NFT Spotlight #13 — Matic Network, improving the blockchain processes
The 0xcert NFT Spotlight Series is aimed at bringing to light the 50 shades of non-fungibility. From games to cards, and from protocols to supporting services, there is no shortage of uniqueness.
In this episode (no. 13!), we invited Matic Network to present their point of view on the current state of the market, since they know a lot about the issues of the blockchain and are providing great solutions for them.
(Would you prefer other non-fungible interviews? They’re waiting for you at the end of the article.)
📢 What’s the thing about Matic Network?
With a thorough understanding of not only the potential but also the issues with blockchain networks, the Matic Network improves the blockchain performance with scalable, fast and secure transactions.
💪 What nut are they cracking?
The bigger the blockchain networks grew, the slower and more expensive the transactions became. Especially with the Ethereum, the most frequently used platform for smart contracts, the scalability of the network has been an obstacle for many that were looking to deploy decentralized applications (dapps) for broader use as they could instill a massive influx of on-chain operations and potentially clog the network. This makes a widespread adoption more challenging since people just want high effectiveness at a low cost.
Another issue is the user experience of many dapps which in many cases are still not adapted for the Average Joe who doesn’t understand (or doesn’t care to know) the infrastructure requirements, needed approvals, and integrations.
🔧 How do they do it?
Similarly to the Lightning Network for the Bitcoin blockchain, the Matic Network enables faster operations on the Ethereum blockchain by making them connect to the Matic sidechain through Plasma framework, and guarantees support for both ERC-20 and ERC-721 tokens. If you are a dapp developer, you can leverage the Matic Network to improve its scalability through its SDKs and APIs.
In terms of UX, it bridges the gap between the users and decentralized apps by providing a more user-friendly and intuitive interaction with the decentralized network and its products.
⛓️ Matic Network in action
With the product ecosystem that they are building and which includes mobile apps, desktop wallets, and browser extensions, they hope to further improve the relationship the general public has with decentralized apps.
The Matic Wallet enables easy and safe management of the wallets and its contracts at one place. For reviewing events and transactions on the Ethereum blockchain in real-time, you can implement their Matic Dagger tool and keep on track with the growth of data inscribed on the blockchain.
Last but not least, the Matic Network also stands out for being the first infrastructural project that recognized the value of the Non-fungible Alliance and joined other projects in the non-fungible space.
❓ Non-fungible Q&A
While Matic Network deals with and develops advanced tech solutions for a more effective infrastructure of the blockchain, they are also well aware of the personality and individuality that makes the blockchain world go forward.
Their individuality was brought to our fungible interview by Siddharth Jain, the VP of Operations and Marketing at Matic Network.
1. What do you expect to see in 10-years time in the non-fungible field? The most creative answers count double.
I envision NFTs helping monetize marginalized skill sets by creating secondary markets for a plethora of use cases. For instance, it will create a whole new job market and make gaming a lucrative earning option not just for pros but for amateurs, as well. Imagine gaming work-spaces and gamers earning sustenance by playing and trading progress items. It happens today as well but the secondary markets of in-game item NFTs will launch these incomes into orbit. No more transfer restrictions, no more losing items when games ship new editions, and an assured marketplace. So yeah, Charlie next door is most definitely getting rich!
2. In terms of other NFT projects, which one would you nominate for a Golden Globe and why?
Surely the OG — Cryptokitties — the project that showcased NFTs potential to the community and spurred a ton of development on this front.
And, of course, the talk of the Mana town — Decentraland for making everyone’s virtual dreams come true.
3. What would you rather have — your pet cat tokenized on the blockchain or a tangible, strokable 3D-version of your favorite crypto-asset?
Who needs a cat when I can stroke my precious, ETH!
4. A CryptoKitty and an Axie enter the ring. Who wins?
Boom! — It’s round one KO for the Axie!
Lesson: Purring doesn’t win you fights! Axies are battle-trained, duh.
5. Finish the joke: “Matic walks into a bar…
… and all the ladies in the house want to do fast ‘transactions’ with Matic. ;)
👩⛓️
Many thanks to Siddharth and his Matic Network team. Projects solving real pains in the processes deserve an appropriate recognition. And it’s always nice to see that visionary groups like Matic Network see the value in non-fungibility, as well.
Check out the Matic Network and updates on their:
There’s more to the non-fungibility. Much more:
NFT Spotlight #1 — Kette.io, protecting your NFTs
NFT Spotlight #2 — CryptoDecks, trackers of non-fungible values
NFT Spotlight #3 — KnownOrigin, the non-fungible art platform
NFT Spotlight #4 — Mokens, helping you create and compose NFTs
NFT Spotlight #5 — OpenSea, customizable NFT marketplace
NFT Spotlight #6 — CryptoCarz, VR racing on the blockchain
NFT Spotlight #7 — Dapp.com, all decentralized apps in one spot
NFT Spotlight #8 — Nonfungible.com, market insights for NFTs
NFT Spotlight #9 — CryptoCup, sports betting through NFTs
NFT Spotlight #10 — Block3, bringing NFTs to entrepreneurship
NFT Spotlight #11 — CoinGecko, crypto market data aggregator
NFT Spotlight #12 — CryptoMotors, creators of non-fungible digital cars
This article has been originally published at 0xcert.org and replicated here with express permission by 0xcert.
