Hello guys, Ubong Ephraim here and welcome to a fresh episode of Matic Network spotlight with Ubong Ephraim. On this series I highlight happenings on the Matic Network, such as projects and DApps integrated on Matic Network, Matic Network’s integrations on protocols, partnerships and other important updates.
Been a while since i dropped this weekly series and i honestly apologize for this.
And as you have noticed, I have changed the title of the weekly series from “MATIC DAPP SPOTLIGHT WITH UBONG EPHRAIM” to “MATIC NETWORK SPOTLIGHT WITH UBONG EPHRAIM”. DAPP SPOTLIGHT seems to be a restrictive title as I would love to review other stuff happening on the Matic Network asides Dapps integrated on the leading layer 2 network.
Today we’ll be talking about Gravity Protocol, a blockchain-agnostic oracle system and cross-chain communication network, but before we go into Gravity protocol let’s talk a bit about Matic Network.
Matic network is a blockchain solution that provides scalable, secure and instant Ethereum transactions using Plasma side chains and a Proof-of-Stake network. Matic network has made an effort to resolve the issues of scalability and usability without making a compromise on decentralization.
It is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities.
Matic network was created to solve the problem of scalability associated with most blockchains and also accelerate transaction speeds.
When developers seek to deploy their solutions using blockchain technology, speed and scalability are two utmost features they look out for. Matic network solves these problems very well while adding additional features such as a smooth user experience and security.
More than 70 dApps have been built on Matic, ranging from DeFi protocols to games and prediction markets. With more validator nodes being onboarded on the Matic Network progressively, it is on the path to full decentralization and becoming the most sought after Layer 2 network in the blockchain ecosystem.
In today’s part of the series, we’d be looking at Gravity Protocol, a blockchain-agnostic oracle system and cross-chain communication network.
Gravity Protocol is a blockchain-agnostic oracle system that supports communication of blockchains with the outside world, cross-chain communication, and sidechains within a single unified structure. Oracles in blockchain enable real time data feeds communicated to a blockchain network accurately.Gravity Protocol connects different blockchains and external centralized data sources seamlessly without creating a native token of its own.
Matic Network’s integration with Gravity Protocol will enable cross-chain interoperability and also accelerate the advancement and building of next-gen cross-chain solutions on the Matic Network. Again, with more and more DeFi solutions partnering with and building on Matic Network, the integration of Matic Network with Gravity Protocol will encourage adoption of Matic Network by cross-chain DeFi solutions.
Key Benefits of Matic Network integration with Gravity Protocol
(I) Cross-chain swaps and trading opportunities for the MATIC token:
MATIC tokens will be wrapped and accessible on Gravity’s current target chains, including Waves and Tron, as well as on any new chain added in the future. MATIC will be listed on Waves.Exchange.
(II) Cross-chain dApp calls and oracles:
The Matic network will get access to oracles that retrieve data from other blockchains and APIs. Oracle data can be used on-chain for creating unique functionality, facilitating interaction between Matic and other ecosystems.
(III) Use of MATIC as a means of payment on Gravity:
MATIC tokens will be held and locked by Gravity nodes. Data consumers will be able to use the token to pay fees, boosting demand for Matic’s token. MATIC will join the likes of ETH, WAVES, TRX as tokens that can be locked as collateral for a Gravity node.
(IV) USDN, WAVES and other Waves-based tokens will be accessible on Matic sidechains:
Neutrino USD (USDN) is a rapidly growing stablecoin with a unique staking mechanism. More than 30 million USDN has been locked on a smart contract. Scaling the stablecoin to the Matic network will create new opportunities for the ecosystem’s users and empower Matic’s position in the blockchain space.
Matic is rapidly becoming the go-to Layer 2 solution for developers, thanks to secure, scalable and instant transactions, secured by Ethereum. Matic Network layer 2 solution with all it’s awesome features continues to place it as a sought after tool for developing business solutions on the blockchain.
Want to build with Matic too?
For Developers building Dapps and looking for a scaling solution, do get in touch with Matic Network. They can help you not only achieve scale but also provide the best UI/UX to your users.
MORE INFORMATION :
Learn more about Matic Network at : https://matic.network/
Build with Matic Network : https://matic.network/build-n-earn
DApps on Matic Network : https://matic.network/dapps
MaticNetwork wallet : https://wallet.matic.network/
Connect with me on telegram @ubongj
Twitter : https://twitter.com/@ubong_ephraim