On 29rd of April 2020, our Community Manager Dahee had a Live AMA session with Chandresh Aharwar, VP of Operations & Marketing of Matic Network.
Dahee: Welcome to the MATIC x Crypto.com Community AMA!
Today we are welcoming our guest from the Matic Team. Chandresh, VP of Operations & Marketing at Matic Network.
Welcome Chandresh! We’ve got a lot of questions for you but to start, can you briefly introduce the Matic Network project and your role in Matic?
Chandresh: Sure! Hi Everyone. Thanks a lot for Inviting Matic Team. Matic is a layer 2 solution on ethereum, focusing on scalability. We did our IEO on Binance in April-2019 & recently completed 1 year.
I am working as a VP- Marketing & Operations with Matic.
Matic Network brings massive scale to Ethereum using an adapted version of Plasma with PoS based side chains. Please refer to our website for more details : https://matic.network/. We have also started our run up to mainnet from yesterday only.
For continuous updates on Matic, please feel free to join our announcement channel.
Dahee: Thanks for your introduction, Chandresh. Now let’s jump into the pre-collected Q&A section! We will have 10 questions before we open for live questions.
1. What is Matic's main difference from other projects? What advantages does Matic provide for Dapps developers? Which Dapps do Matic want to focus on developing?
Chandresh: Unlike other scaling solutions, Matic Network is committed to achieving massive scale alongside decentralization by utilizing checkpoints for ~1 second block times and fraud proofs for security on our enhanced version of the Plasma framework.
We do not sacrifice decentralization for scalability.
- Further, deploying Dapps on Matic is simple, an Ethereum Dapp for example can migrate to Matic in as little as 30 minutes.
- We also provide access to a wide range of developer tooling such as meta transaction services, oracles and wallet tools.
- We treat Dapp team as part of our extended Team & provide support on all fronts including from Marketing push, VC Connections , Tech support to nearly everything they need :)
In terms of our Dapp type focus, our infrastructure is capable of housing a limitless array of Dapp types, and we are keenly focused on gaming and DeFi, as well as welcoming of all Dapps which stand to further the decentralized movement.
2. What are your plans to educate and raise awareness and adoption among the community to make more people understand Matic and its technology?
Chandresh: There is already a high level of awareness of Matic in the industry due to our constant progress and support from high-level industry players such as Binance, Crypto.com and Coinbase.
Our high level of awareness is reflected in our adoption rates - we already have 50+ Dapps building on Matic, a number which is increasing every week.
That said, we are always making moves to spread awareness to further grow our community and Dapp ecosystem.
We regularly take part in industry events, community activities, and education campaigns, and on the developer front we are continually increasing our exposure and educating them on the benefits of building on Matic.
For example, we have conducted more than 75 hackathons this past year in India alone, to grow the Indian blockchain ecosystem. This has helped us hugely and the growing number of Dapps on Matic is testimony to this.
3. Regarding technology (e.g. Sidechain, Privacy, Shardchain, etc), how far are Matic in them at the moment? What is the main focus of Matic in terms of technology at the moment?
Chandresh: Yeah. we have one of the most active community in crypto space & Kudos to your community also.
I nearly everyday see Crypto.com name on twitter. Lot of fans out there 🔥
In terms of development, finalizing our staking mechanism and mainnet infrastructure is the core focus of the Matic development team currently, and progress is going strong.
We have achieved code-complete on all mainnet components, and we are in the last stage of finalizing our staking mechanism via our Counter Stake incentivised stking testnet initiative.
Just yesterday we announced that Stage 1 of Counter Stake was successfully completed, and we are moving onto Stage 2 in the coming days. Stage 2 is the final hurdle before we are able to launch the mainnet, which is due for launch in the coming weeks.
As you can understand, there is a lot of excitement among the Matic community at the moment.
4. Will I earn interest by staking my coins on Matic's Wallet?
Chandresh: Yes. MATIC holders will be able to delegate their tokens to Validators to become part of our staking mechanism, and will generate a passive income via staking rewards in the process.This will be available through the Matic Wallet and through our Staking Dashboard. You can see a sneak peek of our Staking Dashboard here: https://youtu.be/2F7vnn0X2rw
5. How will Matic network face the new pandemic situation and the changes that will follow ?
Chandresh: The current pandemic is obviously causing difficulties for everyone globally, it is not an easy situation to be in for anyone and we have seen many projects struggling and even failing. But for Matic, we have not been impacted.
In fact, we have adapted very well to the situation. We have increased our workrate and are making more progress than ever on all fronts. We have even recently brought on a range of new highly-skilled team members to help us to accelerate our progress more than ever.
COVID or no COVID, Matic is continuing to grow stronger.
We are lucky enough to be operating at 100% delivery rate in this tough situation as all working can be managed remotely.
6. Regarding April 2020 unlock, we understand that for now, except for Advisors token, they will not be unlocked. What will be the mechanics for staking activities/rewards? How long will it be in the long run?
Chandresh: #CommunityFirst. Exactly.
To clarify, of the 1.2B tokens unlocked from the April 2020 token unlock, only ~1.3% of the total supply, the Advisory tokens, will actually be distributed. And of these, our advisors have committed to voluntarily deploy at least 50% of the tokens to staking.
100% of the Team and Foundation tokens from the April unlock have been allocated to staking, which we believe shows our dedication and belief in the long-term success of the project.
Staking rewards will depend on the total number of MATIC tokens locked up for staking by the whole community, but we have allocated a generous amount for the staking reward pool.
The article here gives some reward estimates based on different amounts of MATIC tokens locked: https://blog.matic.network/matic-network-staking-economics
7. What blockchain games are you working with (besides Sandbox and Decentraland)?
Chandresh: Ha ha. Smart move to mention 2 of the biggest metaverse projects which are working with Matic already.
By the way, somnium space is also building on Matic. so all famous 3 are already with us. Apart from this, We have many games building on Matic, there are too many to list individually lol.
Some examples include ChainGuardians, Battle Racers, Chainbreakers, Light Trail Rush, TradeStars etc. These encompass all gaming types from battle games to racing games, and beyond.
Matic is now the go-to platform for all the metaverse projects, which is particularly exciting.
8. What role does the MATIC coin play?
Chandresh: MATIC token has a range of use cases. The primary use case of the MATIC token is to pay for the transaction fees in the network.
The more users onboard to use the apps on Matic Network, the more the transaction volume and hence the higher the demand for MATIC to pay for transaction fees.
MATIC is also used for participating in staking of course, and also for taking part in exclusive token sales which happen using MATIC tokens.
9. Is Matic Network only Focusing & limited to Ethereum Blockchain or you have plans for providing scalability to other Blockchains too?
Chandresh: We have started with Ethereum due to our love for Ethereum and the strength of their Dapp ecosystem.
Ethereum has the most Dapps in their ecosystem by far, which can benefit from our high-performance infrastructure.
The Matic team is also deeply integrated into the Ethereum ecosystem, for example our CEO Jaynti Kanani was one of the original Plasma implementers. So it makes sense from all aspects for us to begin by scaling Ethereum.
That said, Matic Network is blockchain-agnostic, meaning we can scale any Layer 1 blockchain. We are open to providing scaling for any Layer 1 blockchain which requires greater performance and which we see as having great value to the decentralized movement. We have already announced our collaboration with Harmony for this purpose, and we will focus on collaborating with others moving forward.
10. Which important plans does Matic have in the coming months & when will be the launch of mainnet and staking?
Chandresh: As I mentioned previously, mainnet and staking launch are the highest priority of the team right now, which is expected in the coming weeks.
The final mainnet launch will mean that Matic Network will be equipped to offer full functionality to the Dapps on our network with a full range of features. Thus, we can expect the exponential Dapp adoption of Matic to increase even further. Staking is also attracting a high level of interest and excitement from the community.
We have also ramped up our focus on large enterprises and the team is currently exploring multiple angles to engage with enterprises. This focus will continue to become stronger moving forward.
Our goal is to serve as more than simply a scaling solution, but as an entire global collaborative ecosystem of Dapps running on Matic Network which will become stronger together as the ecosystem expands. A big step in this journey will be the launch of our final mainnet, and we couldn’t be more excited to see our development progress so strongly on-track!
Dahee: Thank you for your insightful responses Chandresh and also for the great questions from our community. Now it’s the Live Q&A Session! Chandresh will choose 5 questions total and will address it accordingly.
All questions including pre-collected and live questions that have been selected for the AMA will share a pool of 9,000 MATIC and it will be distributed through the Crypto.com App.
Live Q1. What is the minimum required for staking of MATIC? Is staking profitable and where we can stake?
Chandresh: No Minimum requirement for staking with Matic. You can become a validator with 1 $MATIC token also. Once our mainnet goes live in the coming days, the community will be able to stake or delegate their tokens. Currently for 30% bonding rate of circulating supply, we expect rewards to be around 20% APR
Live Q2. Why would someone invest in a project that supports another project (MATIC). Why not just invest in the main project (ETH)?
Chandresh: Consider Matic as a booster for ethereum chain. Currently ethereum can do approx 15 TPS. If we want to achieve mass adoption, we need much more than that.
With Matic, dapps can achieve desired speed on the ethereum chain itself. Ultimately, I see " all business transactions happening on Matic in future & ethereum exists as secure, decentralized & robust lasyer 1 solution"
Live Q3. Matic Solves Scalability Issues from Blockchains But Security & Interoperability are also major Factors for any Blockchain ! So, How Matic Network will solve Security & Interoperability issues?
Chandresh: We have 2 level of security. POS security of our own & ethereum security as exists happen on ethereum. Once we go live with our mainnet, we will keep on working different implementations & interoperability is one of that.
By the way, BTC is already supported on Matic with the help of Ren Protocol.
Live Q4. Is it possible to combine a scalable solution, such as MATIC, with a network solution of level 0, such as the Marlin protocol?
Chandresh: Yes. We are already working with Marlin & doing a lot of exciting things together. They are our very good friends from India.
Live Q5. Matic token currently relies on the Ethereum platform! But, as we know Ethereum Blockchain currently has many scalability issues! Then, What's the main reason behind choosing Ethereum, not other blockchains?
Chandresh: Ethereum has the biggest developer community & EVM is the ultimate king.
We say - "If you are an ethereum developer, you are already a Matic developer". Ultimate aim is mass adoption & ethereum is driving it from the front. With Matic, we are helping the complete blockchain ecosystem achieve mass adoption by scaling ethereum. In Future, if any other projects gets such traction, we can go ahead & deploy our layer 2 solution on that also :)
Dahee: Thanks for all the questions!
Much appreciation for your insightful responses, Chandresh! We appreciate the folks who stayed all the way.
All questions that were addressed during the AMA will share a pool of 9000 MATC. Congratulations to all of the winners! Our Community Manager will reach out to the winners individually.
Today’s Matic Network x Crypto.com Community AMA has come to an end.
See you next time!