Cryptocurrency has become a game changer in recent days where many newbies are joining the market and trading. But the present date system is not able to handle the traffic which leads to transaction delays and higher gas fees. Apps need to evolve to handle these issues and there is a huge potential for Apps which help in faster transaction with lesser gas fees. Traders want Applications to be faster and user friendly and Matic is the answer for it.
What is Matic and why we need it?
The present date decentralized apps draw huge potential and making progress but the available blockchain ecos is not able to match the current demand. This has led to slower block confirmation increasing the gas fees and lag in user friendly platforms. Matic understands this tangled system and works towards facilitating between users and decentralized universe.
Matic network was developed in 2017 with an idea to bring improvement in Ethereum Framework. Matic believes that Ethereum is the future of tech projects, hence its Goal is to help Ethereum reach its full potential.
How it works?
Matic Network adapts the version of Plasma chains with PoS based chains. which builds the platform for Plasma chains as an off-chains, which are tree-like structures of smaller chains that are able to handle more transactions per second. Matic using this chain system promises to solve the delay in millions of transactions.
Ethereum’s system is slower, unstructured scaling landscape & costlier but more secured and has a better network effect compared with its competitors, Matic network helps in faster system with low-cost transaction. Matic builds the structured scaling landscape which Ethereum’s network lacks, this solution will bring back the developers and projects back to Ethereum blockchain.
As promised Matic’s high output can scale up to 65k transactions per second using the tree-like chain structures. This gives a boost in making millions of transactions.
- Enhances user Experience
Faster, low-cost and secured network gives a seamless experience for the user.
Matic is decentralized and uses checkpoints strategy and fraud proof mechanism. Matic’s operators are stakers who are at checkpoint layer. Matic works on reward-based program where challenger can submit the details of fraudulent transaction, if it detected as fraud, parties involved will be slashed and the slashed funds will be given to challenger as reward.
- One stop DeFI platform
Matic is building an ecosystem which allows other decentralized applications to bloom on. Matic will support other Dapps to build/transact and transfer on to Matic network. Matic will reward the Apps for using the Matic network.
- Ease for developers
Matic helps the developers to scale their Dapps and developers can use their tokens as fees to run the network. By joining with Matic network with simple steps they can give smooth, faster user experience.
Uses of Matic:
Payments in Matic network can be confirmed within fraction on seconds due to its faster transaction for lesser transaction fee.it makes payments smoother giving the user a better and tensed free experience.
- Faster transaction
Matic helps the decentralized Apps in providing faster and cheaper trader service for their users. Decentralized applications can run faster than usual when they use the Matic network.
- Gaming networks
Games are run by companies where users purchase in-game currencies but do not possess them, here Matic gives the total control of the coins to its buyer and offers total ownership and trades. Matic can help in enhancement of gaming platforms by offering faster transaction in trading gaming currencies.
- Atomic swaps
In Matic network user can pay using any crypto currency and the receiver can receive it in any asset they prefer. This reduces users’ dependents on any other Apps to either convert or swap the assets.
- Secured Identity
Decentralized apps need a private key to sign-in where user has to submit keys to apps, Matic uses the open-identity system which gives users control over their private key.
- Lend & Borrow
Matic gives freedom to merchants to asses the credit value of connected users with secured network protecting user’s privacy. Merchants can lend tokens users for transaction as per the need.
Future with Matic
Matic Network gives a platform for users who can benefit from faster transaction with lower gas fee. there are other platforms available to compete with Matic network but the security level, low fee offered by Matic. Makes it stand out from the rest.
In recent trends where crypto saw a major dip in its value Matic remained strong and showed faster improvement compared to other coins. This showed the potential Matic network has and its still holding its ground when other coins are struggling to cope.
More and more people joining the crypto world look for faster and low-cost trading networks for which Matic Network is the perfect solution.