Matic Network Mainnet Officially Goes Live

UTC by Bhushan Akolkar · 3 min read
Matic Network Mainnet Officially Goes Live
Photo: Matic Network / Medium

The plasma implementation sidechain scalability solution Matic blockchain has finally launched its mainnet. In the initial phase, the Matic blockchain will allow a limited set of validators and developers to launch their DApps.

On Sunday, May 31st, the Ethereum scalability solution Matic Blockchain Network officially announced its mainnet is going live. This is basically the first version of the Matic mainnet that is up and running. After 2.5 years since starting its work in 2017, the Matic community is finally closer to realizing its dream.

Matic is basically a blockchain applications platform that allows developers to deploy decentralized applications (DApps) for faster and cheaper transactions. The Matic blockchain uses a novel combination of Plasma-enabled sidechains and hybrid Proof-of-Stake (PoS). Thus, the Matic blockchain provides sidechain scalability solutions for public blockchain networks like Ethereum.

Decentralized Applications (DApps) have been in huge demand among businesses. However, the existing blockchain ecosystem still falls short in its capability to scale. On the other hand, issues of slow block confirmations and high transaction fee still remains unsolved to a great extent.

The Matic blockchain aims to plug these loopholes and offer scalable solutions for DApps use. Although the mainnet has gone live, the rollout will happen in different steps and phases. In Step 1, Matic has selected a limited set of validators consisting of Matic Foundation nodes. The DApp partner nodes will be joining in the coming weeks.

Matic Mainnet Is Onboarding DApp Partners with Initial Validator Set

This mainnet launch ensures that from Day 1, DApps can deploy their products successfully on the Matic blockchain while offering a stable and robuts user experience. By onboarding DApps partners like Genesis Ceremony as initial validators, Matic looks to start on a good note.

Matic blockchain developers said that the network would continue to progress ahead from one stage to another. The idea is to let some early issues surface and get them solved as early as possible. Speaking about the early validator set, the Matic blog post states:

“Nodes from select validators who have been working closely with the Matic team, which include professional validators and marquee DApps, have been shortlisted and will be onboarded to the mainnet soon. The list of DApp partners which are going to be in the first cohort is already finalized”.

Developers can also deploy their applications on Matic by directly acquiring MATIC tokens on Ethereum from any exchange of their choice. The users can easily move ETH, MATIC and other ERC20 tokens between the Matic blockchain and the Ethereum blockchain.

In the next steps of the phased rollout of the Matic blockchain, delegations shall be enabled to the public but only for Matic blockchain nodes. The blog post notes: “Delegators will receive 100% of staking rewards on the tokens delegated to Foundation nodes. Any rewards earned by Foundation nodes will go back into the staking pool”.

These new developments from Matic are certainly positive for the crypto industry. We currently need more such players like Matic to offer robust scalability solutions for DApps. This will encourage more businesses to adopt blockchain.

Find the article interesting? Read other blockchain news on Coinspeaker!

Altcoin News, Blockchain News, Cryptocurrency news, News
Bhushan Akolkar
Author Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Share this article

Related Articles