Matic, which facilitates blockchain scalability, boasts that its network has the ability to power the Ethereum environs, following a two-month piloting, which confirmed its ability to process 7,200 transactions per second (TPS).
Matic Network, in a blog post, has stated that it had conducted stress test on its Counter Stake CS-2008 testnet, in order to ensure that its network could certainly process 7,200 TPS.
The blog further argued that the processing ability could be extended to the Matic mainnet, which deploys similar architecture. Matic also highlighted that its network is “truly decentralized,” as it is composed of 122 active validators running validator+sentry nodes:
“The current performance capabilities of the network as it stands means that Matic can be instrumental in helping the Ethereum ecosystem to overcome its performance constraints and reach its full potential.”
Limitations on performance, includes scalability problems affecting Ethereum blockchain, which can handle only 15 transactions per second. Ethereum 2.0 is expected to fix the scaling problems.
However, shifting to version 2.0 may get postponed until the beginning of 2021 and it will take numerous years to attain the full capability.
In the meanwhile, there is an urgent requirement to resolve the scaling issue faced by Ethereum blockchain.
The network has faced considerable congestion in 2020 due to stable coin Tether (USDT) related transactions and the sudden flurry of DeFi projects, resulting in higher transaction charges.
In the last few weeks, Ethereum upwardly revised the maximum quantum of gas that is permitted per block on the blockchain in order to pave way for an increase in transaction capability.
Matic Network works on the Plasma venture and offers an alternative PoS (Proof-of-Stake) blockchain powered on an adjusted variant of the technology.
The technology is based on decentralized mesh of stakers who have lodged Matic to function as observation points between the pair of blockchains. The process paves way for cost-effective, quicker and greater volume of transactions per second on the second network, which can then be settled on Ethereum blockchain.
OMG Network is another venture, which is working on second layer solutions to free the Ethereum network from congestion. In June, the plasma technology based Ethereum sidechain stated that Tether, known for gas guzzling characteristics, would function on its second layer framework.
