“This is sooo soo cool !! All Awesome Women in Crypto in one place !! United Women Power.”
Matic Network COO
May：Welcome to 499Block!
Nailwal：Hi All, Thank you so much for inviting me here and giving me a chance to speak about Matic Network to you all.Very excited !!!
May：Let's start!Alright， it's my honor to be the host today!Thank you Sandeep and Thank you ladies. Our first question would be What is Matic Network and also how did you guys come together to start Matic?
Nailwal：Sure, Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation, while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. In very simple terms, solving the problems that blockchains face i.e Scalability (slow transactions , very high fees) & bad user experience on Layer 2.
We three co founders have been active for a long time in the Indian blockchain space and have been working as friends on various blockchain research problems.
We decided to come together after realizing the fact that the Blockchain scaling space had a lot of problems to be solved in terms of its implementation, user experience and viability.
We founded Matic to provide developers better options for building their D-Apps on L2 solutions. We are glad that today , Matic is THE Biggest blockchian platform of India. There are many startups building or are planning to build on Matic Network because of superior User experience and more importantly, superior Developer Experience.So yeah, that's in a nutshell is story of Matic .
May：Super! As the most well-known Indian blockchain project, do you have specific plan to leverage Indian community?
Nailwal：Yeah, our focus is Developers.
I believe in simple theory :
1. Bring more developers on the platform
2. Make it easy for them to develop their product and focus on their user applications
3. When developers build killer applications, users will come, so enable them
4. Happy users will be bring more users and hence Network effects. That means mass adoption and thats how the network will grow in Value and its reach.
Now, I will give you examples of these above points in action, these are not merely words or theory.
So for point no. 1.
We have been judges and mentors is over 20+ hackathons in the last year itself all accross India. I can happily tell you that almost all the Top Technology schools in India have had some or the other interaction with Matic and upcoming developers and students know about Matic very well.
We have been Judges at Ethereum Global events like Ethereum India , Ethereum Singapore . In Ethereum Singapore, our CEO & CTO Jaynti was a judge alongside might Vitalik Buterin.
So we are doing a lot to bring developers.
For point no. 2
Many of you wont know that , Matic is the owner of famous Ethereum Event Product called EthDAGGER (which helps developers to catch events in the smart contracts and do interactions with users on their mobile app, for ex. you recieved money , they can catch the event and show you a mobile notification, SMS , Email whatever.
Dagger also comes with Zapier integrations , where with very less amount of work , even without being a developer you can integrate SMS, Email, Discord, Whatsapp, Slack with Ethereum events.
Also, we wrote the core protocol for WalletConnect which brings Wechat kind of features to Ethereum. You can simply scan QR code to play games, make payments, or interact with any kind of smart contract. We also have a full blown Plasma wallet for developers to build easily and focus on their application feature, without caring about the infrastructure.Also, we support Solidity (Ethereum's language) and that makes is a 2 min job for an Ethereum developer to migrate the application to Layer 2.
Those are BIG things for Developer experience, and when the developers see its easy to build on Matic, they come in large numbers.
Point no. 3
We help developers with funding, technical help etc to support them.We have $500k USD program for our developers , to support them through their MVP space. So yeah , these are the things we've been doing to bring developers and grow the platform in India.
I am sorry for the BIGGG answer. The question got me excited to tell you what all we have been doing.
May：SO, let's move 499 block to Ethereum~ Sandeep will help us.
Nailwal：Absolutelyyyyyy !!!Would love too.
May：Yea, we would be the first on chain female community.
Nailwal：I have heard that 499Block community is one of the most amazing Crypto Community in China.
I am so honoured to be speaking to you . Thanks May for facilitating this !!!
May：You are very welcome! It is the most amazing crypto community in China for sure.
Nailwal：The pleasure and honor is all mine.
May：We are glad to hear so many progress, but what were the major tech challenges faced by Matic team?
Nailwal：You know what, I was thinking about this idea too, We dont have anything like this in India.
This is sooo soo cool !! All Awesome Women in Crypto in one place !!
United Women Power.
Trista：Let's gether the India Blcokchain Industry woman practitioner together!!!
Nailwal：Lemme know if you want to plan 499 Chapter in India. Would love to faciliate it.
May：Let’s bring up my question again! We are glad to hear so many progress, but what were the major tech challenges faced by Matic team?
Nailwal：Sure So, Matic is in very advanced stages of development already. We have conquered most of our engineering hurdles and are in very good shape for our go-to-market.
One of the biggest challenges were to make a robust validator layer for Matic which has its own consensus layer amongst the validators where in they agree on a particular proof of snapshot of sidechain and submit to mainchain. We evaluated various approaches from building our own consensus mechanism to using some of the existing popular ones.
At last we zeroed in on Tendermint, we did heavy customization to the core engine to suit our purpose. In order to make the network stabilized we had to do multiple internal runs of testnets to take it to a level where it is today and hopefully very soon will be ready to be launched into the wild :)
We have already brought an advanced version of the testnet and are ready to release a mainnet version soon. We have already completed prod-ready versions of the following:
- Plasma Smart contracts
- Stake Manager contracts
- Heimdall (Proof-of-Stake network)
- Bor (Block Producer layer)
- Plasma Wallet
For more details, see https://matic.network/roadmap/ for current progress and future plans.
May：You are in a pretty good stage of development, How can Matic Network do to solve major issues that DApps face?
Nailwal：Two major issues are holding back mass adoption:
With Matic Network, we aim to solve this by having Plasma-based side-chains on top of Ethereum for high scalability and secure transactions.
So on Matic your fees are like 1/100th of what you have on Etheruem.
And The txn speed is also ~1 sec. So its like using the applications like Wechat. You do some activity, its done almost immediately.
Thats the level Dapps have to achieve to become popular.
One of the key pillars of Matic Network’s ideology is user experience which is very poor for Blockchain applications as of now. Matic Team has already built high-quality user experience Mobile/Web browser libraries (like WalletConnect) and tools such as Dagger which will enable businesses to create real-world end-user applications at large scale. This will help developers focus on building awesome applications instead of solving for these problems.
Why i emphasize on UX again and again, is that its very important for the Networks and Blockchain industry to grow.
Like ask yourselves, will you ever use a Wechat , which takes 15seconds to send your message from one person to another, no right, its irritating at best :D :D
May：That's ture. Will L1 scaling efforts on Ethereum affect Matic?
Nailwal：The answer is No, its actually Beneficial to Matic. If L1 grows, Matic grows as it takes its power from Ethereum
I will rest my case by quoting Vitalik Buterin ( Ethereum Founder) here :
Lemme find that quote.
“The reason I think layer 1 and layer 2 are complementary is because ultimately, if you look at the math, the scalability gains from the layer 1 improvements and layer 2 improvements do ultimately multiply with each other. If you have a Sharding solution, the Sharding solution itself might increase the scalability of Ethereum by a factor of 100, or eventually even more. But then, if you do Plasma on top of the scalability solution, then what that means is, you’re not just doing 100 times of the amount of activity but you are doing 100 times the amount of entrances, the amount of exits, and dispute resolutions”
Thus higher the throughput of the base chain the better it is for all L2 solutions.
May：I think people would ask, Matic Network valuation is pretty low compared to other launchpad project, do you want to share some reasons behind?
Nailwal：Since we are based out of India, our cash burn is on the lower side. We do NOT need to raise 10s of millions of dollars from public.
We want to start small and grow heavily from here.
We have always been a very frugal team - you can yourself see the kind of progress we have made with minimal seed funding like 600k odd. In 600k we did what big projects are able to do with 10-20mn in funding.
We have a very decent long term runway assured with us.
We also wanted to keep the valuation low to ensure our community gains the most in the future, if our network becomes big and valuable.
May：That's a professional attitute to deal with concrete issues.While, these are pretty much what we want to ask Matic today. We are right now open to whatever questions from you, ladies! Anyone wants to know more about Matic? or about Sandeep.
Alicia：The metaphor of WeChat is impressive. is there any DAPP built on Matic now？
Nailwal：Yes, To get some examples, check twitter for CryptoStaw, Dappos Matic Video , Quarters (gaming) etc. Also, though we are going to announce it later, but a top 100 project by Market CAp is going to release their marketplace on Matic. We are going to DEXes also to be supported on Matic.There are also games like Chainbreakers.
Check this out, they are also building on Matic, Very cool.
May：Saw a awesome home page, I think all ladies are super satisfied with what your share today, covering almost everything @Sandeep Nailwal | Matic,Thanks again for bringing in those thoughts and we would like to see a bright future of an on-chain 499 community!
Nailwal：Hahaha, Either everyone is satifisfied or they got bored (Hoping that's not the case )
But once again thanks to all the super amazing ladies in the group for your kind attention.
Hope to speak more to you all in future .
Anthurine：Thanks for sharding Sandeep. I have a question , so Celer is using state channel while you are using side chain for scalability. What is the biggest advantage ?
Nailwal：So State channels is being explored since 3-4 years in blockchain industry. Many dont know but Lightening Network on Bitcoin is also a State Channel implementation. The bigges problem with State Channels is who gets to manage the states. Cuz off chain compuation happens between two parties after a simple contract on mainchain. I think Celer is trying to solve those problems.But We think that Matic EVM sidechains have a much better "Developer Experience" and hence better chance of picking up real world adoption.
Anthurine：I see. Thanks for the answer. We are looking forward to working with you :)
Celine：Have the same question here How do u think about side chain’s advantage compared to that of state channel? If it is possible , u may give us some numbers for reference.
Nailwal：So I answered few things above, but a slightly more detailed version can be found here.
How is Matic Network different than Celer Network?¶
Both Matic Network and Celer Network are different solutions to the same problem - low transaction throughput in current blockchains. Both utilise off-chain scaling techniques and rely on the main chain for final security; however the fundamental difference is in the approaches - Matic Network is based on a set of Plasma sidechain(s) backed by Proof-of-Stake consensus (see http://plasma.io/ for more details), whereas Celer Network is a state-channel based solution. Both projects aim for generalized state transitions off-chain, but in vastly different ways.
Matic Network is aiming to build a DApp developer ecosystem. Since it uses an account-based Plasma sidechain, and also employs a 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 in this respect as well, Celer Network is different in terms of developer interfacing.
So lets go deep in state channels if you wanna understand differences a bit more.So imagine you and me are playing a game on statechannel based Network.what we do is , we do a contract say 5 ETH on mainchain , share a state and take it offline (thats the meaning of state channels)so now offline we have a state which we sign and send to each other,so say you made a gomuku move, you sign the transaction , share it with me,, i sign my move and send it to you.say we have 100 moves and the game is over. Now the winner needs to get 5ETH , so have to take all those transactions on mainchain for the mainchain contract to finalize the results.in all this 2 problems.
1. I need to do 2 txns on mainchain , one at the time of starting the state channel and next at the time of ending the state channel
2. If the state channel txns become too big , then the settlement may fail on mainchain , i.e you wont be able to settle them easily
3. What if you and me both somehow loose those states ( like you lost your phone and i accidently deleted OR i was loosing and I dont share those transactions with you now that you have lost the phone)
4. and bigger problem is , in order for you and me to play, we both need to have state channel open.
like on Bitcoin lightening Network if you want to pay me , we both should have a state channel , that means we both need to have channel opened off chain.
Now with Matic sidechains, all of this is not there.as the "Chain" is storing the assets. and more specificaly, chain is storing and maintaining the "states"so if you want to send me 1 ETH on Matic sidechain , and I m not even present on sidechain. you can still send it on my Ethereum address, and whenever I use my same Ethereum address on sidechian, I will see that money credited.
May：Wow, I think we all fully understand now. Again, it is glad to have you here Sandeep. Looking forwards to meeting you in Consensus New York this May!!
Nailwal：Thank you so much all !!
Super stuff May and the entire 499Block team.