On November 11th, Team Atomic had an AMA session with Matic Network, a blockchain scalability platform that provides secure, scalable and instant transactions powered by PoS side chains and an adapted version, in our Telegram Chat. Chandresh Aharwar, VP of Marketing and Strategy, was present on the discussion with our community.
Here are the essential points of the AMA session:
Please welcome Chandresh Aharwar (Ch) and the questions from our Telegram chat members (Q).
Q: What are the current main priorities of the Matic Network? What are some of the use cases that we will see in the future?
Ch: We are focusing on gaming, DeFi, marketplaces, payments, etc. I personally believe gaming will be the game-changer in the near future.
Q: I am an investor who only cares about price. How will you convince me to invest in Matic Network?
Ch: We understand that but ultimately, price action is driven by the continuous efforts team takes on all fronts. We have been taking all the efforts of development and community front which in turn is reflecting in prices also. Matic is the only project in crypto space backed by both Coinbase and Binance both. This should be a good pointer for you.
Q: What is your outlook on the future of cryptocurrencies? What can we do to keep increasing adoption? How can Matic Network help to achieve it?
Ch: I personally believe that we have not even seen the 1% adoption of blockchain yet. And currently, the cryptocurrency market is around $245 billion. I see there is a lot of potentials to derive synergy in multiple sectors with the use of blockchain technology and hopefully, once the actual adoption of blockchain kicks in, it will also reflect in prices. Our team has been continuously taking efforts on the BUIDL front. We have done more than 40 hackathons in India itself to drive the adoption and taking all possible efforts from our end.
Q: There are many projects already that work on scalability with both Layer 1 and Layer 2 solutions, so why would Matic Network be the best choice?
Ch: There are multiple reasons. But I personally see in the near future that Layer 1 blockchains like Ethereum to be fully decentralized, well-tested blockchains where all the business activities happening on Layer 2. There are multiple Layer 2 solutions but each one has its own purpose. Matic Network is the only complete Plasma-based solution in the market.
Q: The Chinese Chairman Xi Jinping recently made a positive speech about blockchain technology. What do you think will change in our world’s future and how will it impact Matic?
Ch: It is good for the overall development of the complete industry. Matic is currently one of the most talked-about projects in the blockchain space. So if we get 1.4 billion people looking into blockchain, we will benefit for sure. And also, we are taking efforts in China to get more visibility.
Q: There are 2 different sides and types of investors. One who holds and support projects and another is trade and get profit. How is Matic seeing both types of investors in the ecosystem? What are the benefits for both cases?
Ch: All the hard work the team is putting in to deliver for the community as well as on the tech side is healthy for both the investors. The kind of volume Matic is getting is the testimony of that and we are very thankful to our community, traders and holders for helping us to reach the top 5 coins in Binance, volume-wise.
Q: There are many applications and projects already in this media industry so do you plan to cooperate and provide support for each other to create a potential and attractive media blockchain market?
Ch: We already have a project building on Matic which is CryptoControl.
Q: Matic Network has partnered with great crypto projects like Decentraland and MakerDAO. Can you determine which types of partnerships you have done with these projects?
Ch: Decentraland is one of the biggest dApps on Matic Network. They will be using Matic Chain.
Q: Matic Network provides a solution to create dApps. What are the use cases of Matic token?
Ch: Matic token’s major utilities are staking as we are PoS-based and gas fees. Over the period of time, Matic token has been used for fundraising, NFT sale on Matic Chain and trading pair against Matic, etc.
Q: According to your whitepaper, the Matic Network ensures a high degree of decentralization by achieving finality on the main chains using the checkpoints and fraud-proof mechanisms. Can you further explain this?
Ch: So when the assets are moved to Layer 2 Matic Chain, your assets are locked onto Ethereum main chain and the replica of your assets are created on Layer 2., The same locked assets are utilized at the time of exit, hence the security is maintained on Ethereum chain itself. It is like providing the scalability to Ethereum and using its security.
Q: According to previous information, Matic can handle 7000 TPS on a side chain. Has Matic Network reached this level already? Are you currently planning to add more processing power?
Ch: We can do 65K TPS on one side chain and have already reached around 10K during the testing phase. The requirement is currently not there but we can add multiple side chains at any time.
Q: The Chinese government has announced its support for blockchain technology. The crypto market’s reaction is very positive. How will Matic take this good chance to be a leading project in the blockchain industry?
Ch: We have already started our expansion in China and we are getting a lot of positive influx from the community.
Q: Which countries are Matic focusing on now? What is your marketing strategy to access these markets?
Ch: We have been focusing on business development in India, China, Korea, Europe, Turkey, and other Southeast Asian countries. All our efforts are combined with proper marketing and we are always interested in getting projects onboard into Matic. I am heading the Marketing and it is great to hear good words about Matic all across the world. Our team keeps on traveling a lot. This also helps in educating our community about Matic.
Q: Why would dApp developers choose Matic Network to develop a dApp? How do you encourage developers to build applications on the blockchain?
Ch: We have always believed in Community First and Developer First Approach. This is one of Matic’s greatest strengths points. That is the reason why we have a loyal community and lots of developers are choosing to build on us. We are currently the most adopted Layer 2 blockchain solution in the crypto space with more than 40 dApps working with us.
We already have our beta mainnet live and achieved around 5K transactions on the first day itself.
Why do developers choose to build on Matic Network?
– Awesome support from our tech team
– Developer tooling
– Developer documentation
– Financial support
– Zero developer effort for moving to Matic
Q: What are the possible biggest challenges Matic might be facing in the future? How do you plan to address them?
Ch: All kidding aside, I feel hiring good talent is our biggest challenge. This space is still pretty early and a lot of innovations keep on coming, so our complete team makes sure that we are well-versed with what is happening and if we need to pivot anywhere. We are a very agile team.
We were glad to host Matic Network on our Telegram. Thanks to the team and all the members of the session!