Using the Matic Web Wallet, you can deposit MATIC & ETH to the Matic mainnet from Ethereum, make near-instant, low-cost transactions on Matic, and withdraw funds back to Ethereum. There should also be a clear path to supporting hundreds of millions of users. All audit reports are available on request. For those who are new to the project, Matic Network is a blockchain application platform that provides developers with the ability to deploy applications with faster and cheaper transactions while still maintaining a high level of security, by utilizing a novel combination of hybrid Proof-of-Stake and Plasma-enabled sidechains. Matic Network x Aavegotchi x Quickswap! The Plasma framework with predicates is used to guarantee the security of assets and specific smart contracts using Plasma predicates, while arbitrary smart contracts are secured by a Proof-of-Stake network, with validators staking Matic tokens on Ethereum. Matic Network is a Layer 2 solution that largely fixes Ethereum’s scalability issue via an adapted version of Plasma with PoS-based side chains. IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. Scaling solutions should have a simple end user experience. Matic Network's Great Reddit Scaling Bake-Off submission The Matic team has put together a Proof-of-Concept for the Reddit Scaling Bake-Off. Note: You need to have your funds on the main Ethereum network in order to delegate your tokens. Read more about Fast Exit here. Deposits & withdrawals on the Matic Network mainnet are now live! All this will ensure easy trading/exchange/transfer of ERC20 tokens such as MOON/BRICKS and others from Matic itself in the future. Users interested in exiting to Ethereum instantly can exit via a fast-exit liquidity contract mechanism, that Reddit or other interested parties can run. In short, it allows anyone to create scalable DApps while ensuring a superior user experience in a secure and decentralized manner. Smart contracts that powers the PoS (proof-of-stake) based bridge mechanism for Matic Network ethereum blockchain web3 matic Solidity GPL-3.0 25 32 2 2 Updated Mar 9, 2021. matic-docs Matic documentations CSS 30 8 0 4 Updated Mar 9, 2021. bor Official repository for the Matic Blockchain The Matic team has put together a Proof-of-Concept for the Reddit Scaling Bake-Off. Simple is better. Matic Network solves the above problems by building a decentralized platform using an adapted version of Plasma framework that provides a solution for faster and extremely low-cost transactions with finality on the main chain. Refer this page for detailed description of each step. That represents 30 The core design of Plasma contains a series of contracts that run on top of some public root chains (e.g. Early Birds (who stake before the network bonding rate touches 10%) stand a chance to get an APR of ~100% APR. The PoC used a few addresses only for the purpose of the demo, and the total throughput with millions of user addresses can go up to 7200 TPS per sidechain. Run test2-exit.js, only after the block with burn transaction has been checkpointed Other third-party decentralized exchanges and marketplaces are also expected to come up on Matic shortly. With certain variations, the price hit a high of $0.03 by the end of May and further declined to $0.01 by early June. Matic provides scalable, secure and instant transactions using sidechains based on an adapted implementation of Plasma framework for asset security and a decentralized network of Proof-of-Stake (PoS) validators. Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days). We already have support for minting of ERC721s on Matic via our MintableERC721 predicate –, As and when users do want to exit to Ethereum, they can do so via the. Fully open-source solutions are strongly preferred, All code is open source – https://github.com/maticnetwork, We are excited to see what’s in store! Matic price surged as much as 76% to $0.32 on the day. Onward to a…, Security via Plasma predicates on Ethereum: Reliable exits to Ethereum (Proof-of-Stake based decentralized multi-operator Plasma construction which mitigates mass exit occurrence), Extremely high scalability with each sidechain (multiple sidechains in future, hence suitable for the scale of Reddit), Ability to add custom smart contract features (via Ethereum Plasma predicates) for future product innovation, A live proof-of-concept which demonstrates the scale required for the bakeoff and future requirements, 1,000,000 point claims (minting & distributing points), 1,000,000 subscriptions and 1,000,000 burns. Read reviews and leave a review to help the community determine if Matic Network is a good project. Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security. The Ultimate Guide to Triple-Yield Farming on Matic Network! On Reddit, which is known as one of the top social platforms for crypto, the Matic Network has grown from just 13 readers in April 2019 to 1,600 readers in March 2020. Matic Network () Cryptocurrency Market info Recommendations: Buy or sell Matic Network? It has a circulating supply of 5 Billion MATIC coins and a max supply of 10 Billion. Read the guide here. To simulate a single user claim, transfer and subscribe on Matic's mumbai test network, To test a single user withdraw from Matic chain (Matic -> Ethereum): Withdraw is a three step process, First step (test2.js) burns token on Matic and stores a proof. You can refer https://github.com/maticnetwork/reddit-poc/blob/master/docs/withdraw.md for more details. Work fast with our official CLI. According to present data Matic Network (MATIC) and potentially its market environment has been in a bullish cycle in the last 12 months (if exists). Very cheap transactions. Data availability on the Matic sidechains are based on 2/3+1 BFT majority on the Matic Heimdall chain by validators who stake Matic tokens on the staking smart contracts on Ethereum, and are incentivized to do so. They strive to solve scalability and usability issues while not compromising on decentralization. Matic Network is a blockchain agnostic Layer-2 scaling solution for Ethereum.The market cap is $1,595,165,632 and the 24h volume is $1,035,430,758. ), ~4000 TPS, but we have gotten around 17,000 TPS while, Standard Solidity support to enable existing smart contracts to be deployed without major rework, EVM compatibility results in support for all Ethereum developer and user tooling, Compatibility with common utilities & toolchains, Reddit smart contracts can be modified and appropriate fraud proofs via predicates can be written to ensure changes can be done later, Tokens can be withdrawn to Ethereum in case the Matic sidechain goes down by way of our, Plasma contracts have been audited by a leading audit firm, Early on, we got requests from a lot of ERC721-based collectibles related games on the need to support minting on Matic directly. Binance is the current most active market trading it. If nothing happens, download Xcode and try again. If a user would like to skip the Challenge Exit Period (read above), they can submit their ExitNFT along with a signature to swap the tokens from a FastExit contract. Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. The system ensures liveliness using PoS checkpoints which are pushed to the Ethereum mainchain. User submits subscribe transaction to place a subscription intent, thereby burning some amount of their tokens. -today's crypto of the day is matic network matic, and it's current price is $0.0153. Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf). Data availability is based on 2/3+1 BFT majority on the Matic Heimdall chain by validators who stake Matic tokens on the staking smart contracts on Ethereum, and are incentivized to do so. which contain a network of “child chains” (also known as side chains). Shortly before 16:00 ET, the crypto traded at $0.31 with a circulating market cap of $66.8 million. Matic has a beautiful block explorer – https://explorer.matic.network/ – and third-party explorer support is increasing as time progresses. (all addresses can be found in /scripts/helpers/mumbai.json). Scaling. Those chains are connected to the root chain i… Getting back to the current release now. We think Matic is the most apt solution for the scaling requirements of Reddit, keeping in mind it’s current and future needs. Matic Network is a completely new blockchain technology that aims to create a simple decentralized ecosystem to provide instant money transfers at low prices. Matic Network integration for the MegaCryptoPolis decentralized city will happen this year — we can’t promise an exact timeframe, but aiming for Autumn 2020. Matic Network is a Layer 2 scaling solution for Ethereum that provides hybrid Proof-of-Stake and Plasma-enabled sidechains. A detailed explanation of the demo is given here: The following contracts have been deployed on, User requests a claim from Owner account, and submits the claim to the distributions contract which then (internally) calls Subreddit Points contract to. After starting the day on 0.23c, MATIC rapidly made gains over the past 24 hours, tapping out at a new all-time high near $0.34. This helps in proving transaction inclusion of any transaction on the Matic sidechain on Ethereum after a period of ~30 minutes, assuming data is available. Someone wrote up a great post in r/cryptocurrency. Running a watcher node will have the following requirements as that of a sentry node – https://docs.matic.today/docs/validate/technical-requirements/. Research is in active progress to verify state transitions on sidechain with zero knowledge cryptographic approaches instead of current challenge mechanism. Compatibility with third party apps (wallets/contracts/etc) is necessary. If nothing happens, download GitHub Desktop and try again. ... Reddit Users Price Prediction for Future. Minting Click here to view Analytics for the three contracts (Subreddit points, Subscriptions and Distributions) on Tenderly dashboard. due to some personal issues, i am temporarily behind on follow up posts. Block time on the Matic sidechain is ~2 seconds. test3-plasma-exit.js or test3-fast-exit.js: Test plasma exit or fast exit withdraw Matic Network solves blockchain scaling problems by building a decentralized platform using an adapted version of Plasma framework that provides a solution for faster and extremely low-cost transactions with finality on the main chain. i will eventually catch up and post my opinions on all of them. Workflows Mint, transfer, subscribe. Learning an uncommon or proprietary language should not be necessary. The Reddit PoC consisting of 3,000,000 transactions (1mn minting, 1mn transfers, 1m subscriptions and burns) cost around ~US$ 3.5 to run. Ethereum, Bitcoin, etc.) Mints, transfers and subscribe work as they would on Ethereum. If nothing happens, download the GitHub extension for Visual Studio and try again. Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, two experienced blockchain developers and a business consultant. Scaling solutions should be extensible and allow third parties to build on top of it, APIs should be well documented and stable, Documentation should be clear and complete, Third-party permissionless integrations should be possible & straightforward. Mints, transfers and subscribe work as they would on Ethereum. Mints, transfers and subscribe work as they would on Ethereum. Compatibility with common utilities & toolchains is expected. Wiki for more information on the PoC and relevant Matic links can be found here: Single user scripts with meta-transaction support (gas to be paid on behalf of the user) can be found here: Bulk transaction scripts can be found here: A previous run of the bulk transactions having 300k transactions can be found here –, Total cost of the PoC (1 mn transactions each – total 3 mn txs) – ~3.52 US$ at current price, Claim and mint points: ~71 Matic tokens (~1.4 US$), Subscribe and burn points: ~52 Matic tokens (~1.02 US$), Transfer points: ~56 Matic tokens (~1.1 US$), A live mainnet (we just launched in May 2020 after 2+ years of development! In the future, there will be multiple sidechains added. Polygon (formerly Matic Network) was launched in October 2017. The Matic sidechain processed 3mn transactions over 12 hours with a total gas fees of USD 3.52 as part of the Great Reddit Scaling Bake-Off PoC. This contract internally verified the burn proof to mint tokens on main chain. We believe that the Matic Layer 2 platform is the most complete solution out there in terms of the features […] Matic Network brings massive scale to Ethereum using an adapted version of Plasma with PoS based side chains. By utilizing Matic’s scaling solution alongside Bluzelle's decentralized data storage network, DApp developers are now being empowered with the ability to create DApps which can effectively provide large user numbers with secure, high-performance data storage. The YouTube channel has over 1,300 subscribers, and the Twitter account has grown to 32.5k followers since in the 11 months from April 2019 when there were only 2351 followers. Exiting is fast and immediate using a fast-exit liquidity mechanism in lieu of fees. The PoC touches upon various aspects of the solution required – scalability that will need to meet Reddit’s requirements over time (more sub-reddits using Community Points), faster transaction times, inexpensive minting of Community Points, decentralization, accessible developer tooling, use of meta-transactions to pay for gas on behalf of users, open source code, extensibility, ability to exit back to Ethereum, if needed and more. This PoC should scale to the numbers below with minimal costs (both on & off-chain). We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components, but recognize there are numerous trade-offs to consider. The Plasma framework with predicates is used to guarantee the security of assets and specific smart contracts using Plasma predicates – this allows trustless exit from Matic sidechains in the worst case scenario if the Matic sidechain goes down. Reddit smart contracts can be modified in the future and appropriate fraud proofs via predicates can be written to ensure changes can be done later. Whitepaper, team, website, code repo activity and social media presence. Matic Network Mainnet release (alpha) core Allow Deposits and withdrawals of Ethereum-based assets using the Matic Plasma implementation in alpha core Plasma - Cross-asset swaps between ERC721-ERC20, ERC20-ERC20, ERC721-ERC721) on testnet protocol Most wallets such as Portis, Torus, Fortmatic, Metamask and others already have support for the Matic mainnet sidechain. This step mints ExitNFT for the user (which is representative of the withdrawn asset), As soon as the Challenge Exit Period ends (, Create secrets.json in the root directory according to the format given in secrets.json.template, Insert the privatekey of the reddit contracts in the owner key of secrets.json. According to many experts, cryptocurrency can become the main tool for money transfer, across the whole globe and in all areas of life. MATIC price is up 3.2% in the last 24 hours. Block time on the Matic sidechain is ~2 seconds. download the GitHub extension for Visual Studio, The proof of burn transaction is submitted to WithdrawManager contract (on Ethereum). MATIC, the token of recently renamed Polygon Technology, has hit a new all-time high today following the announcement that it will be listed on major crypto exchange Coinbase.
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