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How did India's encrypted unicorn Matic come into existence?



In the past period of time, many mainstream Ethereum applications including Aave, Curve, Aavegotchi, and OpenSea have chosen Polygon (formerly MATIC) to expand performance. The billion-dollar Indian unicorn has become a behemoth in the crypto world. At the beginning of April this year, Aaryaman Vir, the co-founder of Prophetic Ventures, shared the experience behind the founder of the company and the value support behind its rapid growth. It is of great reference value for readers to understand the project in the current industry background. Chain Catcher Therefore, the article has been translated and deleted without affecting the original meaning. I've been through several cycles in the crypto market, and while I've taken time out to explore new areas, my interest in the industry has never been higher. Here, I want to popularize some exciting new things that have happened in the past few years, and share my learning with readers. Matic items are ideal as their local origin stories make them fascinating research subjects for our largely Indian readership. But beyond that, let me say that the story about Matic is one of the most inspiring startup stories I've ever heard in my life. Matic initially had three co-founders: Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. Later, Serbian programmer and entrepreneur Mihailo Bjelic joined the team as a co-founder. That being said, the main inventor of the Matic protocol is Jaynti, also known as JD. JD was born and raised in Ahmedabad, where his father was a worker from one of the city's many diamond factories. Growing up, the family environment was not easy for JD, his two older sisters did not attend high school due to financial difficulties. Still, the family sent JD to an engineering college in the nearby town of Nadiad. It's a coincidence that JD ended up in the computer science program there - he didn't get good enough grades to get into the college's more popular electrical engineering program - but I guess it's a very happy coincidence. Coinbase will hold an encryption community event in Bangalore, India on April 7 to discuss the future of encryption and Web3 in India: News on April 7, Coinbase will hold an encryption community event in Bangalore, India on April 7 to discuss the future of encryption and Web3 in India . In addition, Coinbase Ventures, the investment arm of Coinbase, has reached a cooperation with Buidlers Tribe, an encryption incubation company, and will hold a startup promotion event on Friday, April 8. More than 100 project applications have been received so far. According to Coinbase, India has built a strong identity and digital payments infrastructure and implemented it quickly. We believe that encryption and Web3 technologies can help accelerate India's economic development and enhance its financial inclusion. [2022/4/7 14:09:50] After graduating from university in 2011, JD joined Persistent Systems, an IT service company located in Pune. Through a mentor, JD was first introduced to Hacker News, Y Combinator, and global startup culture. After discovering this exciting new world, JD plunged into his studies of technology and entrepreneurship. A natural consequence of immersing himself in entrepreneurship, JD soon aspired to start his own business. However, his first venture—a twitter analysis tool—failed to take off, and JD applied to shortly thereafter. JD joined the company's data science team by befriending the company's head of data science while working as a front-end developer at Housing. Around 2015, JD first heard about encryption technology. The story behind this is interesting. As a Game of Thrones aficionado, JD wanted to build a spin-off project that people could use to bet on plot developments in the show. "Which character will die on Game of Thrones? Bet right and win!" - This was the premise of JD's app, but he had problems building a payment feature that could serve a global user base. While trying to find a solution to these problems, JD discovered cryptocurrency and quickly fell down the "rabbit hole" like many of us. Indian encryption company Parcel completes $2.5 million in financing: Jinse Finance reported that Indian encryption startup Parcel has raised $2.5 million in seed funding to build a fund management protocol for decentralized autonomous organizations (DAOs). Dragonfly Capital led the investment, and ScalarCapital, ACapital, Compound, Consensys, and 6thManVentures also participated. Parcel currently provides DAOs with a tool that helps them manage payroll, grant payments, and airdrops, but only for batch payments. (theblockcrypto) [2021/9/3 22:58:44] Since then, JD has been reading and absorbing information about the crypto world. After making some money in the bull market in 2017, JD finally left in October 2017 to start his own business again. In 2018, JD completed the first proof-of-concept of the system, which will eventually become the Matic Network. Along the way, he met Anurag and Sandeep. Along with the rest of the Matic team, three of them went on to create one of the most valuable and important cryptocurrency projects out there. JD's career shows that it doesn't matter who you are, where you are from, or how much money you have, anyone can change the world only through curiosity, determination, and a willingness to take risks. JD has undoubtedly taken many risks in his life, and you could even say that the act of going to college posed a risk to his family. Still, all those risks paid off in one of the most unlikely and dramatic ways possible. Anyway, to start understanding Matic, we first need to understand Ethereum, which allows users to write custom code into a decentralized ledger in the form of "smart contracts". After deploying this code to the distributed ledger, everyone else can see and interact with it. Applications can be built without a central server, without a single database and open source from the start. The coolest thing about Ethereum is that anyone can come up with an idea and publish that idea to the world computer as a set of smart contracts. On the other hand, after deployment, anyone can read and interact with these contracts. All these programs are transparent, open and freely accessible. Voice | Indian Encryption Exchange CEO: Regulation in the field of cryptocurrencies is important, not a total ban: According to AMBCrypto, India's "draft" on banning cryptocurrencies shocked the entire encryption industry. Due to the lack of transparency in the regulatory environment, the cryptocurrency ecosystem in India The system is currently on the sidelines. According to a report in The Economic Times of India, the country's government department is very supportive of the draft. Nischal Shetty, CEO of cryptocurrency exchange WazirX in Mumbai, India, insisted in a recent tweet that regulation in the cryptocurrency space is important, rather than a blanket ban that would only spur money laundering. According to previous news from Bloomberg, India may consider imposing sentences of one to ten years in prison for investors, traders, and miners of cryptocurrencies. The claim is said to be part of the 2019 draft Prohibition of Cryptocurrencies and Official Digital Currency Regulations Bill. [2019/6/16] This functionality has given rise to a massive industry called “Decentralized Finance” or DeFi for short. Today, around 200,000 unique addresses trade on Ethereum-based DEXs every week, with 1,000-1,400 unique borrowers per day. But the problem is that Ethereum has some limitations: transaction throughput, transaction speed and transaction cost. Any transaction made on Ethereum must be replicated across all nodes running the Ethereum program, which is the only way the various internal copies of the distributed ledger will remain in sync. But this opens up the possibility of abuse, where someone could write a program that takes up a gigabyte of memory or creates an infinite loop that crashes the computer running the program. To solve this problem, Ethereum introduced the concept of gas. Transactions require more storage and memory, and users must pay more gas fees to have the transaction reflected on the distributed ledger. Therefore, building and using complex distributed applications can become very expensive. In addition to gas-related issues, Ethereum also suffers from transaction bottlenecks. The system is designed in such a way that it can only handle 12-20 transactions per second. For a very popular system like Ethereum, this results in a large number of pending transactions. Additionally, transactions take about 13 seconds to process and be written to the ledger, with different users bidding higher and higher to ensure their transactions are next in the queue to be processed. Beating Bitcoin, Ethereum has become king in the Indian cryptocurrency market: According to a research report by Internet provider Jana, in India, the search-zce volume of Ethereum accounts for 34.4% of the total search-zce volume, and Bitcoin accounts for 29.9%. The third-ranked currency on the list is BuyUCoin (NEM), with a share of 21.2%, and the search-zce share of other currencies is only 5% or lower. This statistic shows that in India, the public's attention to Ethereum has surpassed that of Bitcoin. Searches for ethereum were at one point double that of bitcoin in the last week of February this year. [2018/4/5] Therefore, millions of ordinary users of DeFi, NFT and Ethereum need to wait in line to confirm transactions on the ledger. Users can skip the queue by paying a higher gas fee, which leads to an average gas fee of $20 in Ethereum today. This is the current problem with Ethereum, high cost, slow processing time and low transaction throughput make it completely untenable in many application scenarios. The idea for Matic came from the need to improve Ethereum's cost and scalability issues. In 2018, Matic's team started to modify and innovate some existing concepts in the cryptocurrency world in order to create Layer 2 solutions on top of Ethereum. Unlike Layer 1, the Layer 2 network provided by Matic helps improve transaction costs and throughput. To achieve this goal, the Matic system involves two main components: 1) A set of Matic smart contracts on Ethereum 2) Matic sidechain, which is a completely independent blockchain The understanding of the contract, the first part is easy to implement, and the second part of the Matic side chain is essentially a new chain independently built by the Matic team. Unlike Ethereum, this new chain is optimized for some parameters, such as transaction speed and transaction throughput. Transactions on the Matic chain will be confirmed after 1-2 seconds, compared to 15-20 seconds for Ethereum. In comparison, more transactions can be processed in parallel on Matic, thereby reducing the cost pressure on Ethereum. There are still transaction fees on Matic, but these fees are around $0.00004-$0.00012 and are paid in MATIC tokens, the native cryptocurrency of the Matic chain. Indian encrypted digital currency exchange CoinGeto received US$184,000 pre-A round of financing: The encrypted digital currency exchange headquartered in Delhi, India announced the completion of a pre-A round of financing of US$184,000, and the investor was early-stage venture capital Impanix Capital. CoinGeto Exchange is ambitious, and their operating parent company is Hisun Business Solutions Pvt. Ltd, hoping to use this investment to build the largest encrypted digital currency exchange in India. In the future, the exchange will support more than thirty encrypted digital currencies, including Bitcoin, Ethereum, Litecoin and Ripple. [2018/3/17] Just like Ethereum and Bitcoin, Matic Chain achieves security and consistency between copies of the distributed ledger. That is to say people are incentivized to constantly process Matic transactions and maintain an internal provably creditable copy of the ledger computer. In Matic, these people are called validators, and their motivation for running these computers is to earn newly minted Matic tokens, node validators, as long as they prove they maintain a correct distributed ledger of all transactions processed. Matic tokens need to be staked to participate. If the system finds that a verifier is doing evil, it will confiscate the Matic tokens that it mortgaged, thereby reducing the bad behavior of the node verifier and ensuring authenticity. Currently, Matic has become the preferred scaling solution for many Ethereum-based projects, including Decentraland, OpenSea, PolyMarket, Aavegotchi, etc. The list of partners and usage scenarios is constantly growing, and Matic will soon expand support to other popular layer 1 blockchains beyond Ethereum. As it stands, users have deposited approximately $400 million in tokens to the Matic deposit manager, and the price of MATIC tokens has increased nearly 20 times. (Note: This is the data at the beginning of April. At present, more than 7 billion US dollars have been deposited, and the token has increased by more than 100 times.) Matic transferred the calculation burden of Ethereum transactions to the Matic sidechain. Here's how it works: 1) First, let's say a user wants to use ETH to make a bunch of fast and low-cost transactions on Decentraland; 2) The user can't make those transactions on the Ethereum mainchain due to high fees and slow processing times; 3) The user takes the money they wish to spend, let's say 100 ETH, and sends it to a special smart contract on the Ethereum main chain called the Matic Deposit Manager; 4) The deposit manager is basically like a Vault, after the user sends 100 ETH to the deposit manager, the user will no longer be able to access the ETH on the Ethereum main chain; Fees and slow time effects, but don't worry, it's better to start here.


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