Matic, a sidechain solution for Ethereum's scalability, started rolling out its mainnet on Sunday. The Matic Foundation, based in India, announced through a post that it has brought 10 nodes online, the first phase of a network that Matic hopes to be able to grow at least ten times.
Project insiders said the launch is the culmination of nearly three years of efforts to forge bonds within India's developer group, a commitment that began long before the Indian Supreme Court actually legalized cryptocurrencies. earlier this year.
Wide prospects for Matic
With the actual implementation of the mainnet, Matic, who raised seed funds from Coinbase Ventures last year, can now dapp and support transfers of resources between its network and the mahere ethereum, is written in the post.
Future deployments will gradually shift Matic's control over the community. As one of many projects that seek to provide alternative solutions to ethereum's scalability problems, Matic uses sidechains based on the Plasma framework and a proof-of-stake model to accelerate dapp performance to "1/100" of the fuel cost of ethereum, according to the announcement.
The use of the basics of Plasma technology comes from CEO Jaynti Kanani, a former Plasma collaborator who founded Matic with Sandeep Nailwal and Anurag Arjun in October 2017. Since then Matic has grown to become a team of 25 full-time collaborators. who worked outside Bangalore, the "Silicon Valley" of India.
The firepower factor
"What we are building actually provides a lot of firepower," said Chandresh Aharwar, chief of operations. Ethereum is also trying to solve its problems by implementing Eth 2.0.
At the last check, founder Vitalik Buterin said that the long-awaited and perpetually delayed network update is ready to be launched in the third quarter of 2020. Aharwar is less optimistic.
He says Eth 2.0 project workers (available for trading through Bitcoin Pro) "Know" that it is not on schedule. "Eth 2.0 for applications won't be there for at least another 1,5 or 2 years," he said, defining an "aggressive" timeline.
In the meantime, Matic is trying to place his sidechain for dapp before they consider relying on EOS or TRON for performance improvements. "Now they get that despicable scalability on ethereum," said Aharwar.
The Matic team started work on the mainnet launch two and a half years ago. Based in Bangalore, India, it has close ties to the country's developer community through hackathons, said Aharwar. At least 6 new core developers have joined in the past few months.
This acceleration comes when the larger Indian startup community faces a perhaps catastrophic lack of capital. TechCrunch reported that only 30% have enough money to get through the next three months, and up to 40% have shut down or shut down due to the COVID-19 pandemic.
