Despite the distressing crypto ecosystem in India, the community often witnesses several crypto-blockchain meetups, conferences, and events. These conferences bring together the best minds of the industry within and outside India which power up the spirit of decentralization within the crypto community in India. One such biggest event that intends to move forward the Indian crypto ecosystem was “Genesis DevCon’ organized by IBC Media in the Silicon Valley of India, Bangalore.
Notably, Visionary Financial was one among the media partners for Genesis DevCon, an event organized for two days i.e November 25-26. During an event, we interacted with a couple of interesting projects in the crypto-blockchain industry including Tezos, Aeternity, Matic Network, Inblox, and many others.
Matic network is a layer two scaling solution which is backed by Coinbase and supported by Binance. During a talk with Mr. Nirbhik from Matic, Visionary Financial finds a compelling outlook of Matic Network based on the approach they are taking and the problem they are solving. Below we walk you through the full interview.
Mr. Nirbhik takes care of growth and communities at Matic and claimed himself as the very first employee of Matic.
Visionary Financial – What is Matic?
Matic Network - Matic is a layer 2 scaling solution that works on top of Ethereum. It’s like Ethereum but it’s a side chain project in which a lot of dApps and projects work on for the scalability. Ethereum isn’t mainly focusing on scalability - although they are coming up with ETH 2.0, they are basically focusing on security and decentralization – theystill need a scaling solution to match up with the centralized competitors.
We (Matic) bank on security and decentralization of Ethereum - our system also has a proof of stake layer to maintain the decentralization. Plasma framework is what we use on the security side of things. We have two layers of security, and on Ethereum you always have a copy of whatever happens on the Matic. It’s very similar to Ethereum – if you want to move from Ethereum to Matic, you just need to change the RPC interface and you’re on Matic. During this transition, even the coding interface remains the same.
Visionary Financial - How do you explain Matic to Non-tech guys?
Matic Network - Say you have a factory and your factory gets orders of 100units/day. Now you feel like you’re getting chocked and you’re not able to produce 100 quantities - what you do is, you outsource to a smaller player and tell them to produce 20 units and deliver it to you. The bigger unit is producing 80 units and the smaller is producing 20 units. The production is done at the same time and on the same date. Doing so, you’re not loosing on efficiency – you’ve got your work done. With the smaller production, you’re doing it very fast. There are 80 batches to be prepared and there are 20 batches to be prepared. The industry preparing 20 units will now transfer it back to the bigger one - So that’s how it is - You have the main chain (80 units) and you have a side chain (20 units). dApps are building on Matic which is a layer 2 solution. They are transacting with Matic and Matic is taking care of all the interaction.
If you start building on top of Ethereum, there’s a big learning curve that you need to go through. What we are doing is, we are focusing on user experience and the developer experience which means if your building a dApp, you need to be fast and at par with centralized service. That’s why you need a better experience for users.
We are coming up with the dApp search engine unit. We are creating efficient user experience, which will ultimately help us scale in the long-term.
Visionary Financial - Who do you think the biggest competitor of Matic?
Matic Network - Scale, Loom network, Stellar but they are following different approaches to scaling. Indirectly we are a competitor but directly we follow a different approach,
Visionary Financial - If not Ethereum which platform would have been the best suit for Matic.?
Matic Network - Ultimately, Ethereum is the biggest chain right now, the most adopted one. If not Ethereum, maybe Bitcoin or NEO.
Visionary Financial - What areas do you see the dApp will see the most use-cases.?
Matic Network - Decentralized Finance (Defi) and Gaming. If you gamify something, people will use it. These areas will see huge adoption in the long run.
Visionary Financial - There has been a lot of talk regarding dApps not being user friendly, walk us through the progress and your stance on this subject?
Matic Network -There is a big learning curve that you have to go through when you want to start building something on Ethereum or a blockchain. So a lot of time will be dedicated to creating a PoC....Taking it to the final stage, it takes time, it takes few iterations to reach that final point – In contrast, if you take UI of our web page, it was quite simple like Black and White color and we revamped everything and saw what people need and created everything accordingly– we created those verticals, web pages, sub-directories – that’s how we scale it.
Visionary Financial - What's your stance on current crypto regulatory scenario in India?
Matic Network - It will take time, it’s a journey. A lot of things happening in the background, lot of scams and Ponzi schemes have come up and stolen money from people that is what stopped government from thinking positive about the crypto ecosystem in India.
India has a history...USA or China does something 10 years back, we (India) are coping it later. This is the moment; we need to hold on to, if we don’t do it we will probably copy after 10 years
Visionary Financial - What would be Matic’s contribution if there’s a close-talk of regulators with the project owners/developers like Matic?
Matic Network - Matic’s founders (Jayanti Kanani, Sandeep Nailwal, Anurag Arjun) are already in talks with them (regulators and policymakers) to better understand the situation. Talking about forming an alliance, we are already working on it. We are forming an alliance with the different crypto projects, influencers in India, We’re aiming to create a PoC or sort of prototype which we can show to government - Boss, see this is working on a blockchain.
Visionary Financial - What do you think the next biggest exchange in India except Binance?
CoinDCX is coming up...probably they can be the next big exchange in India, depending on the regulation. They are good guys and they are doing good for Indian ecosystem.
Conclusively, Nirbhik states that Matic is building a community in almost all countries to educate people, bringing them on Ethereum and probably bring them to Matic if possible.
Image Source - Medium