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Decentralized scalability platform solution Matic Network plans to issue personal tokens to every individual within the first quarter of 2021.
Matic revealed that it intends to tokenize 10 000 people for free on the Personal Token platform (PT) during a Mass Tokenization Event. Owing to the idea of promoting personal tokens, the participants of the event will not need to own a Metamask account in order to qualify for free tokens. Besides the free tokens, with the Matic initiative, other people would get purchase their own tokens just for few cents.
1/🔥Forget gas fees, issuing a personal token will be cheaper than ever with @PersonalTokens integrating Matic!
🎁 Get ready for a mass tokenization event where 10000 people will be tokenized for free on the Personal Tokens platform.
— Matic (@maticnetwork) December 18, 2020
PT, the token issuer, is currently integrating the platform’s testnet to Matic testnet before proceeding to integrate it into the network’s mainnet. So the tokenization program will commence after the Matic Mainnet integration.
Due to the need for scalable transactions, PT chose to be integrated into the Matic network. Essentially, the network uses both hybrid Proof-of-Stake (PoS) and plasma-enabled sidechains to deploy applications at a cheaper and faster rate without making security levels compromises. The token providing firm said the following with regard to its integration to the network:
“Issuing a personal token is not cheap lately because of the gas price on the Ethereum blockchain. We have been accepted by Matic Foundation to their acceleration program. Which for us one of the best scaling solutions available right now in the industry.”
Person Pool to Facilitate Swapping of Tokens
To make the process successful, the token firm anticipates launching a liquidity pool for all tokens dubbed “Person Pool (PP)”. Therefore, users who have tokens in their pool can use them to purchase any item or service from other users— even utilize it on other arbitrage opportunities. The token issued and used on the Matic network for tokenization of people is known as “PERSON.”
“Person Pool contains 1% of all tokens created on the platform and will allow swapping any token 1:1 within the Person Pool, using PERSON tokens as a medium of exchange. We believe that this will increase the liquidity and usability of all tokens,” PT added.
For one to access Person Pool, the individual needs to have PERSON tokens in the Personal Tokens Organisation DAO (PT). Currently, out of the existing 10 billion PERSON tokens in supply, PT DAO holds almost 98.8%. In the future, PT hopes to perform the Liquidity Mining Event and Airdrop to tokenized users, thereby, making PTO more decentralized.
Matic Continues to Promote Staking and Enhance Transaction Scalability
In June, Matic Network announced the first iteration of its staking solution with an aim to have an 80% Token Lockup. Initially, Matic Foundation could stake tokens on users’ behalf. Staking to external validators could afterward take place in the next phase.
In an effort to explore Blockchain Interoperability and provide scalability for the Ethereum network, Matic decided to enter into a partnership with a top North American blockchain development company, Blockchain Foundry Inc (CSE: BCFN), in July. For scalable transactions to be attained, BCFN provided the trustless Syscoin Ethereum bridge, while Matic offered sidechains in the collaboration.
Early last month, Matic became the first Network outside Ethereum to launch native Chainlink feeds. With the launch, Matic now features five Chainlink price feeds, namely, MATIC/USD, ETH/USD, DAI/USD, USDC/USD, and USDT/USD. Matic Network co-founder Sandeep Nailwal at that time revealed that Matic’s hybrid approach, the layer-two scaling, is gaining acceptance rapidly despite critics downplaying Plasma’s potential as a smart-contract scaling solution. According to him, Matic flexibility allows app developers to choose either Plasma or proof-of-stake when working on the various projects on the platform.