The issue of scalability has been a topic that has been discussed since the beginning of blockchain technology. When Vitalik Buterin initially founded Ethereum, scalability was one of his main concerns. He determined that the only way to scale the blockchain was to implement a concept known as sharding.
The idea behind sharding is that not all nodes have to be validators and miners and can participate in other roles like voting on transactions. This would dramatically increase transactions per second.
Matic has also introduced sharding technology into their platform but are using a very different approach than Ethereum. Whereas Matic shares its blockchain with respect to account balances and transaction amounts, Cardano shares its blockchain with respect to data availability and security concerns.
And in the Matic Vs Cardano article, you will get to know which one will be the best bet to invest in.
What is Matic?
Matic blockchain is a new way to create a trusted decentralized transaction. Matus Lestan created it, and the tokens are known as MATIC. The company has formed a team of cryptocurrency experts dedicated to the future success of Matic cryptocurrency and the future success of Matic blockchain.
In the summer of 2016, Matic Network was established by the former Ethereum Mist lead, Artur Gavriluk.
After years of work on decentralized applications and infrastructure, Artur saw the deficiencies in the Ethereum ecosystem and decided to build a solution to its scalability issues.
After he left Ethereum’s team, he joined Consensys and, in collaboration with the team there, started working on a new solution to the scalability problem called Matic Network.
Many people are saying that Matic is a scam and that it’s not worth investing in. I disagree with them. I have done my research about Matic and have decided to invest in it.
So, is investing in Matic Cryptocurrency worth it? Well, if you want my honest opinion, it is. I’ve already invested a few bucks into it, and I think the price will rise over the next few months.
Key Functions and Features of Matic Cryptocurrency
Matic implements two novel solutions to deal with the scalability problem facing current blockchain technologies.
These solutions are:
(1) Sidechains, and
(2) Plasma framework.
The first solution is to create a sidechain for every single transaction. This is done using the proposed state channel extension to the plasma framework. By doing so, only the root chain will be responsible for verifying Proof of Work (PoW) blocks, and all side chains will be responsible for validating transactions between chains.
This separation of responsibilities reduces the computational load on the root chain and enables fast and secure smart contract execution. As a result, transaction confirmation times can be reduced to a few seconds.
The second solution is to use fraudproof mechanisms that ensure that invalid transactions cannot cause harm to the system. In case a sidechain observer notices that a transaction has been executed incorrectly, he may prove this by creating a fraud-proof that allows a sidechain judge to penalize the malicious actor by confiscating his funds.
In this way, we can ensure that the overall system is secure against malicious actors and that no funds are lost.
Instant transactions – The Matic network manages to process millions of transactions per second safely, all of them being final.
True Decentralization – The Matic blockchain can operate without any central authority, completely decentralized.
Low fees – It only costs ~$1 to use and has no minimum fees, meaning that both micro-payments and large payments are equally cheap.
No mining uses the unique Proof of Stake mining protocol to ensure network integrity and security.
Matic supports the complete Ethereum Virtual Machine (EVM) with all smart contract functionality, such as creating, deploying and interacting with smart contracts.
Matic Cryptocurrency – Why Should You Invest in Matic Cryptocurrency?
Matic is a Plasma-based side-chain to solve the Ethereum blockchain’s problems and offer a solution for dApps with massive user load.
It uses a consensus mechanism called PoS on the state roots of the sidechain, which allows for higher throughput and better scalability with zero Proof of Work. The side-chain uses Proof of Stake on the state roots tied to Ethereum main chain security via a fraud-proof mechanism.
As more dApps start using the Matic chain, the speed and throughput offered by Matic will be much faster than what Ethereum can provide. Matic should be able to scale to 10,000 transactions per second.
Key reasons to invest in Matic Cryptocurrency:
- The Matic Network provides the infrastructure that allows anyone to process transactions using any currency or asset they wish while being assured their transactions will be secure, decentralized, and have low fees.
- The team behind Matic believes in the power of Ethereum and has built their solution on top of it. The core product is a payment channel protocol within a side chain. This essentially means it is a second-layer solution running on top of an already existing blockchain.
- The team emphasized that the currency required for staking could be exchanged for any other currency, which makes them more suited to investors looking to diversify their portfolios.
- They also stated that they would not be punished for having pure speculative investment rather than interest in the actual product.
What is Cardano?
Cardano is a new and highly scalable blockchain platform. Before you get too excited, Cardano’s first thing to know is that it’s not a cryptocurrency. Rather, Cardano is a blockchain platform that can be used to build decentralized applications and services. In this sense, Cardano has been called “Ethereum backward.
Is Cardano a better investment than Bitcoin? Cardano cryptocurrency, or simply Cardano, is an open-source blockchain and cryptocurrency project and is fully decentralized without any central authorities.
The project has been built by a global team of researchers and developers, and it is the first blockchain platform to evolve out of a scientific philosophy and a research-first-driven approach.
The Cardano team developed the cryptocurrency protocol and its core principles form the basis for other blockchain projects within the Cardano ecosystem corridor.
The Cardano platform allows the users to build decentralized applications on top of the blockchain network and use this platform as a store of value (like bitcoin).
The blockchain itself uses the proof of stake algorithm which allows users to mine/trade for coins in a more energy-efficient way than bitcoin.
Key Functions and Features of Cardano Cryptocurrency
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve from a scientific philosophy and a research-first-driven approach.
The development team comprises a large global collective of expert engineers and researchers.
Cardano is founded by Input Output Hong Kong (IOHK) and is the only blockchain platform to be designed and built by leading academics and engineers.
Details:
Protocol layer: Cardano Settlement Layer (CSL)
Consensus layer: Ouroboros
Proof-of-Stake with delegation
Smart contract layer: Solidity, Plutus, Shelley
Side chains
IOHK is a leading blockchain research and development company. They were founded in 2015 by Charles Hoskinson and Jeremy Wood who are well regarded as some of the most experienced professionals in the blockchain sector.
To date, IOHK has secured over $20m in funding from leading investors including Emurgo, the Cardano Foundation, and leading Asian venture capital firms such as NKB Group and Blockchain Ventures.
IOHK has a strong presence in Asia with offices in Japan, Vietnam and Cambodia with plans for further expansion throughout the year.
Cardano Cryptocurrency – Why Should You Invest in Matic Cryptocurrency?
Cardano is a decentralized, public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed.
The Cardano roadmap is in two tiers, with the first focusing on the delivery of secure wallets and decentralized computation, and the second tier will focus on delivering smart contracts and regulatory-compliant applications.
Proof of Stake (PoS) and Ouroboros are fundamental protocols underlying the network. Cardano uses Ouroboros to generate a unique Proof of Stake consensus algorithm, designed with in-built incentives and game theoretic incentives to secure consensus on its blockchain.
The team is researching secure proof of stake algorithms that will allow Ouroboros to evolve to support cloud computation and in some cases, even quantum computer processing.
Features such as interoperability, delegation, wallets and side chains are on the roadmap. They plan to introduce side chains to cater for other cryptocurrencies (e.g., Bitcoin) which will run on their network as separate chains.
Key reasons to invest in Matic Cryptocurrency:
- They have a highly reliable group of developers who offer insight into their strategy’s vision, reasoning and decisions.
- It’s also one of the best-known cryptocurrencies, which means you’re likely to find support and more options for exchanges. And this doesn’t mention what Cardano is planning for the future, including its partnership with Metaps.
- Cardano is a blockchain network that uses ADA tokens to fuel its functionality. The token is the currency created by Charles Hoskinson and team when they forked the original Ethereum code in 2015. Like other cryptocurrencies, Cardano has its own wallet where users can store ADA tokens.
- The cryptocurrency has made a lot of progress in the time it’s been active, despite the fact that it only came into existence in 2017. That’s because Cardano’s team of developers and researchers have been working tirelessly to get the project off the ground over the past two years. They’ve also been hard at work improving their codebase, which is why Cardano is one of the few cryptocurrencies out there with a peer-reviewed code.
- The Cardano team is also collaborating with a growing number of established companies and institutions to help bring a paradigm shift in how people globally use digital currency. They’re currently working with organizations like Metaps Plus, a South Korean payment service provider, or EMURGO, which is a venture capital firm based in Japan.
- One of the most interesting collaborations that Cardano has entered into is with the Ethiopian government to help the African nation digitize its economy.
Matic Vs Cardano: Which is Safe to Invest?
When investing in cryptocurrency, it is important to look for the coins that are reliable and safe. The cryptocurrencies you choose should provide growth opportunities and also give you safety when investing in them.
There are a lot of coins that are making the headlines these days, but there are only a few that can provide you with the best results. The two cryptocurrencies we will review today are Matic Network (MATIC) and Cardano (ADA).
You may have heard of Matic and Cardano, two cryptocurrency projects that are hoping to make smart contracts safer. So which is the best one to invest your money in?
I prefer to invest in Matic.
The reason I prefer Matic over Cardano is that the Matic team has quite a number of developers from the Ethereum foundation along with the founding members of Coinsecure. The Cardano Foundation has IOHK, which is a fantastic team that has accompanied Cardano from conception.
The problem with IOHK is that they are not as fast as a development team and also aren’t as good at marketing as Matic. While IOHK is a great team, they might be a little too slow for the market.
Matic comes with a well-rounded stack of security, PoS and Plasma technologies backed by one of the most experienced teams in the space. I feel more secure investing in a project with the foundation members working on it.
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I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.