Matic AMA Recap
CryptoDiffer team
Hello everyone!
Okay, let`s Start, We are glad to meet here Sandeep Nailwal (@sandeepnailwal), COO at Matic!
Can you briefly introduce yourself to the community? What is your background?
Sandeep Nailwal
COO
So basically, I come from a Programming backgound. I did my graduation in Computer Science, and Did my MBA from one of the top schools in India in Information technology.
I’ve been a serial entreprenuer and building scalable businesses have been my passion and what better to be a part of Matic which is a scalability platform 😀 😀
But prior to Matic, I was the CEO of Scopeweaver, which was a B2B services marketplace. Even before that , I was the CTO of Welspun Ecommerce division, which is a 4bn dollar giant in India.
I worked briefly with Deloitte
Cryptodiffer Community
So let`s begin the ama with first question from Twitter:
Q1: In your opinion, what is the next generation killer DApp for blockchain and can it be of main interest in the cryptocurrency space? Can you see what’s in the game, finance, social media or any other category? by https://twitter.com/nutrabay
Sandeep Nailwal
COO
The killer application of crypto is in Finance, be it Payments, DEXes , Tokenization or DeFi.
But in terms of non-financial Dapps, I think it would be most likely a game ! And I think with solutions like Matic, one or the other killer app may be on the horizon.
We have so many games with whom we are working with. We announced a hackathon with Axie Infinity team where many developers from Axie’s large dev community are looking to build games using Axie items onto Matic sidechains. We have many more top notch games from the space looking to utlize Matic’s scalability for their adoption and mass spread
Cryptodiffer Community
Q2: Who is building on MATIC and what are they doing? What are the major milestones you achieved so far? by https://twitter.com/toanphamhd
Sandeep Nailwal
COO
There are huge number of applications who are building on Matic. With our Beta Mainnet launch we are going to bring in a LOT of applications slowly onto the mainnet.
Till now they have been on TestnetV2 or Alpha-maiinnet
There are many Dapps , Games and Protocols like Decentraland , Chainbreakers (Chain breakers Trial of the Artemis to be launched mid October) , Springrole, Incento, Cryptocontrol, Marble Cards and soo on.
There are so many , our announcement channel is the best place to find out the games and dapps building on Matic.
In terms of our Milestones, we have so many things upcoming, Beta mainet launch , Staking, Pre-staking with many top exchanges, Game of Stakes with actual Token staking and rewards for the testing and battle readyness of the network, The big game/dapp launches … there just too much.
and ppl associated with our community know how active we are 😀 😀
Cryptodiffer Community
Q3: Plasma/DAG/Sharding are all gr8 scaling solution, However,those are all pointless if no mass adoption happen in blockchain,what do you think ur project as well as other blockchain project should do to bring more people participating in blockchain industry?
by https://twitter.com/ImRiskyWhisky
Sandeep Nailwal
COO
Very valid statement. I think its perfectly correct that there is not much building technical masterpieces which no one uses. How Matic is different is that we are a Layer2 on top of Matic Network. So essentially, whatever is built on Ethereum can easily use Matic in a plug and play mode. And thats the killer part of Matic. As a developer, you dont need to work too much to understand and deploy onto Matic.
And thats why you are seeing many development activity happening on Matic
Also I am very excited and happy to say that almost 90% of all dapps being built in India have either moved onto or are in the process of moving to Matic Network
Cryptodiffer Community
Great, next question is
Q4: The Matic Network is designed only for Ethereum, or other blockchains could be implemented?
How can the Matic network defend itself against malicious attacks? by https://twitter.com/JLEspertLA
Sandeep Nailwal
COO
Matic is a general purpose Layer 2 solution with Plasma sidechains. It can have any basechain technically.
But we are only focussed on Ethereum for now as we believe that it is the Defacto Dapp platform. But sure in future when more “adopted” Layer1 come up (which we doubt at this point in time) , we can surely integrate on the need basis. Matic Network has a 3 layered security system with Bor consensus at block producers, Heimdal (built on top of tendermint) and Plasma smart contracts on the smart contract level. Matic Network has a 3 layered security system with Bor consensus at block producers, Heimdal (built on top of tendermint) and Plasma smart contracts on the smart contract level.
All these parts of the code are being heavily audited currently. So security and safety of user valuables is paramount to us.
The dual consensus Model that Matic team has implemented is what many projects including Ethereum 2.0(in the interim) are looking to build .
So its backed by both POS (at sidechain ) and on POW (on mainchain using Plasma).
Cryptodiffer Community
Q5: what is Matic Mitra and what are the benefits of this feature on matic platform and how can any user use this? by https://twitter.com/this_is_doc_hd
Sandeep Nailwal
COO
Matic Mitra (Mitra meaning friend) is an intiative to creating a structured close friends community for Matic.
Who can help us on various fronts like scouting for Dapps, organizing Meetups , doing other kind of events etc etc.
Anyone can join the initiatives and reap the rewards by contributing to the advancement of Matic Ecosystem.
And I think our team has done a great job in terms of creating a very rewarding and engaging architecture for the perks related to the Matic Mitra program. I invite you all to join the program !!
Cryptodiffer Community
Q 6: Sharding technology poses a problem of the high transaction cost. How does MATIC control the cost issue and how do you plan to overcome the issue? By https://twitter.com/shivam39389462
Sandeep Nailwal
COO
SInce Matic is a true layer2 ( I say true Layer2 as many Layer2s are just calling themselves layer2 by having simple centralized bridged . They are essentially separate blockchains (or Layer1s) under the garb of Layer2. They use Layer2 name to garner support from Ethereum and its devs. Its a dubious marketing I would say)
As a true layer2 , Matic derives its security and decentralization using Ethereum Layer1 which gives it better tradeoffs at the sidechain level to achieve scale. SInce the sidehchain has the security backing of mainchain, it is easier to achieve more scale and keep the txns costs low on the sidechains)
Cryptodiffer Community
Q7: If the Dapps developer is built on a different platform (not Ethereum), can Matic’s technology be supported? By https://twitter.com/nillerfect310
Sandeep Nailwal
COO
As I already answered the question above, that if a Dapp is built on other platform , for now we dont support other chains 🙁 🙁 . But yeah in future we may support other chains
Cryptodiffer Community
Q8: Can we combine Layer 2 scalability solutions like Matic with Layer 0 networking solutions such as Marlin Protocol to get the best performance for blockchain projects? by https://twitter.com/kitty_racha
Sandeep Nailwal
COO
Yess, its specially true for Matic Network. Since Matic sidechains are full blown EVM sidechains we can use Layer0 Platforms like Marlin to further scale our blockchians at Networking layer as Marlin speeds up the block propagation by multiple folds. So answer is yes !
Cryptodiffer Community
Q9: At my first look on Matic, its goal is to solve the scalability problem on ETH network. But, if ETH 2.0 goes live, scalability problem is not there anymore, is there any impact of its to MATIC network?
by https://twitter.com/paraphan1992
Sandeep Nailwal
COO
hehe, Yeah, its a common misconception that Eth2.0 will solve the scalablility for ever , as in will have infinite scalability which is not the case.
Think about it, Ethereum is today at 10-15 TPS (cuz it has to preserve security and decentralization) with Eth2.0 that TPS may go upto say, 300 , once that happens, again the Dapp surge will choke the network, you will still need Layer2s
Plus the user experience with 1sec blocktimes and Large TPS would be more viable on layer2.
We believe in a future wherein , Layer1 will be a settlement layer while the business activity will happen on the solid Layer2s
Cryptodiffer Community
Final question is here:
Q10:
Currently, What are advantages of Matic Wallet ? I mean as we can use MEW wallet orany ERC20 wallet for MATIC coins ! Is Matic wallet provides any additional features ? by https://twitter.com/SamCryptoTrader
Sandeep Nailwal
COO
Matic wallet is the first fully functional Layer2 wallet. Its more for ease of development for our developers if they dont want to build their own wallet experiences and use WalletConnect on their webdapps/games.
But as a user or developer we want to keep it completely “frictionless”, so you can use any other standard wallet
MEW, Gist, Metamask, Trustwallet etc etc etc
Cryptodiffer Community
How do you feel about competition from other blockchains? A focus or an afterthought from your perspective?
You had your first testnet last year? What time frame can we think of for mainnet? As i roadmap mainnet was in q3-q4 2019?
Sandeep Nailwal
COO
Alpha-mainnet is live since June 2019. Betamainnet is just around the corner ! Betamainnet is the final version, once it gets used and tested enough, it will be moved to final mainnet within this year itself
Cryptodiffer Community
What’s the Consensus Algorithms which are used by matic network for fast and scalable transactions ?
There are already many Projects which works on scalability with Both Layer-1 and Layer-2 solution ! So, why Matic Network would be Best choice ?
Sandeep Nailwal
COO
Counter question, name true Layer2 solutions which are production ready. Answer would be zero to none. The other networks which call them Layer2 are not really layer2 😀 😀 as I explained above in my answer.
Being a true layer2 on Ethereum, developer and user friendly, access to large number of devs in India makes Matic deadly.
Cryptodiffer Community
As a child chain of Binance, do you have a timeframe for Matic will have a reliable wallet available? As a US resident, Binance as it exists will be off limits in 3 months. By this time, I hope to withdrawal from the exchange, overwise, I will have to sell, and I don’t want to sell! Are they erc-20 tokens? Will MEW house them?
Sandeep Nailwal
COO
Yess, MEW, Trustwallet , Metamask or any other kind of wallet works for Matic as ERC20 are our mainnet tokens also (as we are layer2)
Cryptodiffer Community
If the Kovan project were delayed, would it be a problem for you?
How does the checkpoint system work? I mean, how do they record this on the chain? How does it happen and how are these points recorded?
Thank you 😀
Sandeep Nailwal
COO
Checkpoint is a cryptographic fingerprint of sidechain transactions onto the mainchain, using which you can prove activities, ownerships, fraud proofs etc on Mainchain
Cryptodiffer Community
We have been in the bear market for a long time. Despite quality products and strong teams, many projects are very low in price. Do you think that all projects can stand up in a possible bull run? Can Matic be one of these ?
How do you handle/address the issue of negativity/risk of the community breaking up when Matic price falls ?
Sandeep Nailwal
COO
Cannot speak on future price movements of Matic for regulatory reasons. Also no one knows whats gonna happen 😀
But I strongly think and its pretty evident that Matic is one of the most solid projects in the space right now.
Our community is very tightly knit and most of them are long term believers of Matic
Cryptodiffer Community
What makes Matic valuable? It will never replace ETH and it’s just a piece of code that makes ETH faster. Can you please explain it
Sandeep Nailwal
COO
Matic tokens accrue value by 2 primary ways
1. Staking
2. Txns fees on the sidechains
So its not a simple piece of code, its a Network of public sidechains. By value, imagine if Ethereum is $10bn in Network value , what if Matic is able to scale even 10% of Ethereum Dapps, how much it may be worth could be anybody’s guess 🙂
Cryptodiffer Community
Q* What were the major difficulties that you faced while starting this MATIC Network project ? And what was your motivation to continue ?
Q* What about Security ? How one is secure from attacks such as DoS ?
Sandeep Nailwal
COO
Being a project in the space from India was not easy as investors are not easy to come by. Also talent was not easy to come by but I think we faught hard and were able to contribute significantly in bootstrapping the Ethereum dev community in India
Cryptodiffer Community
6.As a crypto enthusiast, i want to know that, if i invest in MATIC and stake the token so what is the Roi for staking MATIC?
Sandeep Nailwal
COO
We launched a full Staking reward article recently. Kindly read it here @maticnetwork_announcements
Cryptodiffer Community
Can there be a congestion during checkpoint exits if traffic is too high and acts as a bottleneck for scalability? Have you tested this scenario and how do you avoid it?
Sandeep Nailwal
COO
yes , Congestion on checkpoints and exits is one issue , We are building incentive models to incentize network actors to pay high gas fee to get these checkpoint txns prioritized.
Also the sidechains, as i said, are fully protected by a decentralized POS layer. So sidechains are like having a Cosmos type security + Plasma exits , so it should be double secured
Cryptodiffer Community
As a learner I recently created a network on IBM cloud to understand how Blockchain works after reading many use case. Do Matic has plan for the early curious mind to explore their network i.e some kind of free sandbox to those user ?
Sandeep Nailwal
COO
Yesss !! More on that soon !
Cryptodiffer Community
I think in future defi/payments dapps will rock because I believe payment on crypto is a big revolution. Will matic supports defi/payments dapps? How much may tps matic serve to these dapps?
Currently, so many new blockchain solutions are coming and promising to deliver the best gaming solution for dapps, and now some of their dapp game lags like hell So can you explain on matic how you planned to resolve these problems? How smooth dapps run on matic after mainnet?
Sandeep Nailwal
COO
Yesss, Incento is one such Promising Dapps. They are looking to build a venmo kinda of app using DAI and Matic
They will be launching on Beta mainnet as soon as it goes live
Cryptodiffer Community
“Once deposited tokens get confirmed on the main chain, the corresponding tokens will get reflected on the Matic chain.” if we deposit ETH on main chain contract will the ETH will be reflecting on Matic? and what will be the use of Matic chain token?
Sandeep Nailwal
COO
ON the sidechain Matic tokens are used for txn fees and NOT ETH. Also staking is done using Matic tokens
Cryptodiffer Community
Why did matic selected proof of stake algorithm instead of all?
Sandeep Nailwal
COO
More scalability, less energy footprint
Cryptodiffer Community
What is your views on ETH2.0, they are trying to solve scalability problem and they have world class developers
Sandeep Nailwal
COO
yess and we try to contribute to it too. Its complementary for us. I replied in detail above in my answers too
Cryptodiffer Community
When will The Matic Network intends to enable mobile device based PoS miners? How will you do the best with the phone without affecting too much to the user?
Sandeep Nailwal
COO
its slightly long term, but yes, its one of the exciting features that look to bring on.
Cryptodiffer Community
What is the difference between loom network and matic?
Sandeep Nailwal
COO
Matic is Plasma backed (more secure) public Layer2 sidechain platform , while loom recently moved away from Layer2 narrative and they are now becoming Layer1. They recently changed the name of Plasmachain to basechain which means they will have their own layer1 and will centralized bridges to other chains.
Cryptodiffer Community
Q:a little bit out of topic question but it’s important – What do you think about hashgraph technologies?) it really can kill blockchain?
Sandeep Nailwal
COO
Many things have come in the past which were going to KILL existing players, but I think most of the times it doesn’t go that way.
Cryptodiffer Community
How is matic associated with india? Will crypto sentiments in india affect matic in any way?
Sandeep Nailwal
COO
Matic India is a simple research and IT company, its not associated with Crypto in any way.
Cryptodiffer Community
The value of MATIC token generated by? What is the MATIC token for? Total supply 10.000.000.000 MATIC – very huge number, Does this affect the price of MATIC tokens, making prices low in the short term and long term?
Compared to Loom, Plasma cash, what are advantages of MATIC? What is the outstanding difference of MATIC?
Sandeep Nailwal
COO
1. it’s not dependent on number of tokens , at the end total market cap matters
2. Compared to Loom, Matic is more secure as it has Plasma implementation with the public sidechains. Loom Plasma cash is not a part of plasmachain (now basechain), Plasma cash was only there for private blockchains which kinda makes those chains highly centralized and kind of defeats the purpose of a “blockchain” game in our perspective
Cryptodiffer Community
As it was mentioned on whitepaper, poor user experience of DApps is one of the problems for Decentralized project.
Matic focused on making it better to be part of many centralized counterparts,
So I would like to know if how that progress is going on and if that is secured as well.
Sandeep Nailwal
COO
yess, we do not compromize on decentralization and security, so the innovations on user experience are being done keeping the core tenets of blockchains in mind
Cryptodiffer Community
What type of crypto projects would best utilize Matic and why? Are you actively seeking partnerships with these type of crypto projects?
What is Matic’s greatest strengths? Weaknesses?
Sandeep Nailwal
COO
Games, Dapps, Protocols for payments, Real world apps (like Springrole, Stackscity)
Cryptodiffer Community
EVM-compatible runtime known as the Matic VM”, it will be relatively easier for Ethereum based dApps to migrate to Matic Network once it is live. So how you will differentiate Matic as general purpose scaling solution? how will Matic VM (Ethereum VM compatible) work with NEO or EOS?
Sandeep Nailwal
COO
We intend to keep sidechains on EVM based due to larger dev base. With Plasma strutures, you can easily map ERC20s on the sidechains to protocols like BEP2 etc , so on the sidechain all valuables become harmonized into ERC standards
Cryptodiffer TEAM
Thank you for your time, it was a pleasure to have you with us!
