by Rushali 
Cryptocurrency is a decentralized currency based on the technology called blockchain which can be used to buy goods and also as a storage value. Bitcoin is the most common, oldest, and widely used cryptocurrency. There are other cryptocurrencies as well like ethereum, dogecoin, litecoin, etc.
Cryptocurrency has many advantages which fulfill the normal currency’s demerits. But as the environment’s rule no matter how much the thing is technically perfect but still it has many demerits. Cryptocurrencies also have many demerits that the world is dealing with. That is the reason that scientists are constantly trying to develop a new thing that will eliminate the cryptocurrency problems. And they have developed Matic.
This article will tell all about this invention only. Let’s start with knowing the meaning of Matic.
What is Matic?
Matic is an ideal blockchain platform that provides its users with a fast and cheap transaction and that also eliminates the problems of normal decentralized currency. Its objective is to provide a multipurpose and multifunctional platform to the whole world.
The Matic Network is developed by Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun in the year 2017, in the month of October. The development was done after the duo Vitalik Buterin and Joseph Poon has released a white paper on plasma framework. They have observed that Ethereum is not capable of fulfilling all the demerits of bitcoin, so they used the benefit of using PoS side chains connected to the root chain. In this, each and every individual chain deals with its independent blockchain with its own mechanism, block validators and it can create more child chains of its own.
Matic Network creators have made an interface library that was one of its kind. These tools help the users to create programs and implement the interface. In 2019, the network has launched a different kind of token called Matic.
Now, let’s see what potential the network holds.
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Potential of Matic
Matic can be integrated into decentralized apps that enable payment from anywhere in the world. The time is taken to complete a transaction is just a few seconds. This happens because the block creation time is the lowest and the cost is also very less. Matic gives APIs/SDKs to the decentralized apps and enables the users to pay in cryptocurrency like Ethereum, bitcoin, etc.
The decentralized exchanges use Mtic and can create inexpensive trade for the users. Partnering with Matic is a great offer for decentralized exchange as it provides a secure and trustworthy platform. And these exchanges definitely will create the future. So, we can surely say that Matic is the future.
Not only these Matic also speeds up the gaming software. Since all the transaction in the gaming world is based on the blockchain so Matic speeds up their transaction and performance.
Advantages
I will try to list all the possible advantages of Matic.
- It assures personal data security as it is based on a blockchain scalability platform an adapted version of Plasma.
- It also can be used as lending and credit scoring platforms used by merchants where they can check the credibility of the borrower by looking at his transaction history.
- Matic also ensures that the users have full control of their private keys.
- It also can be used for multiple apps because of its multifunctional nature.
- A plethora of Defi apps can be posted on Matic’s sidechains.
There are many more advantages of Matic, but I can’t add everything in this article so these were the main.
Recent developments
Now let’s know about the recent development in the Matic.
The Mtic team has always been very active and always working on any update, bringing new innovative products.
Recent announcements
- Mainnet’s Alpha and Beta versions have been launched
- Support of ERC721-ERC20, ERC20-ERC20, ERC721-ERC721 transactions enabled
- Facilitation of adaptation of Proof-of-Stake validators
- Offering API and SDK’s toolkit for easy, simple, and secure Dapps development.
Matic wants to become the most trusted staking provider, and with that objective, they have done many partnerships. They have made an alliance with a stake. fish, stake capital, and staked.
Matic’s partnerships
Matic has done many partnerships in recent times. Somnium space has done a partnership with Matic to provide a secondary land offering. The partnership with Chainlink proved the second most influential nuptial for Matic as it helped with partnerships with Ankr Network, Spring Role Marlin, Stack City, Cere Network, Nestree, Prometheus, and Tokamak. And all these partnerships have allowed Matic to enter a different space of assets like Data Brokerage, integrated messaging apps, WiFi ad Bidding, spearhead Enterprise Adoption, Decentralized oracle, scaling research & recruitment worldwide.
Matic – a strong performer
The biggest strength of Matic is that it is a fraud-proof mechanism. Because it has implemented POS that automatically detects any fraudulent transaction and any user can also inform any suspected behavior, it has become a fraud-proof mechanism.
Another plus point of Matic is that it has plasma implemented that gives scalability to the smart contracts. That also allows it to work at high speed. Mtic network is better than its competitor Raiden Network as it doesn’t require any special payment channel, you will need just an Ethereum address to receive tokens.
We can clearly say that Matic provides a user-friendly platform at a very low cost.
At last, let’s check out some future predictions for Matic.
Future Prediction
In the year 2020, in the month of April, the Matic’s price has raised by 165%. And its best price was $0.0263. Despite the pandemic, it has performed really well showing that people believe in it. Demand is increasing for Matic and supply is decreasing which means that people are holding Matic for the long term.
- Price prediction for the year 2021
Matic has seen massive adoption by Dapps in 2020, so the prices are expected to make a new high of around $0.019. As many new projects are developing with Matic.
- Price prediction for the year 2022
The market is very optimistic about this Network and predicts that it will continue its bullish rally and the price will be around $0.0265.
- Price prediction for the year 2023
If the government changes any rules and regulations this year, then the price can move down to $0.019 otherwise it can reach $0.021.
So, from this article, we have learned that there are many factors and reasons that can make Mtic the future and ultimately a great investment.
Note – All these predictions are from a personal point of view. This article doesn’t guarantee any price movement. We don’t take any responsibility for any kind of profit or loss and don’t give any kind of investment tips. Invest at your own risk.
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