Jaynti Kanani is the Co-founder and CEO of Matic Network which was established in October 2017. He kick-started his career as a Senior Software Engineer in Persistent Systems in 2011. He has an incredible experience in leading the data science team at Housing.com, a promising real estate startup in India. As a prominent full-stack developer and blockchain engineer, he has made effective contributions to Web3, Plasma, and WalletConnect.
CryptoNewsZ: Please tell us about yourself, and how did the idea to start Matic Network come to you?
Hi, I am Jaynti Kanani, Founder, and CEO of Matic Network.
In 2017, I was working on a side project, and microtransactions were one of the major requirements for that project. There was no widely used global solution for this at that time. Then I found about Ethereum and realized there is a need for scalability.
So, Matic network started as a pure research effort back in Nov 2017 when I started looking to find scaling solutions for end-user products. Plasma was an obvious choice. I started contributing prolifically to Plasma, with Matic Network being one of the first implementations of Plasma MVP. Soon we realized that all the proposed plasma implementations had usability as well as scaling issues.
CryptoNewsZ: What is Matic Network, and what does it focus on?
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. Matic aims to be the de-facto platform on which developers will deploy and run decentralized applications in a secure and decentralized manner.
Matic plans to support other blockchains in the future, which will enable it to provide interoperability features alongside offering scalability to existing public blockchains.
Key things Matic wants to do:
– Solve scalability by providing Layer 2 solutions
– Application platform for DApp developers on Matic (Like Stripe for DApps/payments)
– Provide assets interoperability for DEXs like 0xprotocol and other Dapps
– Better UX/UI for mass adoption while having better security and scalability
CryptoNewsZ: How would you describe the primary features of Matic Network?
The primary feature of the Matic network is its unique development of the Plasma framework with below key features and highlights:
● Scalability: Fast, low-cost and secure transactions on Matic sidechains with finality achieved on mainchain and Ethereum as the first compatible Layer 1 basechain
● High Throughput: Achieved up to 7,000 TPS on a single sidechain on internal testnet; Multiple chains to be added for horizontal scaling
● User Experience: Smooth UX and developer abstraction from mainchain to Matic chain; native mobile apps and SDK with WalletConnect support
● Security: Matic chain operators are themselves stakers in the PoS system
● Public Sidechains: Matic sidechains are public in nature (vs. individual dApp chains), permissionless and capable of supporting multiple protocols
CryptoNewsZ: What do you think about blockchain technology? Why is blockchain trustworthy?
Blockchain is one of the most critical innovations in the history of technology so far. And why Blockchain is so important is that it allows a way to create a system for a group of people, who don’t know each other or anonymous, to establish trust and allows them to make a change in the system unanimously. With all participants having skin in the game, they work towards the system’s success and get rewards for their work as cryptocurrencies, which makes it more trustworthy for network users.
CryptoNewsZ: What steps are being taken by Matic Network to bridge the gap between the current blockchain ecosystem and mainstream users?
Matic Network is actively working around the clock to engage with local developer communities, particularly in India. We recently sponsored the [email protected] Hackathon in Bengaluru, India, to onboard a large number of developers onto the Matic platform. Our COO and CPO (Sandeep Nailwal and Anurag Arjun, respectively), recently traveled to Los Angeles, California to sponsor the very first Blockchain Stage at E3, the world’s largest gaming convention. In addition to consistently engaging with people at hackathons, meetups, and conferences, we’re are also constantly engaging with our community members through a variety of community initiatives.
CryptoNewsZ: Explain to us about Dagger, its features, and how users can use Dagger?
What makes Dagger so useful is that end users can receive push notifications on their desktops when transactions are confirmed. When we extrapolate the countless number the decentralized use cases that can be applied to the Ethereum network, this will be extremely useful for applications that require immediate feedback.
Please learn more at: https://matic.network/dagger/
CryptoNewsZ: Tell us something about the WalletConnect Integration. What are your expectations from it?
Wallet Connect bridges communication between Dapps and mobile wallets using QR codes. It is an open protocol and does not require a Dapp user to install a browser extension. The protocol is agnostic to specific mobile wallets a user may want to use and enables Dapp developers to integrate with multiple wallets through a single implementation. Walletconnect will make private key management a lot easier task for end-users as it is one of the major concerns in Dapp Interaction currently.
CryptoNewsZ: According to Matic Network’s roadmap, NFT exit token-Dharma integration-Ethereum Mainnet are scheduled for the end of 2019, so can you tell us more about the goals you plan to achieve in 2019-20?
● Matic Network Mainnet release (beta)
● Plasma – Asset swaps (ERC721-ERC20, ERC20-ERC20, ERC721-ERC721) support on mainnet
● Generic smart contract support (with PoS guarantees)
● Plasma Fast exits implementation on testnet
● Plasma Watcher nodes
Q4 2019 & Q1 2020
● Matic Network Mainnet release
● Plasma Fast exit services on mainnet
● Transaction relay pool (perform transactions without ETH) – for enabling easy asset/state movement from Ethereum to Matic
● Generic smart contract support (with Plasma guarantees) – Proof-of-Concept
● Plasma – NFT Marketplace platform release for Ethereum assets
CryptoNewsZ: What are the advantages of 0x integration and Dharma integration? What is the significant difference between them?
0x is an exchange protocol on Ethereum which will allow for a lot of devs to build their own relayers – Dex’s. 0x will trustlessly enable the exchange of all digital assets. This is a big step forward from centralized exchanges which retain custody of user funds.
While on the other hand, Dharma enables borrowing and lending crypto without the usual hassles of lending.
Having them on Matic will help devs build DApps or relayers using these protocols to enable DeX’s and lending applications on Matic. These will benefit from the faster block times and low cost of the transactions helping enable superior user experience.
The team at CryptonewsZ is grateful to you for your valuable insights and thoughts.