Why Binance and Coinbase are Betting on This Indian Startup

2019-6-20 13:54

In April this year, Coinbase Ventures — an investment arm of the U.S. crypto giant — endorsed a project called Matic Network, whose token sale had just been hosted by Binance Launchpad platform. Its native token — MATIC — experienced a significant 22% boost following the news.

Next month, Matic joined Binance Info’s transparency initiative, becoming one of the first startups to get the “V” Label. The token surged even higher this time, gaining as much as 75% in a single day — an impressive performance for the market that has only just started to come out of hibernation. By May 21, it had gone up 700% since the first of the month.

So what is this mooning project, and why has it been co-signed by both Binance and Coinbase?

Matic is a Mumbai-based startup which was founded in November 2017, amid the research efforts of its CEO Jaynti Kanani, whose team had been looking for scaling solutions for end-user products.

Essentially, Matic seems to offer an efficient way to fix Ethereum, the world’s most popular blockchain platform for decentralized applications (dApps).

Despite the major acclaim, Ethereum is known to suffer from a scalability issue: its network can only process up to 7 transactions per minute, compared to VISA’s whopping 1,700 transactions per second. Of course, unlike Ethereum, VISA is a centralized company, which allows it to offer much better performance to the industry. As a result, the mass adoption of decentralized technology is hindered.

Matic, in turn, claims to have a solution that would scale Ethereum’s performance up to VISA’s level, but keep it decentralized.

For that purpose, the startup has developed the Matic Network, a Layer 2 scaling solution that reportedly achieves better scalability performance by utilizing side chains for off-chain computation. In the most basic sense, it allows to perform the majority of transactions off the Ethereum chain and then register them as single operations, hence significantly unloading the network.

To ensure that the assets are secure on the main chain, which stays decentralized despite being scaled up — a task which has puzzled a great deal of scalability-oriented startups in the past — Matic is using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators, according to its whitepaper.

It might come as no surprise that this project is hailing from India, one of the most important jurisdictions in the crypto space. Being the second largest country by population in the world, it hosts not only a sizeable market for digital assets but a major think tank for blockchain technology.

The local government’s relationship with crypto has been somewhat complex: last year, the Reserve Bank of India’s (RBI) famously banned all domestic financial firms from dealings with crypto-related businesses.

However, the situation has been gradually improving: recently, the central bank has denied that local lawmakers were working on legislation that could impose a 10-year prison sentence for anyone caught holding cryptocurrency, reassuring thousands of shocked local traders.

Indeed, it now becomes evident that for India, crypto is not a threat, but an opportunity to attract investment and grow a new generation of blockchain-savvy developers and entrepreneurs.

Last month, for instance, the government of Telangana presented a draft policy that would make this state the country’s blockchain capital. Specifically, the concept of India’s first ‘Blockchain District’ was presented as a physical area within the city of Hyderabad, which will house major blockchain companies, a large incubator and a world-class facility for promoting research, innovation and industry collaboration.

Meanwhile, the state of Maharashtra has officially endorsed World Blockchain Summit, the global tech event series for crypto professionals across the planet. In fact, more than 50% of Indian states are now involved in blockchain-related projects.

The Indian Government’s Ministry of Human Resource Development has even offered a free 12-week undergraduate course on bitcoin, cryptocurrencies and blockchains entitled “Blockchain Architecture Design and Use Cases”, popularizing the technology among the local population. Similarly, the International Institute of Information Technology (IIIT) in Hyderabad, one of the country’s finest tech-oriented universities, has recently rolled out an executive program covering blockchain, AI, and machine learning.

The example of Matic, on the other hand, seems to confirm that there is no shortage of blockchain talent in India as it is.

Ultimately, by allowing dApps to compete with centralized applications, Matic could become the “Ethereum of India,” and near the long-awaited mass adoption of blockchain. However, the startup doesn’t plan to stop there — Matic will reportedly offer support for additional basechains in the future, based on community suggestions and consensus.

 

The post Why Binance and Coinbase are Betting on This Indian Startup appeared first on NewsBTC.

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binance matic → Результатов: 26


Bitfinex Announces Tokinex, An IEO Platform With One Key Distinction

The Initial Exchange Offering has galvanized the crypto markets – but until a few days ago Bitfinex, which has endured a tumultuous few weeks, was surprisingly quiet on the subject. While Binance launched Matic and Celer, Bittrex canceled RAID, and exchanges across the globe hopped on a rapidly-accelerating bandwagon, innovation specialist iFinex was uncharacteristically silent.

2019-5-21 14:00


Токен Matic вырос более чем на 80% за прошедшие сутки

Во вторник, 21 мая, курс токена Matic достиг исторического максимума в $0,044, после чего снизился. Сейчас альткоин торгуется на уровне в $0,039, за прошедшие сутки рост составил 82%, а за последние 20 дней — свыше 700%.

2019-5-21 13:03


Фото:

Irony: Coinbase Pushes Binance Launchpad Project MATIC To New Heights

Scalability is one of the biggest issues in cryptocurrency, and several leading blockchains are throttled at a handful of transactions per second. High-throughput networks like EOS, which can process 4,000 payments every second, have been able to capitalize – to the tune of a few billion dollars – on the sector’s unmet demand for fast […] The post Irony: Coinbase Pushes Binance Launchpad Project MATIC To New Heights appeared first on Crypto Briefing.

2019-5-1 22:12


В апреле Binance Lauchpad проведет первое IEO по новым правилам

Платформа для запуска токенов Binance Lauchpad объявила о поддержке четвертого в текущем году проекта — Matic Network. Продажа токенов Matic начнется 24 апреля в 5:00 (Москва, Киев). Как напомнила платформа в заявлении, IEO пройдет по новым правилам в формате лотереи, о внедрении которых объявлялось ранее.

2019-4-3 21:44


Binance раскрыла подробности следующего токенсейла на Launchpad

Представители биржи Binance рассказали о проведении следующего токенсейла по новым правилам. В ходе распродажи на Launchpad будут реализованы порядка 1,9 миллиарда монет MATIC. По предварительным данным, токенсейл запланирован на 24 апреля текущего года.

2019-4-2 16:52


В апреле Binance Lauchpad проведет первое IEO по новым правилам

Платформа Binance Lauchpad в апреле намерена провести IEO по новым правилам. Речь идет о проекте Matic Network, старт которого запланирован на конец текущего месяца. IEO будет проведена в формате лотереи, что даст возможность купить токены только тем пользователям, которые получат доступ к распродаже.

2019-4-2 11:24


В апреле Binance Lauchpad проведет первое IEO по новым правилам

Платформа для запуска токенов Binance Lauchpad объявила о поддержке четвертого в текущем году проекта — Matic Network. Продажа токенов Matic начнется 24 апреля в 5:00 (Москва, Киев). Как напомнила платформа в заявлении, IEO пройдет по новым правилам в формате лотереи, о внедрении которых объявлялось ранее.

2019-4-1 17:55


Binance анонсировала подробности IEO Matic Network которое пройдет в формате лотереи

Криптовалютная биржа Binance в этот понедельник анонсировала подробности начального размещения токенов (IEO) на платформе Binance Launchpad, которое пройдёт по новой схеме. Для проведения следующей кампании на Binance Launchpad был выбран проект Matic Network (MATIC).

2019-4-1 17:53


Binance раскрыла подробности следующего токенсейла на Launchpad

Крупнейшая криптовалютная биржа по суточному объему торгов Binance анонсировала токенсейл проекта Matic Network, который начнется 24 апреля в 8:00 UTC. Отметим, что продажа токенов впервые будет осуществлена в лотерейном формате.

2019-4-1 17:46


Сегодня Binance анонсировала очередной проект на Binance Launchpad

Недавно объявленная продажа токенов будет проводиться на Binance Launchpad - Matic Network. Это масштабирующее решение уровня 2, которое обеспечивает масштабирование за счет использования боковых цепей для вычислений вне цепочки, обеспечивая при этом безопасность активов с помощью инфраструктуры Plasma и децентрализованной сети валидаторов Proof-of-Stake (PoS).

2019-4-1 15:38


Фото:

На Binance Launchpad пройдет токенсейл Matic Network

Следующим проектом, продажа токенов которого будет проведена на платформе Binance Launchpad, станет Matic Network (MATIC). Информация об этом появилась на сайте Binance. Introducing the MATIC Token Sale! Matic Network, officially prepares for its launch on @Binance Launchpad beginning on April 24th at 8:00 AM UTC! (https://t.

2019-4-1 15:13