Matic Network Mainnet release (alpha) core Allow Deposits and withdrawals of Ethereum-based assets using the Matic Plasma implementation in alpha core Plasma - Cross-asset swaps between ERC721-ERC20, ERC20-ERC20, ERC721-ERC721) on testnet protocol If a user would like to skip the Challenge Exit Period (read above), they can submit their ExitNFT along with a signature to swap the tokens from a FastExit contract. If your tokens are on any other network/testnet or the Matic mainnet, then you won’t be able to delegate your tokens for staking on Matic. It has a circulating supply of 5 Billion MATIC coins and a max supply of 10 Billion. Use Git or checkout with SVN using the web URL. Running a watcher node will have the following requirements as that of a sentry node – https://docs.matic.today/docs/validate/technical-requirements/. On Reddit, which is known as one of the top social platforms for crypto, the Matic Network has grown from just 13 readers in April 2019 to 1,600 readers in March 2020. Subscriptions After starting the day on 0.23c, MATIC rapidly made gains over the past 24 hours, tapping out at a new all-time high near $0.34. We think Matic is the most apt solution for the scaling requirements of Reddit, keeping in mind it’s current and future needs. The token steadily started to rise after. Following scripts can be tested for a single user flow, The contracts require signatures from certain accounts throughout the flow (requesting claims to mint new tokens, swapping exit nft for erc20 on Ethereum chain (while withdrawing, read: What is ExitNFT?)). Any one else can also run the watcher node on behalf of Reddit users including the Matic foundation, if required. Read the guide here. The PoC used a few addresses only for the purpose of the demo, and the total throughput with millions of user addresses can go up to 7200 TPS per sidechain. Simple is better. Matic Network x Aavegotchi x Quickswap! We are happy to say we meet all of the Reddit challenge requirements. ), ~4000 TPS, but we have gotten around 17,000 TPS while, Standard Solidity support to enable existing smart contracts to be deployed without major rework, EVM compatibility results in support for all Ethereum developer and user tooling, Compatibility with common utilities & toolchains, Reddit smart contracts can be modified and appropriate fraud proofs via predicates can be written to ensure changes can be done later, Tokens can be withdrawn to Ethereum in case the Matic sidechain goes down by way of our, Plasma contracts have been audited by a leading audit firm, Early on, we got requests from a lot of ERC721-based collectibles related games on the need to support minting on Matic directly. Matic Network is a completely new blockchain technology that aims to create a simple decentralized ecosystem to provide instant money transfers at low prices. For those who are new to the project, Matic Network is a blockchain application platform that provides developers with the ability to deploy applications with faster and cheaper transactions while still maintaining a high level of security, by utilizing a novel combination of hybrid Proof-of-Stake and Plasma-enabled sidechains. This helps in proving transaction inclusion of any transaction on the Matic sidechain on Ethereum after a period of ~30 minutes, assuming data is available. Reddit can easily pay this by using meta-transactions on behalf of users. We believe that the Matic Layer 2 platform is the most complete solution out there in terms of the features and fits right in with what Reddit requires: TL;DR: The Matic sidechain processed 3mn transactions over 12 hours with a total gas fees of USD 3.52 as part of the Great Reddit Scaling Bake-Off PoC. Work fast with our official CLI. Research is in active progress to verify state transitions on sidechain with zero knowledge cryptographic approaches instead of current challenge mechanism. Celer Network rose 39.9% to $0.02. Compatibility with third party apps (wallets/contracts/etc) is necessary. Mints, transfers and subscribe work as they would on Ethereum. which contain a network of “child chains” (also known as side chains). This was on one sidechain. If nothing happens, download Xcode and try again. By utilizing Matic’s scaling solution alongside Bluzelle's decentralized data storage network, DApp developers are now being empowered with the ability to create DApps which can effectively provide large user numbers with secure, high-performance data storage. Note: You need to have your funds on the main Ethereum network in order to delegate your tokens. Matic has a beautiful block explorer – https://explorer.matic.network/ – and third-party explorer support is increasing as time progresses. Are you ready to experience Yield Farming like you’ve never seen before? test3-plasma-exit.js or test3-fast-exit.js: Test plasma exit or fast exit withdraw The withdrawal period for our Plasma MoreVP is 7 days currently. Early Birds (who stake before the network bonding rate touches 10%) stand a chance to get an APR of ~100% APR. Validators of the chain submit a state snapshot/checkpoint of the sidechain state to Ethereum every ~30 minutes. The Matic team has put together a Proof-of-Concept for the Reddit Scaling Bake-Off. 9 min read. Shortly before 16:00 ET, the crypto traded at $0.31 with a circulating market cap of $66.8 million. Bonus points: Users should be able to view their balances & transactions via a blockchain explorer-style interface. The Ultimate Guide to Triple-Yield Farming on Matic Network! Users have full ownership & control of their points. Minting Using the Matic Web Wallet, you can deposit MATIC & ETH to the Matic mainnet from Ethereum, make near-instant, low-cost transactions on Matic, and withdraw funds back to Ethereum. Matic Network is a blockchain agnostic Layer-2 scaling solution for Ethereum.The market cap is $1,595,165,632 and the 24h volume is $1,035,430,758. Users interested in exiting to Ethereum instantly can exit via a fast-exit liquidity contract mechanism, that Reddit or other interested parties can run. We think Matic is the most apt solution for the scaling requirements of Reddit, keeping in mind it’s current and future needs. To simulate a single user claim, transfer and subscribe on Matic's mumbai test network, To test a single user withdraw from Matic chain (Matic -> Ethereum): Withdraw is a three step process, First step (test2.js) burns token on Matic and stores a proof. The Plasma framework with predicates is used to guarantee the security of assets and specific smart contracts using Plasma predicates – this allows trustless exit from Matic sidechains in the worst case scenario if the Matic sidechain goes down. Scaling solutions should have a simple end user experience. They strive to solve scalability and usability issues while not compromising on decentralization. User requests a claim from Owner account, and submits the claim to the distributions contract which then (internally) calls Subreddit Points contract to mint tokens. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components, but recognize there are numerous trade-offs to consider. If nothing happens, download the GitHub extension for Visual Studio and try again. Mints, transfers and subscribe work as they would on Ethereum. Here is an example of this fast-exit contract – https://github.com/maticnetwork/fast-exits. You can refer https://github.com/maticnetwork/reddit-poc/blob/master/docs/withdraw.md for more details. MATIC, the token of recently renamed Polygon Technology, has hit a new all-time high today following the announcement that it will be listed on major crypto exchange Coinbase. Deposits & withdrawals on the Matic Network mainnet are now live! Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security. Mints, transfers and subscribe work as they would on Ethereum. Onward to a…, Security via Plasma predicates on Ethereum: Reliable exits to Ethereum (Proof-of-Stake based decentralized multi-operator Plasma construction which mitigates mass exit occurrence), Extremely high scalability with each sidechain (multiple sidechains in future, hence suitable for the scale of Reddit), Ability to add custom smart contract features (via Ethereum Plasma predicates) for future product innovation, A live proof-of-concept which demonstrates the scale required for the bakeoff and future requirements, 1,000,000 point claims (minting & distributing points), 1,000,000 subscriptions and 1,000,000 burns. Click here to view Analytics for the three contracts (Subreddit points, Subscriptions and Distributions) on Tenderly dashboard. Matic sidechains are essentially EVM-enabled chains and are conducive to ready deployment of Solidity smart contracts, essentially making it an easy tool for Ethereum developers to use it for scaling their dApps/Protocols. Detailed information and reviews about the Matic Network blockchain token. Ethereum, Bitcoin, etc.) Home » Technical » Matic goes to the Great Reddit Scaling Bake-Off, July 28, 2020 You signed in with another tab or window. Two Weeks: Jan 29th – Feb 12th All you have to do: Stake your GHST-QUICK […] Fully open-source solutions are strongly preferred, All code is open source – https://github.com/maticnetwork, We are excited to see what’s in store! Read more about Fast Exit here. Reddit Users’ Matic Network technical analysis and price prediction states almost a similar opinion, “The biggest landmark victory for Matic is that it would cross $1 USD and calculating ROI percentage will be around 4730%, so with 5-year HODL it will be worth to bet on Matic. Matic implements an account-based variant of MoreVP (More Viable Plasma), with support for custom Plasma predicates. The system ensures liveliness using PoS checkpoints which are pushed to the Ethereum mainchain. Reddit smart contracts can be modified in the future and appropriate fraud proofs via predicates can be written to ensure changes can be done later. Interoperability. Most wallets such as Portis, Torus, Fortmatic, Metamask and others already have support for the Matic mainnet sidechain. Refer this page for detailed description of each step. Matic Network integration for the MegaCryptoPolis decentralized city will happen this year — we can’t promise an exact timeframe, but aiming for Autumn 2020. Very cheap transactions. Matic Network solves blockchain scaling problems by building a decentralized platform using an adapted version of Plasma framework that provides a solution for faster and extremely low-cost transactions with finality on the main chain. Run: Switch over to reddit_benchmark branch to test configure and run performance tests on the deployed contracts. We believe that the Matic Layer 2 platform is the most complete solution out there in terms of the features […] The Plasma framework with predicates is used to guarantee the security of assets and specific smart contracts using Plasma predicates, while arbitrary smart contracts are secured by a Proof-of-Stake network, with validators staking Matic tokens on Ethereum. https://blog.matic.network/the-matic-network-mainnet-is-now-live/, https://github.com/maticnetwork/reddit-bakeoff-poc, https://github.com/maticnetwork/reddit-bakeoff-poc/blob/develop/README.md, 0xc4f93FeF8086c452134B0F15a5AE963ACe6A7748, 0xd7ab2634121e7afCE48b2A8Ea5db908869158D3E, 0x94B8f2A9a36Be215F2D4211DFee523f204f0a897, https://github.com/maticnetwork/reddit-bakeoff-poc/blob/develop/README.md#workflows, https://github.com/maticnetwork/reddit-bakeoff-poc/wiki, https://github.com/maticnetwork/reddit-bakeoff-poc/tree/develop/scripts, https://github.com/maticnetwork/reddit-bakeoff-poc/tree/gsn, https://github.com/maticnetwork/reddit-bakeoff-poc/tree/reddit_benchmark, https://drive.google.com/…/1r1X0RNTIpE0w4MY599t9TO8PHvdQXqqz, https://www.notion.so/maticnetwork/Reddit-PoC-bulk-transaction-script-results-5aac772b3c0b424b93c7700ad53dc30c, https://medium.com/matic-network/enabling-faster-plasma-exits-3ca5a936f215, https://github.com/maticnetwork/reddit-bakeoff-poc/wiki/Withdraw:-How-to-exit-from-Matic-chain, https://github.com/maticnetwork/…/MintableERC721Predicate.sol, https://github.com/maticnetwork/reddit-bakeoff-poc/blob/develop/contracts/root/predicate/MintableERC20Predicate.sol, https://www.notion.so/maticnetwork/Reddit-bakeoff-checklist-b7a5252171ba48d49c5cc816ffd4a0c7, https://docs.matic.today/docs/validate/technical-requirements/, https://github.com/maticnetwork/reddit-poc/blob/master/docs/withdraw.md, https://github.com/maticnetwork/fast-exits, https://github.com/maticnetwork/contracts, https://github.com/maticnetwork/dagger.js, Encouraging Blockchain Innovation at ETHIndia Online’s Chain Runner Hackathon, Matic Network Provides $3k in Bounties for the Dapp Jedi Hackathon, The Final Frontier on the Decentralization journey of Matic:…, Matic Network Launches Live Chainlink Price Feeds to Support…, Validator Onboarding Phase 2 is Complete! We just released version 1 of our mainnet in May 2020 – https://blog.matic.network/the-matic-network-mainnet-is-now-live/. No description, website, or topics provided. Matic network-initiated its journey on the crypto sphere on 29 April 2019 with a price of $0.004. Polygon (formerly Matic Network) was launched in October 2017. The Matic team has put together a Proof-of-Concept for the Reddit Scaling Bake-Off. The YouTube channel has over 1,300 subscribers, and the Twitter account has grown to 32.5k followers since in the 11 months from April 2019 when there were only 2351 followers. About Matic Network. If nothing happens, download GitHub Desktop and try again. (all addresses can be found in /scripts/helpers/mumbai.json). Matic Network, Ethereum, Staking Mainnet, India With Sandeep Nailwal With certain variations, the price hit a high of $0.03 by the end of May and further declined to $0.01 by early June. Security. Before moving to its network in 2019, the Polygon team was a huge contributor in the Ethereum ecosystem. Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days). Data availability is based on 2/3+1 BFT majority on the Matic Heimdall chain by validators who stake Matic tokens on the staking smart contracts on Ethereum, and are incentivized to do so. User submits subscribe transaction to place a subscription intent, thereby burning some amount of their tokens. Block time on the Matic sidechain is ~2 seconds. Binance is the current most active market trading it. In the future, there will be multiple sidechains added. Learning an uncommon or proprietary language should not be necessary. Matic Network solves the above problems by building a decentralized platform using an adapted version of Plasma framework that provides a solution for faster and extremely low-cost transactions with finality on the main chain. All three Reddit's contracts were deployed on Matic. Compatibility with common utilities & toolchains is expected. This contract internally verified the burn proof to mint tokens on main chain. That represents 30 Integrating will help Aavegotchi users to enjoy near zero transaction fees and faster settlement times. The Matic sidechain processed 3mn transactions over 12 hours with a total gas fees of USD 3.52 as part of the Great Reddit Scaling Bake-Off PoC. A detailed explanation of the demo is given here: The following contracts have been deployed on, User requests a claim from Owner account, and submits the claim to the distributions contract which then (internally) calls Subreddit Points contract to.
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