Polygon Price (MATIC)

Among other problems that are inherent to Ethereum-based projects and that Matic plans to overcome are block size limitations, slow block confirmation, and computations issues in smart contract-based blockchain platforms.

For developers, Matic has designed and rolled out payment APIs and SDKs and a number of other tools helping them create, launch, and migrate decentralized apps built on different platforms. Matic has also developed its own wallet with a simplified interface that can help its users interact with dApps without having to share their private keys. Matic competitors Matic Network is not the only project in the blockchain industry to struggle with the scalability issue. Among its key competitors who develop Layer-2 solutions are Loom Network, OmiseGO, Proof of Authority Network, Lition, Liquid Network, and Rootstock. A number of projects work on implementing the side-chain solutions, too. These are the Lightning Network, Raiden Network, Celer Venwork and Liquidity Network. Cosmos and Polkadot develop a solution for the interoperability problem, and one also should keep in mind EOS, TRON, and Zilliqa that have resolved the scalability problem in their own way and are already widely used by developers.

The competition is pretty high, however, as Matic has already rolled out some Minimum Viable Products, it has good chances to gain its market share. Matic token The platform is fueled by a native ERC-20 token MTX. This is a utility token and it has the following use cases: Covering transaction fees. Any transactions occurring in the system will require paying the network fee which users will pay with the help of Matic. Backing the Proof-of-Stake consensus. In order to validate transactions, nodes will have to stake MTX in the system. The rewards for validation will be paid in MTX as well. Supporting the Protocol Funding Ecosystem. For every transaction, a small part of the transaction fee will be sent to the platform’s reserve which is used to support projects improving the Matic ecosystem. Matic IEO Matic distributed its tokens via an IEO on Binance Launchpad on April 24-26th, 2019. During the IEO, 1.9 billion tokens were distributed out of the total supply of 10 billion helping the project raise its hard cap of 5 million USD. The rest of the tokens were allocated for the following purposes:

3.8% - private sale 16% - team 4% - advisors 12% - network operations 21.86% - foundation 23.33% - ecosystem Matic team The project was founded by an India-based team in 2017. Jaynti Kanari is the project’s Co-founder and CEO. He holds a Bachelor’s degree at Dharmsinh Desai Institute of Technology and prior to Matic, he has worked as a Data Scientist for almost 3 years at Housing.com.

Another Co-founder and COO of the project, Sandeep Nailwal, holds an MBA in Technology, Finance, and Supply Chain Management from the National Institute of Industrial Engineering, one of the most prestigious educational establishments in India. He also was a Co-founder at another blockchain project ScopeWeaver.com.

The third Co-founder and CPO Anurag Arjun holds a Bachelor’s degree in Engineering and Computer Engineering at the Nirma Institute of Technology. Before Matic, he had worked for over three years as AVP (Product Management) at IRIS Business and founded the Dexter Consultancy firm specializing in Management Consulting.