Matic Launches Its Public Incentivized Counter Stake Testnet Event

UTC by Daria Rud · 3 min read
Matic Launches Its Public Incentivized Counter Stake Testnet Event
Photo: Matic Blog

The Matic Counter Stake testnet event is conducted in several stages, with stage 0 (or setup stage) taking place right now.

Matic Network, the platform working on solutions to the scalability issues of the Ethereum blockchain and using Plasma side chains and a Proof-of-Stake network, has announced its public incentivized staking testnet event Counter Stake is finally live.

Matic Counter Stake is an incentivized public testnet event for those who possess good technical skills and want to earn mainnet Matic tokens practicing their knowledge, challenging their competence and competing with other users.

The event is conducted in several stages, with stage 0 (or setup stage) taking place right now. Those who have a desire to participate have to set up the validator nodes on the testnet, making their node suitable for the already established environment. Participants will be provided with all the necessary information, conditions and evaluation details. Then, Stage 1 will begin. Within this stage, rewards, penalties, and strategies of replacement will be unlocked, and users will become active validators. And then comes Stage 2 (so-called ‘Grand Staking League’). All validators start at the same level in terms of testnet tokens allotted for staking, and the one with the most stake wins and receives a reward.

It is notable that staking for the public will be accessible within this stage only. As for the prizes, more than 3 million mainnet Matic tokens will be given to the winners and participants of the first two stages. Criteria and other details for the Counter Stake prizes will be shared along with the rules and conditions before we commence each stage. Besides, individual contributions will be also rewarded with special prizes.

The dates for Stages 1 and 2 have not been revealed yet.

About Matic Network

Matic Network is a scaling solution for public blockchains based on an adapted implementation of Plasma framework. Matic aims to solve the scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem. Utilizing sidechains for off-chain computation and providing asset security through the use of the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators, Matic enables faster transactions (2¹⁶ transactions on a single side chain) and extremely low fees. Currently, the Matic team is also working on creating a product ecosystem that will include user-friendly mobile apps, desktop wallets and browser extensions which will provide a seamless experience for all users.

Lately, the price of Matic token has been steadily increasing. At the moment, it makes up $0,024564. During the last 24 hours, the coin has gained 17,94%.

In August, Matic token received a chance to be listed on Coinbase. The exchange decided to test the asset along with Waves, CosmosOntologyAlgorandHarmonyDash, and Decred.

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Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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