Recently, the Supreme Court of India canceled the April 2018 order by the Reserve Bank of India (RBI) to cut off crypto-related businesses from the country’s financial system. Local banks are now free to provide services that support digital currencies. Hence, there is finally a chance to establish crypto regulations in India.
This news coincided with our decision to list MATIC. It is a native token of one of the largest and most well-known Indian blockchain projects — the Matic Network. Up until recently, MATIC was traded against BTC and ETH. Now, we are glad to become the first and only place where you can buy MATIC for USD, EUR and GBP with your bank card.
We will list MATIC according to the following schedule:
- Deposits and MATIC/USD trading will be enabled on April 6
- MATIC withdrawals and MATIC/EUR trading will be launched on April 8
- MATIC/GBP trading starts on April 10
We encourage you to save these dates and prepare your CEX.IO account now for purchasing or trading MATIC.
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MATIC token
MATIC is a native ERC-20 utility token in the Matic Network. It has a total supply of 10,000,000,000 tokens. These tokens do not represent any shareholding or ownership. They are designed to play the role of payment units between network participants. To participate in the consensus process, users should stake MATIC. In this way, they show their commitment to the ecosystem.
We are planning to offer MATIC staking to CEX.IO customers. Currently, we are in touch with the Matic team to discuss this possibility. Stay tuned!
What is the Matic Network and what problem does it solve?
The team behind Matic believes some platforms have a high transaction throughput but lack decentralization. Others propose new blockchains while neglecting the developer community and projects based on such ecosystems as Ethereum. What is more, there is no platform that is scalable enough for mass adoption and to power successful dApps, which can overload the blockchain.
Matic intends to bring the current blockchain ecosystem to the masses. It is possible by fixing its two main drawbacks: insufficient scalability and bad user experience. Matic is a Layer 2 scaling solution that uses sidechains. At the same time, it ensures asset security using a decentralized network of Proof of Stake (PoS) validators and the Plasma framework.
What is the main innovation?
Contrary to many other projects that offer high-throughput blockchains, Matic attempts to solve scalability issues. At the same time, the network preserves decentralization and uses existing platforms, ecosystems, and developer communities. Matic uses PoS checkpoints that are pushed to the mainchain. It allows a single sidechain to process up to 65,000 transactions per second, which is an alternative to Mastercard throughput. Currently, Matic is using Ethereum to power its scalability. But the Matic team states that in the future, multiple sidechains will be able to handle millions of transactions per second.
Apart from that, Matic focuses on improving the usability of blockchain apps. For developers, Matic offers various tools like a real-time notification engine for Ethereum events (Dagger) and a data processor (Hermione). Also, it has high-quality mobile and web browser libraries, with the help of which businesses will be able to build scalable real-world apps. End users will be able to take advantage of blockchain-based payments without digging into the complexity of the technology.
Key participants
The main actors in the Matic ecosystem are:
- End users who can benefit from nearly instant, cheap, and secure transactions on the Matic network.
- Stakers who validate transactions and get staking rewards. They also propose checkpoints on the mainchain and choose block producers. Anyone can participate in staking MATIC on the root contract. This ensures a high level of decentralization.
- dApp developers who can scale their apps, while creating a better experience for their customers.
- Block producers who are selected by Stakers at the base level with the aim to enable faster blockchain generation times.
To strengthen transaction security, Matic has also created a mechanism for preventing fraud. Any party can report a transaction they believe is fraudulent. If the fraud is confirmed, the stakes of all parties involved in the fraud are canceled and transferred to the challenger.
Applications and use cases
There are several key use cases that can benefit from Matic technology. First of all, dApps can integrate Matic payments for smooth, cheap, and fast transactions. Second, Matic can ensure cheaper and faster crypto trades for decentralized exchanges. Thirdly, gaming networks can use Matic to speed up in-game transactions and digital asset exchanges.
At the moment, there are several dApps and platforms working on implementing the Matic Network. One of them is USDC, a stablecoin that Matic will be integrating on its sidechains.
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Note: Please be informed that MATIC is currently available to all non-US residents only.
Disclaimer: The above content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Please study the asset on your own before making any investment or trading decisions.