth of both the ethereum blockchain and other mainchain.

MATIC PROPOSED SOLUTION

The Matic network has put the following in place to facilitate solving these aforementioned blockchain problems.

Subsidized transaction costs

Matic intends to reduce the cost of transactions to a very affordable price, by carrying out multiple transactions at a time, this will encourage more entrance of investors into the network and cause rapid growth in the system.

Efficient transactions output

The network will make provisions to serve and carry along the growing masses on the network. To make sure this is done,by employing a 'block producer layer', this will help the network carry out multiple transactions at a very fast pace. This way the network can carry out numerous transactions at a go on a single blockchain.

Responsiveness to expansion

To solve scalability problems, Matic network has made provisions for major expansion and upgrades, which includes expanding and incorporating other blockchain to ensure efficiency in the transaction process and at a great speed.

Quality user experience

HOW would a network run without its users, hence the satisfaction of users of the network is of utmost importance to the Matic network. In order to establish a communication link between the users and the blockchain, there will be provisions for advanced technological devices that will give users the best experience on the network.

EMBODIMENTS OF MATIC NETWORK

Actors

The Matic network is composed of various bodies,who are involved in the day to day activities of the network. These actors include DApps development team, users, stakers, blockchain producers.

The network is also characterized by Terms of agreement, Consensus, Checkpointing layer, Architectures, BLOCK producers, Multi-chain support, Interoperability, Generalized state scale on plasma, security, Users experience, Matic Stake, Matic wallet etc.

MATIC TOKENS

The Matic network developed a token which can not be easily decoded so as to ensure the safety of any transaction. This is the basic token of the network with which all transactions are made, this token is an ERC-20 based token of the ethereum blockchain.the use of this token is aimed at ensuring a safe, fast and low cost of transactions, to facilitate the efficiency and effectiveness of the Matic network.

This token is developed to be a medium of exchange, payments and rewards of individuals who participate in the activities of the blockchain in the Matic network. It is important to note that outside being used for payments and reward of users on the platform, the token does not represent any form of special incentives for the governing body. It's use is in confines to Matic specifications.

CONCLUSION

The proposed Matic solution will merge various side chains to function to facilitate the transaction process on the blockchain. These solutions will provide quick service as the network can operate or achieve a reasonable amount of transactions in splutter seconds.

These solutions are of high benefit to users of the platform, as transaction costs will be reduced, Scalability will be encouraged, users will have better experience and quality transactions will be carried out fast thereby improving the efficiency of the network,encouraging more investments.

Website matic.network

Writter Slimyvicky

Telegram Username @vickystar01