The Sleeping Giant of 2021 ! Matic Network Blockchain by Prof. Naveen Kandwal

matic network blockchainblogging post

Matic network gives scalable, secure and instant transactions utilizing sidechains dependent on an adjusted implementation of the Plasma framework for resource security and a decentralized organization of Proof-of-Stake (PoS) validators. So, it permits anyone to make versatile DApps while guaranteeing a predominant client experience in a safe and decentralized way. It has a functioning implementation for Ethereum on Ropsten Testnet. Polygon (Matic) plans to help other blockchains later on which will empower it to give interoperability highlights alongside offering adaptability to existing public blockchains.

Need of Matic Network

DApps are gaining massive exposure yet the current blockchain ecosystem isn’t set up to scale according to the interest. Slow confirmation of blocks, block size limits and calculations — in smart contract based blockchains — should be tackled before we target mass adoption by standard clients. Also, above all, it needs wonderful client experience.

Few issues related with the current blockchain stages based on the demand are as per the following:

  • Slow transactions
  • High transaction fees
  • Low transaction throughput
  • Scalability
  • Multiple micropayment channels
  • Poor usability

Working with Matic Network

Matic network provides Matic wallet( Metamask, Mobile and Coinbase wallet), payment APIs and SDKs, products, and other solutions that allow developers to design, implement and migrate DApps built on base platforms like Ethereum. Matic also allow cross-chain transfers like BTC (using pegging) – that way, anyone can trade any currencies on Matic based Decentralized Exchanges.

Working Flow with Matic Network

  • User deposits crypto assets in Matic contract on the mainchain (implemented with Ethereum blockchain)
  • Deposited tokens get confirmed on the mainnet , the corresponding tokens will get reflected on the Matic mainnet chain.
  • Deposited tokens can now be transferred to anyone they want instantly with very negligible fees. Matic chain has faster blocks (Less than 1 second). Making the transfer instantly.
  • Later user can withdraw remaining tokens from the mainchain by establishing proof of remaining tokens on Root contract (contract deployed on Ethereum chain)

Key Achievements by Matic Network

  • Layer 2 solutions solving solving scalability
  • Application platform on Matic for DApp developement
  • Assets interoperability via DEXs
  • Better UX/UI for mass adoption by users along with better security and scalability

Actors in Matic Network 

To provide a better ecosystem to the blockchain, the Matic ecosystem have the following actors:

  1. End Users
  2. DApp developers
  3. Stakers
  4. Block Producers

Architecture: Matic Network Whitepaper

At the Matic block layer, we have block producers selected by PoS Stakers on the base layer who will be creating the Blocks. To achieve faster block generation times these block producers will be few in number. This layer will achieve < 2-second block generation times at extremely low to negligible transaction fees.

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This diagram represents how Matic works on top of Ethereum

To enhance the security of the transactions, Matic also provides Fraud Proofs on the mainchain. This mechanism enables any individual on the mainchain to submit the details of the transactions which he/she thinks is fraudulent. If the challenge is successful, the stakes of the parties involved in the fraud are slashed and the challenger receives the slashed funds as an incentive to detect the fraud. This can be considered an ever running high reward bounty program for any parties who want to investigate the veracity of the transactions on the Matic Network.

Conclusion

In a broader sense, layer 2 protocols create a secondary framework, where blockchain transactions and processes can take place independently of the layer 1 (main chain). For this reason, these solutions are also referred to as “off-chain” scaling solutions.

One of the main advantages of using off-chain solutions is that the main chain doesn’t need to go through any structural change because the second layer is added as an extra layer. As such, layer 2 solutions have the potential to achieve high throughput without sacrificing network security.

In other words, a great portion of the work that would be performed by the main chain can be moved to the second layer. So while the main chain (layer 1) provides security, the second layer offers high throughput, being able to perform hundreds, or even thousands, of transactions per second.

References

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