What is MATIC [Matic Network]? 4th IEO detail on Binance Launchpad

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What is MATIC NETWORK (MATIC)? Details of the 4th IEO project

Following the CELER project, this is the 4th IEO project named Matic Network above Binance Launchpad - a stepping stone for blockchain projects. Let's Blogtienao Discover what this project has HOT!

Matic Network Project

  • Is a layer 2 scaling solution using sidechains.
  • Ensure asset safety using Plasma frameworks and a decentralized network of Proof-of-Stake (PoS) validators.
  • Many projects have built applications and integrated with Matic.
  • The first testnet was released in September, and an advanced pre-mainnet version of the network was available internally.
  • Will soon launch user-friendly Plasma wallets.

Main features and highlights

  • Ability of extension: Quick, low cost and secure transactions on Matic sidechains.
  • High bandwidth: Achieve up to 7.000 TPS on just one sidechain on the internal testnet.
  • Security: Matic chain operators are the creators of the PoS system.
  • Public Sidechains: The nature of Matic sidechains is public (compared to individual dApp chains), permissionless and capable of supporting multiple protocols.

Target

Matic's goal is to create a Layer 2 replication solution that is influenced by the plasma chain. This is to allow the network to meet the transactional needs of a wide range of dApps.

Value proposition

  • Matic Layer 2 is a variant based on MoreVP (More Viable Plasma)
  • Matic sidechains are basically EVM support chains and are conducive to the deployment of solid smart contracts. Ethereum developers can use them to extend their applications / Protocols.
  • Commercially, the structure of Matic sidechains is effective in supporting the many decentralized Finance protocols (DeFi) available in the Ethereum ecosystem.
  • Matic's core purpose is to allow dApps to compete with today's centralized applications through the user experience.

MATIC cryptocurrency 

What is MATIC token?

MATIC is the native token in the ecosystem of Matic Network. MATIC was issued as ERC-20 but has now been converted to BEP-2

MATIC token index

MATIC token use cases

There are three main use cases:

  • Used for staking, participating in sidechain's Proof of Stake consensus mechanism.
  • Used to pay mining rewards to POS manufacturers and transaction fees / gas.
  • After each transaction, a small portion of the fee will be put into a separate fund. They will be used to enhance the Matic ecosystem.

To administer the token and how to use the fund

As of February 26, 02, Matic Network has used about 2019% of the amount in the distribution below:

  • Partnership 1%.
  • Marketing 9%.
  • Juridical 15%
  • Technical development 75%

Risk management plan

Matic plans to always keep enough fiat reserves for its operating costs for at least 12 months. The rest of the funds will be kept in the form of cryptocurrencies and stored in multi-signature cold wallets.

MATIC token issuance schedule

The following chart shows the number of MATIC tokens planned to be issued monthly

MATIC token issuance schedule

Distribute the MATIC token

  • Private Sale accounting for 3.80% of total supply.
  • Launchpad sale accounting for 19% of total supply.
  • Team accounting for 16% of total supply.
  • Advisory Board accounting for 4% of total supply.
  • Network activity accounting for 12% of total supply.
  • Foundation accounting for 21.86% of total supply.
  • Ecosystem accounting for 23.33% of total supply.

About Private Sale

  • Seed Round: 1 MATIC = 0.00079 USD; collected a total of 165.000 USD; sold 2.09% of total supply.
  • Early supporters: 1 MATIC = 0.00263 USD; collected a total of 450.000 USD; sold 1.71% of total supply.

About Binance Launchpad

  • Conducted in April 4
  • The total expected return is ~ 5.000.000 USD BNB for ~ 0.00263 / token
  • Sold 19% of total supply

Wallet hosting

Because MATIC tokens are now converted to BEP-2 format, you can hold them directly on Binance. Besides, you can store in cold wallets like Ledger Nano, Safe deposit… Also, Matic has released a separate wallet, so you can use them (download Matic's wallet squid fishing tours).

Plan for funds

The development team plans to reserve enough fiat money to cover the cost of all activities for 12 months. All remaining funds will be kept in multi-signature cold wallets.

Route of dMatic project

Quarter 3 / 2018

  • Testnet is released for developers
  • Plasma MVP contract on testnet
  • Support all ERC-20 for fast payment at low cost
  • Integrate Dagger with Zapier

Quarter 4 / 2018

  • Matic.js Javascript SDK is released for testnet
  • Internal release of Matic mobile application
  • WalletConnect support on mobile apps

Quarter 1 / 2019

  • Support ERC-721 to deploy POS Matic testnet for Staker nodes (circulating internally)
  • Release testnet v.2 for developers
  • Burner wallet is integrated with Matic testnet

Quarter 2 / 2019

  • Mainnet release
  • Deploy Matic Plasma to allow deposit and withdrawal of coins issued on Ethereum
  • Cross-asset swaps between ERC721-ERC20, ERC20-ERC20, ERC721-ERC721 on testnet
  • PoS onboarding validator
  • Developing dApps
  • Matic Wallet - WalletConnect for dApps (Ethereum & Matic Network transactions)

Quarter 3 / 2019

  • Release the mainnet Matic (beta)
  • Asset swap (ERC721-ERC20, ERC20-ERC20, ERC721-ERC721) on the mainnet
  • Support smart contracts (with PoS)
  • Plasma Fast is completed on testnet
  • Plasma Watcher buttons

Quarter 4/2019 and Quarter 1/2020

  • Launch of Matic mainnet
  • Transaction relay group (executing transactions without ETH) - allowing easy asset migration from Ethereum to Matic
  • Support smart contracts (with Plasma), Proof-of-Concept
  • Launch of NFT Marketplace platform

Trade partnerships and business development

Matic has partnered with several blockchain projects including:

  • Decentraland: A virtual reality platform built on the Ethereum blockchain. Matic cooperates with Decentraland to expand the transaction scale.
  • Quarkchain: A secure, decentralized and scalable * permissionless blockchain *. Matic and Quarkchain work together to expand L2 by using solutions from Plasma sidechain on Quarkchain. In addition, they will also build other services like Dagger and Mobile Wallet for Quarkchain.
  • Ankr Network: A distributed computing platform. Matic and Ankr will build a decentralized web 3 stack * together. In addition, Ankr will be able to provide distributed cloud computing services for decentralized application development on Matic Network.
  • Portis: A technology company that aims to make it easy for anyone around the world to use decentralized applications. Matic is helping Portis applications scale and enhance the user experience.
  • Maker DAO: The company behind DAI Stablecoin. Matic is helping dApps developers to use DAI on Matic Network. In addition, Matic plans to integrate DAI as the first ERC-20 token on sidechains.
  • Ripio Credit Network: Peer-to-peer credit network. Matic teamed up with Ripio to integrate Micro loans on its plasma sidechains.

Overview of the Matic development team

  • Jaynti Kanani (CEO): Formerly a data scientist at Housing.com. Responsible for many aspects of Github
  • Sandeep Nailwal (Co-Founder): Ex-CTO (Ecommerce) of Welsasta Group. He used to run a company in Blockchain field. Former Deloitte Technology advisor.
  • Anurag Arjun (Co-Founder): Used to be a product manager of IRIS Business. As an entrepreneur and previously owned a company called Dexter Consultingancy.

In addition, the project brings together 6 developers, 2 marketing experts and 1 product manager. They are all highly experienced people in blockchain and former employees of world-class companies.

Matic's transaction data

MATIC tokens have not been actively traded since the date of this report.

Technical overview of Matic

Public Github repositories 

Contracts: Smart contract of Matic

matic.js: Javascript developer library

eth-dagger.js: A library to connect to the dagger server and manage subscriptions for the Ethereum Blockchain

sol-trace: Tracking runtime error

eth-decoder: Library for decoding ethereum transactions and logs

tokenized-pos: The token staker slots for the Proof-of-Stake system

Private Github repositories

Heimdall: Authentication button for the Matic PoS class

wallet-app: React Native mobile app (Android & iOS supported), Plasma interaction, and WalletConnect integration

dagger-server: Real-time blocks, transactions, logs and event notifications push for the Ethereum blockchain

dagger-zapier: Integrates Dagger with Zapier platform

hermione: The Ethereum data processor is scalable and real time

ether-sql-node: Ethereum SQL Syncer for API and query faster

dagger webhooks: Dagger webhooks for third party services

marketplace-poc: Marketplace on Plasma Proof-of-Concept

Matic Products & Figures

Product

  • Dagger is a product of the Matic ecosystem. They allow developers to collect real-time Ethereum updates to include in their products. There are more than 400 dApps and trackers built with this tool.

Products of matic

In addition, Matic will release its own wallet to facilitate asset transfer to sidechains and easier asset management for users.

  • Expected Dau is another product from the Matic ecosystem. This product allows lower txn fees but users get a better game experience. It may be 100 times better than expected to compete with other games and applications
  • Pocket full of Quarters: Fundraising game on Republic.co
  • Chainbreakers: The game is built on Decentraland Universe

Blockchain & Metrics

The mechanism for determining transaction fees will be similar to that on Ethereum, but it is expected that the fees will be significantly lower than that of Ethereum.

sidechain

In the image above, the blue box represents the sidechain and the human symbol represents the stake layer.

Matic community data

Strategy for the community

The main goal of the Matic development team is to increasingly attract more dApp developers. Besides, the group also outlines specific goals for each country:

  • India: Hold DApp training at IIT Bombay. Support and provide guidance for some projects. Become a sponsor and member of jury of ETHIndia and ETHSingapore
  • United States & China: Because the two countries are home to many blockchain developers, this will be the focus of the project
  • Japan: The group is working hard to raise awareness in the community and intends to build a large development base here, targeting corporate use cases.
  • Virtue: A team developing the Decentraland RPG game, Chainbreakers, said they will use the Matic Network to expand demand. Besides, Matic plans to build a development center in Berlin
  • UK: Partner with a decentralized exchange to consider switching sidechains, to speed up transaction processing and increase user acceptance
  • Vietnam: Create a telegram team to engage the Vietnamese community and hold developer meetings
  • Thailand: The group plans to search for potential universities and developers to collaborate, in order to promote blockchain development

Community and social channels

  • Twitter | 1,507 members
  • Medium | 245 Followers
  • Official Announcement Channel | 2,016 Followers
  • Telegram - Matic Network Official Community | 7,868 Members

Differences of the Matic network

  • ~ 1 second / block - - Suitable for real world use cases
  • Secure property with plasma
  • Public Chains are capable of storing multiple protocols, thus enabling interoperability and DeFi solutions
  • The test layer is built on PoS; enable the provision of financial and fraud proof on the main chain
  • All tools in the Ethereum ecosystem are immediately supported and applications built on Ethereum can come online.

Adviser Matic project

  • Pete Kim | Coinbase: Technical Manager, Wallet
  • Esteban Jordan | Decentraland: Founder & CTO
  • Ari Meilich | Decentraland: Founder & CEO

How to own MATIC token?

  1. Join IEO
  2. Buy tokens on Binance or staking
  3. Become a contributor to the network to be rewarded with tokens

How to profit from Matic coins

In order to profit from Matic, you can trade them on exchanges that support this token (for example, Binance). Also you can follow up on “lending"Of Binance see if the exchange supports this way of making money for Matic tokens.

Should we invest in Matic coins?

Each investment decision has its own advantages and risks. Therefore, Blogtienao Hope this article can help you have a more detailed view of the project as well as help you make the best decisions.

Details of the Matic Network project (MATIC) on Binance Launchpad

Chi tiết bán token MATIC

  • Time sold: 15:00 February 24, 04 to 2019:21 March 00, 26
  • Token Name: MATIC
  • Total token supply: 10.000.000.000 MATIC
  • Total tokens allocated to Binance Launchpad: 1.900.000.000 MATIC (19% of total supply)
  • Price of public token sale (Public Sale): 1 MATIC = 0.00263 USD (price in BNB will be determined 1 day before the date of lottery)
  • Form of token sale: Lottery
  • Maximum number of winning lottery tickets: 16.666
  • Reward for each winning ticket: 300 USD (114.068,44 MATIC)
  • Accept payment: only BNB

Important milestones

  • 18:00 01/04/2019: Start depositing or buying BNB in ​​your account. Users can also begin to sign a "Token Purchase Agreement".
  • 07:00 05/04/2019: The user's BNB balance is recorded at this time and will continue to be recorded at 0:00 AM (UTC) every day for 20 days.
  • 07:00 24/04/2019: The final BNB balance in the user account is recorded to determine if the user has met or is ineligible to participate in the lottery purchase. The "Token Purchase Agreement" will close and cannot be signed after this time.
  • 15:00 24/04/2019: Open ticket sales to all eligible users for a 24-hour period.
  • 15:00 25/04/2019: Close of ticket sales and lottery program begins.
  • 21:00 25/04/2019: Winning tickets are announced and the corresponding BNB numbers will be deducted from the winner's account within 24 hours. Please make sure you have enough BNB in ​​your account to deduct if you have a winning ticket.

*Note: All times and dates are in Vietnamese time.

Distribution of lottery tickets

The number of tickets will be calculated by the average daily BNB balance you hold:

  • 50 ≤ x <200 BNB: 1 ticket
  • 200 ≤ x <300 BNB: 2 ticket
  • 300 ≤ x <400 BNB: 3 ticket
  • 400 ≤ x <500 BNB: 4 ticket
  • x ≥ 500 BNB: 5 tickets

Quick crash course:

1) permissionless blockchain (roughly translated: open blockchain): is a popular blockchain that we are using every day (Bitcoin, Ethereum, ...). The word "open" here means that anyone can join the blockchain network (read / write data on the blockchain) and can also exit the blockchain network without any strings attached.

2) edge device: A network device that connects an internal local area network (LAN) to an external wide area network (WAN) or the Internet.

3) web 3 stack: The next generation of web in which decentralized applications (dApps) operate on shared data layers and users have control of their data and are able to move between applications at a low cost. convert

Conclusion

Through the above article, Blogtienao Hope you have found the information you want and how to participate in this Binance Launchpad. Blogtienao Thank you for viewing the article and wish you success!

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