Matic Network ICO Review

Matic Network

Scalable and instant blockchain transactions

Matic Network Score



Matic ICO REVIEW: NOT COMPLETED! WAITING FOR TOKEN  METRICS, SCORE MAY CHANGE!

 
Matic Network brings massive scale to Ethereum using an adapted version of Plasma with PoS based side chains.

Decentralized Apps are making huge progress but the current blockchain ecosystem is not prepared to scale as per the demand.

Slow block confirmations and high gas fees need to be solved before we target mass adoption by mainstream users. And most importantly, it needs awesome user experience.

We aim to change that by simplifying the interaction between users and the decentralized world. We want to make interacting with the decentralized ecosystem so easy that anyone can do so without worrying about the complexity of the system.

 

REVIEW VIDEO

review video

TOKEN SALES

METRICS

Full breakdown

Matic Network ICO Review: Token Metrics & Usecase

Matic intends to be a general purpose scaling solution for public blockchains, therefore it needs to have its own token so that MTX can be used to scale any Blockchain not only ethereum. Eliminating dependency on Ethereum as if in future there’s some existential threat on Ethereum, Matic token holders and stakers can simply move to other blockchains like NEO and EOS.

Matic Network Token Usecase:

  1. The token is used to pay for the transaction fees in the network
  2. The token is used for staking to participate in the Proof of Stake consensus mechanism for checkpointing layer and block production layer

Matic Network intends to enable Dapps to pay Matic network fees in Dapp-coins by abstracting a token swap mechanism using a liquidity pool like Kyber. The user simply uses her Dapp-coins to pay fees, in the background the Dappcoin is swapped for Matic tokens.

Matic tokens will burn a percentage of transaction fee in every block. This makes the tokens deflationary in nature and provide it a constant support in terms of its value at the protocol level.

Green lights

  • Matic Network uses atomic Swaps, giving users great user experience.
  • Consensus algo uses the header Block of ETH, and will use the Ethereum virtual Machine to deploy on different ERC-20 Protocols.
  • Proven demo that shows Matic can vastly improve Transaction Times.
  • Team is scoring average.
  • Competitors have all very high market caps.
  • Great MVP, already 6 Dapps working on it, DAI stablecoin already adapted MTX.
  • Blockchain Agnostics is very needed.
  • Github is active, most of the team members made a lot of contributions to open source developement of plasma protocols.

red flags

  • Token usecase is very weak, people only need to buy the token if they want to run a matic node.
  • A lot of competitors that are trying to scale onchain projects.
  • Team is not very business experienced.
Full overview

Matic ICO Review: Overview

Blockchain Smart contract platforms and cryptocurrencies have captured mass attention but still haven’t been able to achieve mass adoption due to the scalability and user experience issues. Even on Ethereum, which is the most widely used smart contracts platform, there have been no significant Dapps which have seen mass adoption. There have been a few cases where one or the other particular application temporarily succeeded in achieving a significant user base but it led to crippling of the entire network during the high load times. Essentially meaning that even the most advanced and widely used platforms are not ready for mass adoption.

Matic Network strives to solve the scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem. Matic Network is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to Dapps/user functionalities.

Matic Network approach at solving Scalability

Matic Network ico is building an adapted version of Plasma framework that provides a solution for faster and extremely low cost transactions with finality on a main chain.

Matic Network solves the low transaction throughput problem by using a Delegate layer to produce the blocks. Delegates enable the system to produce blocks at a very fast rate. The system ensures decentralization using PoS checkpoints which are pushed to the Ethereum mainchain. This enables Matic to theoretically achieve 2¹⁶ transactions on a single side chain.

 

Here is how Matic works:

  1. User deposits crypto assets in Matic contract on mainchain (currently implemented with Ethereum blockchain only)
  2. Once deposited tokens get confirmed on the main chain, the corresponding tokens will get reflected on the Matic chain.
  3. The user can now transfer tokens to anyone they want instantly with negligible fees. Matic chain has faster blocks (approximately 1 second or less). That way, the transfer will be done almost instantly.
  4. Once a user is ready, they can withdraw remaining tokens from the main chain by establishing proof of remaining tokens on Root contract (contract deployed on Ethereum chain)

 

Matic Network Key Asspects

Matic Network Atomic swaps

Matic smart contracts will allow users to pay with any crypto token they prefer and receiver will receive payment in assets they prefer. Matic will handle conversation through atomic swap between cross-chain crypto asse

Liquidity providers

The network will exchange any tokens to targeted tokens by leveraging 0x liquidity pool or other liquidity providers while transferring crypto assets. In case of fiat, we are planning to collaborate with fiat liquidity providers in all major currencies.

Decentralized Exchange (DEX)

Matic has all characteristics which an exchange platform should have — faster and cheaper trades. Matic will provide support for decentralized exchanges and enable trust-less, reliable and easy crypto trades. The decentralized exchange are the future for digital assets and provides better security and solvency instead of centralized exchanges.

 

Matic Network ICO working Demo:

 The demo is available Here

 

Matic ICO General Overview

A single side chain has the capacity of 2^16 (65,000+) transactions per second. Matic network has the capability to add multiple side chains,  Focus will be on stabilizing the network with one side chain.

How are you going to solve the issues with centralization?

The PoA nodes that you saw, are going to be Delegates ( with Proof of Solvency i.e They have to deposit high amount of stake ) and KYC basically selected by the PoS layer just like a EOS style DPoS or DBFT nodes.

Secondly, let’s assume all of the Delegates (or 2/3rd of them) turn bad actors and produce faulty blocks, then you have PoS layer stakers who are going to validate all the blocks and if any frauds are committed the stakes of Delegates are slashed, the checkpointing is stopped for the corrective actions.

Thirdly, let’s say even the Staker PoS layer (which would be a large number of nodes) also turns bad and collude to produce faulty checkpoints. I.e all the PoA are corrupt and PoS are corrupt Even then following Plasma philosophy we are writing one of the coveted things of side chain scaling, Fraud proofs which is being watched by many big projects ( The watchers can be seen as our repository watchers on Github). This fraud proof mechanism enables any one in public to challenge any transaction on the Mainchain, succeeding which they stand to gain rewards from the slashing of stakes of all the stakeholders involved in the commited fraud.

Matic Network
DETAILED ANALYSIS

ICOs Found

ADVISOR SCORE

Low

  • Only 3 advisors, none of them list Matic Network on linkedIn.
  • Team is associated with Decentraland, 2 out of 3 advisors work for decentraland.

TEAM SCORE

Low - Medium

  • Need more indepth review of the team, please send us more information.
  • So far the team is not that impressive, however most of the team members show a lot of experience in Blockchain development.

HYPE SCORE

Medium - High

  • There is a  lot of interest in the space about Matic Network. They were the first to prove scalling of existing Blockchain projects.
  • Several large influencers talk about Matic.network.

TOKEN SCORE

Unknown

  • No details about Token Metrics yet.
  • Token usecases are:
    • 1) pay network fees
      2) stake for liquidators
      3) Dapps maintaining liquidity reserves
  • Token usecase requires working Dapps to hold a Pool of MTX tokens to help their network run faster, this will reduce circulating supply and increase demand.

CONCLUSION

Matic Network Review: Conclusion

The main reason this ICO is so attractive to this many people is because they managed to launch a working MVP for a sidechain scalability solution.

The ability to scale existing Blockchain via sidechains is a huge idea and will play a big role in 2019. Several ICOs like Radon Network and others have been working on this for over a year and have not presented as much as the Matic Network ICO.

That said in general the team is lacking in experience in Blockchain development as a lot of the team members are only experienced in web development.

ICOs with a working product tend to do quite well, but in the current market conditions it is very difficult for any ICO to make a profit Post ICO. Token metrics become more important than anything else. We need full transperency in regards to Private Sale investor bonus rounds, seed round prices and lockup and post exchange plans.

Currently we are Neutral on the Matic ICO, this is not financial advise always find several different opinions and form your own one as well. Always do your own due dilligance.

4.2

ADVISOR

4.6

TEAM

5

HYPE

6.1

TOKEN

highspeed

CATEGORY

All information including our "Grading system" rating, is provided merely for informational purposes. ICO DOG does not provide investment advice (read more).

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