Matic Could ‘Go Nuts Again’ as the Network’s First Stage of “Staking” on Mainnet Goes Live
Among the top 100 cryptocurrencies, Matic Network was started in 2017 and its Alpha mainnet was launched at the end of June last year, which was sidechain working on the top of the Ethereum Mainnet, that allowed developers to build and test their full end-to-end applications.
As a layer 2 scaling solution for Ethereum, Matic aims to provide scalability improvements for decentralized applications (DApp) by using a combination of Proof-of-Stake (PoS) and Plasma-enabled sidechains.
A big step in this direction, its mainnet is now live.
As such, MATIC is currently trading at $0.0184, up nearly 14.5%. In the past month, this cryptocurrency surged over 45% and could now make more fresh gains.
The mainnet release, however, is a multi-step process as explained in this graphic:
The latest mainnet launch means that DApp partner onboarding, Genesis Ceremony & mainnet going live with initial validator set but only for selected invalidators that were invited by the team.
Staking is the hottest trend in the crypto market since last year, with Tezos being a popular PoS blockchain whose nearly 80% of circulating XTZ tokens are locked for staking.
The second-largest network Ethereum is also working on its PoS transition, its staking may get live as soon as Q2 of 2020.
After the successful rollout of the first step, the second step would involve opening additional slots in batches of 5-10 to public validators and from there it would move to the last step of a “full-blown public validator-run decentralized network.”
What does the future hold?
With mainnet, the team aims to offer a high-performance blockchain with low-cost transactions to the developers. Also, ensuring that Matic Network chains run without halting, its monetary value doesn't get hacked or lost, developer tooling is as close to Ethereum as possible, and multiple validators are staking MATIC tokens, as such running and maintaining the network.
Over the past more than two years, the team implemented a PoS protocol and EVM sidechain based on it, plasma sidechain support with restricted contracts, division of validation and block production into 2 layers, staking management with MATIC ERC20 tokens on Ethereum, a native mechanism for interoperability with other chains, and ability to integrate newer and unknown types of scaling approaches into the PoS layer.
Moving forward, when the mainnet is launched completely, with stage 3 also rolled out, Matic Network will have a full PoS implementation, allowing MATIC tokens’ staking and delegating.
One EVM-based sidechain with fast block times and low gas fees and high throughput of 1k to 4k TPS and up to 17k TPS.
Also, it would allow moving ETH, ERC20, and ERC721 assets from Ethereum to Matic and vice-versa, upgradeability of contracts on Ethereum, side-channel mechanism, and more.
Matic Network team also plans to add more network features including multiple sidechains, unbiasable randomness, optimization of historical state storage, upgradeability of the chain without hard forks, and inter-sidechain communication in future stages.