The crypto ecosystem is still in its infancy, with much development to come. Cross-chain interoperability stands out as a highly critical concern within the blockchain industry at present. Matic Network and Fantom Network have teamed up to find a solution that will help bring interoperability to the forefront and usher in a new era of digital asset exchange.
Importance of cross-chain interoperability in the blockchain ecosystem
Cross-chain interoperability is the ability to transfer data, assets, and value across different blockchains. It’s a critical feature for the blockchain ecosystem because it will enable the blockchain ecosystem to scale.
Matic Network is building a Layer 2 scaling solution for Ethereum that enables cross-chain interoperability between Ethereum and other chains like Bitcoin or Litecoin through sidechains. This technology will allow users to benefit from increased throughput while still being able to utilize smart contracts on their main chain (i.e., Ethereum).
Fantom Forge is an upcoming decentralized matic/ftm exchange built on top of Matic Network, which allows users to trade tokens directly from their wallets without having them stored in a wallet first and this means more security!
Understanding Matic Network
Matic is a Layer 2 scaling solution that enables high-throughput, low-cost, and secure transactions using sidechains. It uses PoS (Proof of Stake) as its consensus mechanism to achieve this goal. What makes Matic special is its ability to process thousands of transactions per second while maintaining decentralization and security on top of Ethereum’s Mainnet or any other blockchain with smart contracts capability.
What does all this mean? Simply put: Matic can help you build applications that require extremely fast transaction processing capabilities without compromising your data privacy or security – something not possible until now!
Introducing Fantom Network
Fantom Network is a high-performance blockchain platform that aims to be the first to implement cross-chain technology on its main net. Fantom’s goal is to create a new ecosystem where users can interact with each other without restrictions and limitations, enabling them to build their decentralized applications (dApps).
The Fantom team has been working hard since their ICO in 2018, building out their network while also partnering with other companies who share similar values in terms of innovation and collaboration between industries. To date, they have partnerships with high-profile companies such as IBM Cloud Services and Oracle Cloud Service Provider Program; two organizations that help drive innovation across industries worldwide.
The Need for Cross-Chain Exchange
The notion of cross-chain interoperability might appear abstract to newcomers in the blockchain space. But for many users, it’s something they take for granted every time they send BTC from their Coinbase wallet to their Binance account or vice versa. For those who aren’t familiar with these exchanges and their associated wallets, here’s a quick rundown:
Cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) function on their respective networks, utilizing individual blockchains to record and store transactional data. However, when users aim to interact with these coins or tokens beyond their native ecosystems, such as trading BTC for ETH, the need for a seamless transfer mechanism between different networks becomes evident. This requirement arises due to the significance of preserving crucial information throughout the process, including identity details and ownership rights. It is important to note that cryptocurrency wallets house private keys, which grant access to the funds stored within them. Consequently, if these keys were to fall into the wrong hands, the potential risk of complete depletion of funds within the associated wallets arises. In light of these challenges, the emergence of online cryptoexchange gains paramount importance, serving as a secure and efficient means for users to facilitate cross-chain transfers while safeguarding their valuable information and digital assets.
The Unbreakable Bond: Matic and Fantom Collaboration
The partnership between Matic and Fantom Forge is aimed at bringing a new level of security and efficiency to cross-chain trading.
The two companies have already started working together on technical integration and development of cross-chain solutions for their respective platforms, which will enable users to trade their tokens across different blockchains. The collaboration also aims to explore other use cases for this technology in the future.
In addition, Matic’s sidechain solution will be integrated into Fantom’s platform so that users can benefit from faster transaction speeds as well as higher scalability on the Ethereum main net or any other blockchain where Fantom operates its exchange services (such as Bitcoin Cash).
Unveiling the Futuristic Cross-Chain Exchange
In a world where cryptocurrency is ubiquitous, but interoperability between chains remains elusive, Matic and Fantom Forge an Unbreakable Bond. The two companies are building a future where cross-chain interoperability is the norm.
Matic Network has developed a highly scalable protocol that runs on top of existing blockchains like Ethereum or Bitcoin to enable real-time payments with low fees and high throughputs. Its Plasma chainlet design allows for faster processing times by dividing transactions into smaller pieces called “Plasma Blocks”. It uses state channels similar to those found in Lightning Network for off-chain scalability – this means users can transact at near-instant speeds while reducing transaction costs significantly.
In addition to providing these benefits directly through its network, Matic will also support other projects looking for ways to scale their platforms without compromising security or decentralization – including Fantom’s upcoming cross-chain exchange platform!
The Future of Cross-Chain Interoperability
As the world’s first cross-chain exchange, Matic and Fantom will play a vital role in shaping the future of interoperability. By providing an easy-to-use platform for traders to trade across multiple blockchains, this collaboration has implications for the widespread adoption of cross-chain exchanges.
Furthermore, it opens up opportunities for future developments and advancements in cross-chain technology as well. With Fantom’s native token FTN being listed on Matic Network’s PlasmaChain Ethereum sidechain FTNs can now be staked on PlasmaChain using MATIC tokens (MATIC).