Definition and principle of the Matic Network crypto currency (MATIC)
Name of the cryptocurrency: Matic Network
Cryptocurrency acronym: MATIC
How to buy Matic Network cryptocurrency: Binance - IDEX - Bitrabbit
Matic Network was created: 2019
Matic Network Whitepaper: https://whitepaper.matic.network/#whitepaper
Matic Network website: https://matic.network/
Technically, Matic Network is an adaptation of the Plasma concept of Ethereum. But this is only a starting point for a project that intends to develop a whole series of offchain and sidechain solutions in order to remove the big obstacle that stands in the way of mass adoption of cryptos, to know the scalability. Matic Network also aims to tackle the other big concern of this technology, which is a weak user experience. The project roadmap also provides for cross chain transfers.
How does Matic Network work?
The Matic project is still young, but here's roughly how it works:
1. User transfers an asset (ETH or ERC-20 token) to the Matic contract of the Ethereum blockchain
2. This done, the tokens are in the Matic matrix thanks to the Matic Deposit bridge
3. User can now transfer their tokens to anyone almost instantly (the blocks of the Matic Chain sidechain are created every second, or less)
4.T user can transfer their tokens from the Matic Chain to the main Ethereum
This concept will also be implemented on other blockchains later.
Regarding the Matic Chain, it uses 2 systems for consensus: Proof of Stake for the validation of transactions and “Block Producers” who are stakers elected by their peers for the production of new blocks. Other projects offer faster transactions than Ethereum, but at the cost of greater centralization. With this architecture, Matic Network believes that it will be able to meet the 2 criteria of decentralization and speed of transactions.
What to remember about Matic Network (summary)
Matic Network is a project that offers sidechain and offchain scaling solutions (currently on Ethereum) in order to address the still unresolved problem of blockchain scalability. Its house MATIC token is used for staking and payment of transaction fees on its Matic Chain sidechain.
Where to buy Matic Network?
Matic Network is listed on over 20 cryptocurrency exchanges. Here are 3 suggestions for buying MATIC and investing in this Ethereum scaling solution:
Binance: against BTC, ETH, USDT or BNB (which you can acquire with your credit card). These are the MATIC pairs from Binance, one of the world's most popular cryptocurrency exchanges
IDEX: IDEX, the decentralized exchange specializing in ERC-20 tokens, offers you to buy Matic Network for Ether without your cryptos leaving your wallet
Bitrabbit: Bitrabbit is a relatively unknown Asian exchange which nevertheless offers the highest volumes on MATIC.
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