MATIC NETWORK -CRYPTOVERSE AMA RECAP
DATE — 11TH October 2019
Guest — Chandresh Aharwar , VP-Marketing and Strategy
Nirbhik Jangid-Growth Hacker & Community Manager
Q — Please briefly introduce yourselves and #Matic project to our community??
A — I am Chandresh Aharwar, heading marketing efforts at Matic Network.
I have been working as a blockchain and crypto analyst from 2017 part time and was working in Telecom sector after completing my MBA from NITIE, Mumbai.
Before that I was working as a software engineering Matic is a layer 2 scaling solution currently working on ethereum chain.
We are the only project backed by Coinbase + Binance in the space currently.
We did our IEO in Apr’19 on Binance.
Matic network solves the problem of scalability currently faced in the blockchain space by using plasma framework.
Our beta mainnet was went recently live and we already have more than 25 dapps building on Matic Network out of which 6 are already live on our Beta mainnet
Q — Plasma/DAG/Sharding are all gr8 scaling solution, However,those are all pointless if no mass adoption happen in blockchain,what do you think ur project as well as other blockchain project should do to bring more people participating in blockchain industry?
A — Great Question.
I totally agree that without mass adoption their is literally no use of blockchain solutions.
I would like to quote the example of cryptokitties in 2017, when ethereum could not handle all the transactions and network was congusted and for transaction users had to pay around 1$ cost for trasactions.
So, currently I would say blockchain space is not ready for mass adoption.
and this is what we are doing, creating space ready for mass adoption.
What efforts we are taking for mass adoption
- We had arranged more than 40 Hackathons to educate developers
- we have developer support program to encourage developers
- We are going to great number of Events to educate people more about us
mass adoption is the end goal and it will come over the period of time
Q — At my first look on Matic, its goal is to solve the scalability problem on ETH network. But, if ETH 2.0 goes live, scalability problem is not there anymore, is there any impact of its to MATIC network?
A — We are complementing ethereum not competing with them. Ethereum is just awesome.
we see a future where we will have tried and tested layer 1 solution to provide decentralized snd secured blockchain and all business activies happening on layer 2.
And not to forget we will scale as etherum scales, so it’s good for us in both ways
Q -How you bring attraction for developers to use matic platform as there are so many competitors available why should they use your solution? Highlight some fantastic feature of your solution which no other project solves.
A -This reminds of recent podcast of pantera capital, where their COO mentioned that — “ In future the most adopted blockchains will be which will require least effort to move onto for developers”
this is what we are doing. you can move your apps on Matic within an hour currently.
Also — “ If you are an etherum developer, you are already a matic developer”
Developer engaggement is one of our major focus and that’s the reason we have so cool Developer Tooling and Documentation
Q — Why should projects build Dapps on Matic rather than build on other platforms? What is the number of Dapps currently built on Matic, and how many Dapps are the next target?
A- Nice. Few pointer about Matic
B- — 1 sec block times
C- — Cheaper cost
D- — Higher security gurantee
E- — Super fast transactions
F- — Developer Tooling
G- — Developer Documentation
H- — awesome handholding to developers from our tech team
I- and many more reasons.
K- That’s why we have projects at exponential rate choosing Matic over other blockchain projects in the space currently.
M- We have already announced more than 25 dapps and number of dapps are working with us at backend to figure out further integration.
O- Our community will have great news coming in near future on Dapp front. I am very excited for this
Q — Recently a white hat hackers reported a big bug in which maker dao fiat dai may effects badly to defi Can you explain how secure matic is specially for defi dapps? Which types of advanced security matic’s smart contract provides to defi devlopers?
A — Recently, if you remember when ethereum dropped more than 10% suddently, there were many CDP’s on DEFI products which should have been liquidated but didn’t because of the slowness of ethereum network.
Considering, we have a 600 Million DEFI industry at the moment, it was a issue of around 5–6 Million dollars.
This is where matic comes into picture with the scalability. This issue would not have occurred if DEFI solutions were running on matic
With Matic, we get the decentralization & scalability while maintaining the security on ethreum chain
Note — I am very bullish on DEFI in near future and we are focusing on our expansion in DEFI sector rapidly
Q — Blockchain tech (Ethereum included) is evolving rapidly. Highly scalable chains are on the way. Maybe we actually won’t need Layer2 solutions in the near future? Your thoughts on it, please.
A — As I mentioned earlier that this space is going to explode and actually we are not ready for Mass adoption.
when mass adoption comes, I am sure nobody will be okay with paying 30–40 Rs. for transaction.
matic and layer 2 solutions will drive that adoption with their cheaper and faster transactions.
It has to be gaming I guess. Check out what Decentraland has been doing on Matic. Gaming + Blockchain will be the game changer in near future I beleive
Q — Don’t you think it is risky to bet so big in a platform that’s foreign to your project, like Ethereum? Even being Ethereum one of the biggest in the cryptomarket, if anything goes wrong there is out of your hands, what’s the Matic backup?
A-Ethereum is open source actually, so no issues. Also, we are blockchain agnostic, so we can deploy our solution on any blockchain which gets traction in near future.
Q — What is Matic vision and what’s your biggest challenges ?
A — Matic Network is on a relentless mission to facilitate the mass adoption of blockchain-based solutions across the globe. Though we are starting with scaling Ethereum, our infrastructure is blockchain-agnostic, meaning Matic Network can work to scale any blockchain which comes to prove itself as key to the decentralized movement. We therefore intend to continually cement our place at the forefront of the global decentralized movement.
With our high-performance infrastructure, developer support initiatives and educational outreach efforts, Matic Network is well on the way to becoming the de-facto platform for building and deploying Dapps of all types.
Our goal is to serve as more than simply a scaling solution, but as an entire collaborative ecosystem of developers and Dapps running on Matic Network which will become stronger together as the ecosystem expands. We are thrilled to see this already coming to fruition.
Q — How does organising events like ETHIndia 2019 help you as instead that amount of money can be used for research and development of Matic Network itself?
A — Just to quote that
- Instadapp ( A successful DEFI Project) came from EthIndia 1
- Incento (Micropayments solution building on Matic Network) came from EthIndia also
So, until and unless we promote developers, we won’t get such great projects coming out
Q — What is ethdagger? Can you tell us more about it and other products in development?
A — Ethdagger is a notification engine built by our CEO JD Kanani when he was etherreum contributor. It is currently widely used by all ethereum community
Q — Does Matic have a plan to release Matic Wallet? What are the benefits it brings to the ecosystem?
A — Matic wallet is the first wallet buillt for layer 2 blockchains..
It is a great addition to our Developer and community tools and we have many exciting plans with our matic wallet in near future
Q — What’s the Consensus Algorithms which are used by matic network for fast and scalable transactions ?
There are already many Projects which works on scalability with Both Layer-1 and Layer-2 solution ! So, why Matic Network would be Best choice ?
A — Matic is a hybrid Plasma + Proof-of-Stake (PoS) platform. We use a dual-consensus architecture on the Matic Network to optimise for speed and decentralisation. We consciously architected the system to support arbitrary state transitions on our sidechains, which are EVM-enabled.
As a Layer-2 solution utilizing a network of Proof-of-Stake validators for asset security, staking is an integral part of the Matic ecosystem. Matic uses account based variant of More Viable Plasma to guarantee the security of assets on the main-chain and it ensures the security of generic transactions by using a decentralized network of Proof-of-Stake validators.
Q — How long does it take to unlock all of the tokens issued? It is related to business sustainability performance
A — We have a very long unlock schedule of 4 years and all our investors along with Team are beleivers in Project, so everyone is a Hodler
Q — Can you share me how many nodes you have now and how you were able to grow the node operator community?
A — Please have a look at our Stacking Economics blog for details here: https://blog.matic.network/matic-network-staking-economics
Q — Can some DAPP using MATIC configure sidechains of sidechains of sidechains .. So on, for infinite scalability? Is it practically feasible? What are the implications of such configuration?
How secure enough is MATIC on side chains ? Can it be hacked before checkpoint layer with ETH ??
A — Yeah, it’s a possible for sure. But the main question, is it required?
Also, We can have n number of parallel side chains running in our structure and we have started with 1 sidechain.
When we reach the trottle of 64K TPS on our chain, we can surely go ahead with adding multiple sidechains
Q — Sir i heared matic network announced the release of Matic β-Mainnet . What is the benefits developers to this? Why did you choose Aarambh nicknamed of the β-Mainnet?
A — Nice analysis.
we generally use Indian names for our initiatives to put India on top of Blockchain space.
Aarambh means start and we beleive this the starting milestone of our awesome upcoming journey
Q — How Indian community support is important for Matic and please say some words for CryptoVerse
A — We are all about Indian Community bro. Never forget your roots where you come from.
And frankly we Indians are very hard working, motivated and passionate individuals.
No doubt in that. so cheers to that.
Q — Any particular reason for making the staking amount so high and could it have been possible for many user’s to come together and stake if a single person doesn’t have required fund’s to stake ?
A -So, in staking we will have
- validators ( running nodes)
- Delegators ( Contributing with Validators)
You can always stake any amount with validators. No miinimum requirement in that.
for the network security purpose we need to have minimum stake from validators