India’s crypto firm Matic hopes to grow ten-fold

The India-based Matic Foundation announced via a blog post that it had brought 10 nodes online. Matic hopes to grow this network ten-fold. The launch, says Matic, validates three years of forging ties in India’s developer scene, an effort which began before India’s Supreme Court effectively legalized cryptocurrencies earlier this year.

With the rollout, Matic can now run dapps and support asset transfers between its network and the ethereum mainchain.

One of the many projects seeking to provide workarounds for ethereum’s scaling woes, Matic uses Plasma framework-based side chains and a proof-of-stake model to speed up dapp performance at “1/100th” of the ethereum gas cost, according to the announcement.

Matic, which began in 2017, has since grown to a team of 25 full-time contributors working out of Bangalore, the “Silicon Valley” of India.

Chandresh Aharwar, operations chief, believes that what they are building provides a lot of firepower to ethereum.

Ethereum is also trying to shore up its problems by deploying Eth 2.0. At last check, founder Vitalik Buterin said the long awaited and perennially delayed network upgrade is launching in Q3 2020.

That Matic acceleration comes as the wider Indian startup community faces a possibly catastrophic capital drought. TechCrunch reported that a mere 30% have enough cash to get through the next three months, and up to 40% were either pausing business or shuttering from COVID-19.

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