The First Version of Matic Mainnet is Now Live
After 2.5 years of persistent hard work done by the team members, the very first version of the Matic mainnet is now live. Matic was a dream that came into existence in the year 2017, though the journey has just begun, this launch marks that the team has achieved the milestone.
People who are not aware of what the project is all about, briefly, Matic Network is a blockchain platform that enables developers to place application that has faster and cheaper transactions and meanwhile ensures high-level security. It uses the combination of Plasma-enabled side chains and hybrid Proof-of-Stake.
As stated in the previous blog article by Matic about the rollout of Matic Mainnet, Matics is now moving forward with Step 1 of the rollout, which will start the network with a particular set of validators. As of now, they are starting the network with a set of 7 Matic foundation nodes. The DApp partner nodes will join the set next week.
This network will be moving from one stage to another. The primary aim is to ensure that the issues placed should get resolved as soon as possible. The Matic Foundation itself will maintain this network, and this shall continue till the last step. The developers will be able to place their applications directly on Matic by securing Matic tokens on Ethereum from any exchange as per their choice.
As mentioned earlier, the delegation will be allowed for the customers solely for Matic Foundation nodes in two steps. The people who are delegating will be receiving a 100% reward for staking. The rewards that are earned by the Foundation nodes will be added back to the staking pool.
After the completion of the 1st and 2nd step and as soon at the public staking is switched on for the Validator community in the 3rd step, the Foundation nodes will be turned off, and any such delegations to these nodes are supposed to be delegated again to the validators from the Matic Validator community based on the choices of the Delegators.
The team is currently working on the tooling providers to provide support to the mainnet. This will comprise of full node providers, wallets, oracle providers, meta-transaction relayers, block explorers, etc. This will gradually provide support to the Matic mainnet as well. The announcement for the release of Foundation nodes will roll out shortly.