Matic, a blockchain scalability solution, is laying down some hefty claims. According to Matic, its network has the potential of supercharging the Ethereum ecosystem. These claims were made after a two-month testnet made it clear that it could process a staggering 7,200 transactions per second, or TPS.
Boosting To 7,200 TPS
Through a blog post by Matic Network, done on the 14th of July, the project reported that it had managed to stress-test its Counter Stake CS-2008 testnet. According to this post, the testnet had managed to reliably handle a 7,200 TPS performance level, which is a great achievement in and of itself.
As the blog explains, the performance itself can be extrapolated to the Matic mainnet, which uses the same architecture. As Matic explained it, this network was completely decentralized, operating with 122 validators. These validators, according to the post, ran validator+sentry nodes.
Scaling Is ETH 1.0’s Biggest Issue
As the post explained, with the current performance capabilities of the network, Matic could serve as an instrumental tool in aid of the Ethereum ecosystem. Notably, in order to overcome the constraints, it has on performance. Through doing so, it’s planned that Ethereum could reach its full potential, as well.
The constraints Ethereum currently suffers from in terms of performance, as referenced by the blog, is the current Ethereum iteration’s issue in regard to scalability. As it stands now, the Ethereum network can only process a mere handful of transactions per second. Plans are already put in motion to fix this, however, with Ethereum 2.0 seeking to fix this issue. However, Phase – of the Ethereum 2.0 project seems to have been delayed to early 2021, and will take several years to get its full momentum going. In the meantime, there’s a definitive need to provide a scaling solution, and everyone’s aware of it.
Bottlenecking The System
Through the sheer popularity of the Tether (USDT) stablecoin, based on Ethereum, the network itself has been seeing an incredible amount of congestion in 2020. Alongside this, the DeFi projects on the network, one of its key selling points, are driving traffic higher. This all amounts to a higher amount of transaction fees, which no one likes. One of the more recent fixes to the problem is increased the amount of gas allowed per block on the blockchain itself. This allowed the network to process more transactions in bulk.
The Matic Network itself builds on the Plasma project, and helps provide an alternative proof-of-stake blockchain network, one based on the adapted version of this technology.
The technology itself leverages a decentralized network of stakers, ones that have deposited Matic to act as checkpoints between the two blockchains. Through this, a cheaper, faster transaction can be made, and a higher volume of TPS can be achieved on the second network, which can then be settled via the Ethereum network, in turn.