Smart contract platforms and cryptocurrencies have captured mass attention but still have not been able to achieve mass adoption due to scalability and user experience issues. Even on Ethereum, which is the most widely used smart contracts platform, there have not been many examples of DApps which have seen mass adoption. There have been a few cases where one or the other particular application temporarily succeeded in achieving a significant user base, but it led to crippling of the entire network during the high network load times. Essentially this means that even the most advanced and widely used platforms are not ready for mass adoption yet.
On the other hand, there are a few smart contract platforms which boast of higher transaction throughput, but they compromise on decentralization in order to improve transaction speeds. Also, many of the upcoming solutions propose developing their own blockchains, neglecting the billions of dollars of market cap that DApps and other projects have already created on platforms like Ethereum and others. More importantly, they neglect the massive developer community and developer ecosystem that currently exists on platforms like Ethereum.
Matic Network strives to solve the scalability and usability issues, while not compromising on decentralization and leveraging the existing developer community and ecosystem. It is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities.
The Matic development team has chosen Ethereum as the first platform to showcase its scalability and already has a working implementation for Ethereum on Kovan Testnet. It is expected to allow near-instant transfers, exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies in the future. The Matic Network is an adapted implementation of the Plasma framework for Ethereum to start with, but the “vision” of the Matic development team is to provide off/side chain scaling solutions for blockchains in general. Matic foundation intends to provide Matic wallet, payment APIs & SDKs, products, identity solutions and other enabling solutions that will allow developers to design, implement and migrate DApps built on base platforms like Ethereum. One of the key pillars that form the basis of Matic Network’s ideology is the improvement of user experience, this area is poorly developed for Blockchain applications as of now. The Matic Development team has already built high quality user experience Mobile/Web browser libraries which will enable businesses to create real world end user applications on a large scale. The development roadmap of the Matic Network also includes supporting cross-chain transfers and third-party Decentralized exchanges, liquidity pools etc.
Matic Network Litepaper embed: