Matic Network to Bring Staking and Delegation Facility to Its Testnet on June 15

UTC by Bhushan Akolkar · 2 min read
Matic Network to Bring Staking and Delegation Facility to Its Testnet on June 15
Photo: Depositphotos

As part of the further development, the Matic Blockchain Network will introduce staking UI on its testnet by June 15 and proceed for the mainnet launch by June 29.

With the Matic mainnet going live last month on May 31st, the Ethereum scalability solution has new developments planned this month. In its latest blog post, the Matic Network announced this month’s launch dates for staking testnet and mainnet.

The Matic Blockchain will make its staking UI publicly available on its testnet by June 15. The Staking UI will be live and functional on Matic’s Staking Education Initiative. In its official blog post, the network stated:

“Final staking & delegation to Foundation nodes on the Matic mainnet to go live on or before 29th June. Public deposits and withdrawals for end users using the Matic Web Wallet are also slated to go live shortly; the exact date will be provided by Friday, 12th June.”

As said earlier, starting 15th June, the Matic blockchain is also starting its staking education initiative. This initiative aims to give the community to experience live staking through Staking UI. Matic’s staking testnet will host 110 validators along with a sound user interface.

Launching the Staking on Matic Mainnet by June 29

Based on the feedback received from the testnet validators, Matic will further proceed to launch its mainnet later this month. Furthermore, Matic has taken some extra measures to ensure the security of its staking mechanism.

As per the announcement, Matic has “employed the services of a research-based audit firm to conduct an additional round of audits”. Matic lauds the audit firm for doing good job in ensuring the long-term security of the Matic Network. The developers think that this additional security will help the platform achieve its vision of facilitating mass crypto adoption.

Apart from this, the Matic Network will soon open deposits and withdrawals for end-users using the Matic Web Wallet & Metamask.

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.

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.

For other blockchain news, please, follow the link.

Altcoin News, Blockchain News, Cryptocurrency news, News
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.

Related Articles