Matic Network (MATIC) Review, Price, Market Cap and more | Coinopsy

Matic Network (MATIC) Review, Price, Market Cap and more

Matic Network (MATIC) - Side Chain

Matic Network uses sidechains and plasma technology to improve the speed, security and scalability of blockchain transactions...
Matic Network's current price is $0.011 USD. In the past 24 hours, Matic Network's price has increased by +29.8 percents..
Name (Ticker)
Matic Network (MATIC)
Price (USD)
$0.0112342744754
Rank
51
Active Supply
2.8 billion
Total Supply
10.0 billion
Volume(24H)
35.6 million
Market cap
31.0 million
Fun Name
Side Chain
Social Links
Block Explorer

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Introduction

Matic Network aims to solve the problems faced by the blockchain ecosystem through building a decentralized platform using an adapted version of Plasma framework. This provides for fast and extremely low cost transactions with finality on a mainchain. The current working Testnet and alpha-Mainnet of the Matic Network works with Ethereum as a mainchain.
 

The Matic Development team is also building a product ecosystem including user friendly mobile apps, desktop wallets and browser extensions which will provide a seamless experience for all users.

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How it functions

  1. A user deposits a cryptographic asset in the Matic contract on the mainchain (currently implemented with Ethereum blockchain only).
  2. Once deposited, tokens get confirmed on the main chain, tokens will appear on the Matic Chain using Matic Deposit bridge (technical details explained in a dedicated section below).
  3. The user can now transfer tokens to anyone they want almost instantly (Matic Chain has faster blocks - approximately 1 second or less) for almost negligible fees.
  4. Whenever the user wishes to, they can withdraw tokens to the main Ethereum chain by establishing proof of remaining tokens on Root contract (contract deployed on Ethereum chain).

Architecture

Since the Matic Network's core focus is on mass user adoption, it is ideal that a deep dive into the Matic Network's technical architecture should start from a user journey.

When a user is transferring ETH or ERC20 tokens on the Ethereum network, they have to wait for the confirmation of the block which ranges from 14 seconds to 20 seconds. Even then the users have to wait for multiple block confirmations to be sure of the finality of the transaction. Let’s say you are buying a coffee or paying tokens to watch a movie. On each transaction you are not only paying a high fee, but also waiting for it to be confirmed. That serves as a deterrent for users wanting to use the service.

Moreover, during peak loads, a large number of transactions clog the Ethereum network and gas fees increase on each transaction in order to obtain faster confirmations. The Matic Network is proposed as a solution to overcome these problems.

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