Ethereum will NEVER SCALE without this cryptocurrency (2020 Staking)

by birtanpublished on August 4, 2020

Ethereum is on fire guys and not in a good way the transaction fees are going through the roof they have been for the last few months everyone's scrambling to try and find a solution in particular a lot of my

Favorite games what are we gonna do we can't be paying these incredibly high fees anymore well in this video i show you what i think is going to be the actual solution here

So you definitely want to check this out because ethereum scaling is a massive problem that we need to solve but i think that this next coin is actually going to be the one that solves it you guys ready let's go

Well hey there crypto friends thanks again for joining me here today we are talking about scaling on aetherium this has been a problem since 2017 visibly but it's really just a an inherent

Problem of ethereum ethereum has fairly low transaction but kind of high transaction costs and in the last few months uh with this defy explosion in the space that we've seen

Amongst other things the transaction fees for ethereum have just skyrocketed they've gone from you know five to eight way uh to you know 25 to 30 way per transaction

That's going from like five cents to 60 or 50 cents per transaction this has just become unsustainable it's unsustainable for just about anything on ethereum and this in particularly is bad for

Games and nfts on ethereum which you guys know i'm huge into you know i've had trouble sending nfts recently because the fees have just been so incredibly high

I usually do monthly airdrops to all of my community my stashers you guys out there and honestly before we get started if you're already not a part of the stash club you should definitely check it out you don't

Need a must ask to join but you do need to love learning with us in the community and that's where you can find out about all these great nft drops i do but that's really what the issue here

And i'm not the only one suffering all these games are suffering too so what is the solution people have been trying to come up with their own kind of solutions so i've talked to a couple of my favorite games

And you know places like gods and chain they're coming out with immutable x which is their solution engine is coming out with their uh infinity solution for scaling and a couple other larger

Dapps on ethereum have also kind of come up with their own ideas right but today i'm actually going to show you a project that i think is going to be the glue the second layer scaling solution

That these games need that so they don't need to leave ethereum and completely abandon everything they've done on the network but they can use this sidechain layer scalability

To really enhance what's going on and to reduce those fees and to make things lightning fast so today we're talking about matic network that's right maybe you guys kind of knew maybe you didn't know

But matic is a you know a project that is all about solving this scaling solution for ethereum you know we we know this has been a problem

We know it and one of the great things i really love about matic before i jump into all the details is that you know this is something that i think is really going to be useful for game makers and adapt developers

In general and you guys know i'm also a developer so uh much love to the thematic team for for finding these types of solutions uh for developers out there so what is matic you guys are like well

What is matic i don't know let's talk about matic well matic is essentially a plasma based side chain for ethereum so you know we've talked about side chains before on the channel but if you're not too

Familiar with side chains uh a great example is wax wax is a great side chain it's really its own blockchain but you could say it's kind of a side chain of eos

Because it's built on eos technology so but that's a decent example if you guys are familiar with with wax and something you might already know but there's a lot of really great side chains out there too

But matic is one of those side chains that is focused specifically on scalability for ethereum assets now of course right now it's their ethereum is the first chain they're working with but their plan is to be

Blockchain agnostic and i think that's amazing and that's really what we're starting to see more and more projects start to do here in the space all our chain link everyone's little favorite thing lately but matic is is

Doing something uh that's you know similar as a side chain but you know working specifically on scalability versus oracle's which is what chain link is all about so

Uh the the great thing about matic is a it has incredibly small block times so less than two second block times and the transaction fees are almost zero right

So they're not zero but they're almost zero so they're so negligible that uh you know it almost is nothing right i think those are the two biggest things when we talk about what is clogging up the ethereum network

It's because the the block times are too slow and the transaction fees are just too high those two things and we you know we've been waiting around like well where is is 20 is it coming

Is it ever going to be here it said it was going to be here this year who knows we don't know man plasma's been kicking around but these but matic is actually a plasma based side chain that uses

Uh proof of stake right so it uses proof of stake in kind of a a very interesting way so the way this works is they actually have a check pointing layer and a block producing layer and these

Layers help to mitigate the data back and forth between the ethereum network uh and validated and stuff so um we'll get a little bit more into staking and nodes here in a second but i just wanted to go over the matic

Website so you guys can kind of see what's going on there real quick so let's go check it out so like they say matic is a scalable instant blockchain transactions the two main things that's what matic is actually all

About and you know really they've built this in particular for developers and so they really go hard on the developer side of things so they offer some really great sdks

If you guys don't know what sdk stands for it means software development kit that's something that you know we use in here in the development world and maybe it's something you've heard before you've

Seen an acronym but now you know sdk software development kit it's a great kit that they provide for developers that helps them to build these dapps really quickly and easily

Right and so it kind of goes over some of the the architecture and like i said you know we were talking earlier about proof-of-stake checkpoints so this

Actually this is a great little graphic that we can see here so you can see here's the ethereum main net right and this is where you kind of have your your base data and so you can see the the kind of flow or the bridges that

Have have been created here so you can see all these matic side chains and you can have multiple side chains that feed into these public checkpoint nodes and the checkpoint nodes are essentially

You know you know that that kind of line of defense right and so then it roots it when you root it back through um you know you're rooting all this information through the matic network and then right back and

What it's basically doing is just speeding things up but also putting in that proof of stake check where you actually have block producers who are you know doing a full node check and you

Have this like check pointing layer which is you know a staking base layer and i'm going to show you about the staking we're going to go over the staking platform and the actual matic wallet here

In a second but i want to show you a couple more of the features here so one of the big things too is acid interoperability because we really want to talk about nfts and you know their ability to be able to

Be scaled with ethereum as well so not only does matic deal with erc20 tokens but it will all it's also compatible with erc 721 tokens and that would be your base nft format on ethereum

Now they don't have support just yet for erc 1155 which is the newest standard for nfts on ethereum and the engine based standard one of my faves but i'm sure they'll be working on

That and getting that incorporated here too in the future so you know that's important to be able to have that so a lot of times you talk about ethereum scaling maybe sometimes erc 721s and nfts are

Left out of that conversation but they're a huge driver of the market a massive driver so we want to make sure that we uh that we can include those guys too so a lot of big news going on with manic

You know they've not too long ago released uh their their you know main net they also have li staking now live which is a pretty big thing so i want to go and show you guys a

Little bit about staking here i'm at it so matic has a really great easy wallet and the wallet connects to your ethereum based wallet now here is the here's the real difference in kicker when you think

About it so to be able to stake your matic tokens and use that kind of staking mechanism they are they actually have to be on your ethereum wallet

Not in the manic environment so what what matic is actually doing here is that when you deposit your manic into like uh your your ethereum wall in this case you want to use

Metamask metamask is a is a chrome browser extension or brave browser extension if you prefer i love braid the most if you guys don't use brave you definitely should use brave super secure

I i talk about all the time if you guys don't know that i'm a big braver there's a link down here in the description you can check out brief but it works on both those browsers and you can get your metamask

Wallet there and that's what matic is connecting to here and so you can see i have my account here it says ethereum and so anytime you're you're going to stake your manic you want to send it to your ethereum

Address and then it's actually going what medic does is then sees that information there on the ethereum network and it mirrors it on the matic network for you to be able

To use with their side chains in this particular case you can see uh i have about 500 manic in my account it's not much it's about 11 bucks right but i'm going to show you that you know

You can stake any amount here and so what we're going to do is we're going to go over to the staking tab and you can see right now uh there's you know not because they've just launched right now all the

The nodes essentially are are like the matic foundation nodes but they're go we're you know because they're just really getting started on things i think that you know there's going to be a lot of

Nodes and people uh creating these uh these block producer nodes on manic especially once you know this network really starts picking up steam this is early we're so early here with matic which is great that's why i wanted

To do this video so you can see right now there's only a total of seven validators at the at the moment but there's uh you know five 575 million almost manic token staked

And 22 million matic tokens have been redistributed for rewards which is awesome so you can kind of see it gives you a lot of really great information about all their staking

Here and then it shows you uh everything here about the nodes the validator knows it tells you how much is staked on each node and that you can delegate your state to them so you know like i said that's the

Difference of you know being like a a a checkpoint which is more about staking or being a block producer so these are block producers right here and we're going to go ahead and actually i

Want to show you the other cool thing so they actually have a cool built-in rewards calculator which i actually really love uh you know a lot of times i would go to external sites to do something like this but this is built

Into the wallet which i think is great and i think every wallet should have this that has staking so you can so it's just so much transparency as it to what you're actually going to

Get for your rewards that's a big problem i found when it comes to staking coins is people are always like well what reward am i going to get stash how much is it how much is it

Well there's always these great calculators but then they're like oh but it's inconsistent i checked this one and it said this and i checked this other one it says this well here you know that you're going to

Get the exact rewards that the matic wallet their own wallet is is going to tell you so we can pick pick like which validator which uh does make some sort of difference so we're going to pick

Validator 5 just for doing this and we're going to put in 500 matic tokens because that's all we have right now and then it says well how much of that of are you going to stake well we'll

Stick all of it so 100 and how many days i mistake it for a year so if i stake my 500 matic tokens for one year i ended up with about 49 matic tokens as my my rewards right for staking

So it's not a ton but it's a pretty good i mean like if you look at the apr and that that's 995 percent that's better than some other you know staking or or uh you know d5 platforms out there so uh you know

It's a pretty good it's a pretty good staking reward i would say staking is super simple now you can go here and we're going to go to like we said we're going to go to node 5

And we're going to delegate for node 5 wi-fi i don't know it doesn't really matter at this point so we're going to go over here and we're going to stake 500 and leaves us with you know point zero

Zero one eight i guess yeah oh that's per per checkpoint so proj a projected reward per checkpoint is 018 that's i didn't notice that they did that there so that's cool uh and then so once i hit that now

What's happening is you guys aren't seeing this but it popped up with a metamask notification saying hey uh go ahead and just confirm this and you do actually have to pay a

Transaction fee on ethereum to stay your matic so just be be you know just be aware of that right when we talked about these high transaction fees i'm about to pay 40 cents right now 40 cents to stake

Uh like 11 worth of maddox so it's a pretty high fee uh that's a pretty high how many way is that let's let's go see how many way that is uh oh it doesn't actually say the gray

Amount here that's fine so we're going to confirm that and uh you know it should it should here you know because transactions have been a little bit slow here in ethereum i

Don't expect this to confirm very quickly but you can see that i have now staked my manic stuff and then once we get it confirmed on the ethereum network through our metamask wallet

Uh it'll show all the staking stuff here too so that's kind of a little quick tutorial on staking and how that works and how you would actually stake your manic and and you know the

Ins and outs i want to show you a little bit about the matic network right now what are they doing on the network right now because a lot of times these projects launch and there's not much going on they're like oh we're

Going to be the best thing but no one's actually using them but there's a lot of products already using matic and wanting to incorp incorporate matic here into their project in the future as well

So i'm just going to go over a couple of these before uh before we wrap it up but i wanted to show you that you know they have a really massive you know stable of like games and things that they're actually working with and

Some of them are games that are not necessarily going to be ethereum so that's where mata kind of comes in the future where they're going to be you know multi-chain right they're going

To be blockchain agnostic but quarters is the first sec approved gaming currency and they're going to be using matic network for instant and low fee transactions uh crypto control news aggregator trade

Stars fantasy sports game where you can own and create and trade nfps that represent real life sports that's a pretty cool thing battle racers is coming uh decentral games so this is a decent

So decentralized i just did some uh some pieces on decentraland not too long ago but decentraland is a big part of the matic network and then one of the largest games and projects is going that's

Already incorporated matic to the state so you can see decentral games is also going to be using them uh for their seamless gameplay experience they're building these casinos in maddox so i mean in decentraland

We have chain guardians i mean there's so many good products on here uh crypto warrior z uh uh ox universe zero x universe or ox sometimes people are like why it's not ox it's not an o i know zero x uh xerox racers xerox

Warriors but aux sounds cooler to say it's shorter like ox warriors oxfords don't hate me on that one uh but yeah so the spells of genesis uh there's so many there's so insomnium space you guys know i haven't done

Uh any pieces on sonium space because you know i've just been so focused on hitting some of the other ones first so sandbox decentralized but some name space is kind of number i'd say vying for number three

With crypto voxels for your uh vr land-based open world type of concepts but so many block lords i mean you can see like what all these games are doing light trail rush

Uh eternal i thought this is kind of cool it's like a a mud a text and grid-based mud so much creativity as well blockchain cuties is already a well-established game althea ai is

Actually a really interesting one too which is a decentralized synthetic media marketplace now that sounds crazy i came across this project actually before i found matic and they're really interesting i

Might have to do a whole video just on althea but we'll talk about how matic kind of you know plays into that too once they get that going so you can see that there is so much

Going on in the matic network here guys i'm i'm very bullish on the fact that you know matic is going to actually be able to help ethereum scale now what it comes down to is it just comes down to getting the

Software into developers hands and you know them using it right and then just making it happen so that's why i want to do this video so you guys understand that you know we do have a problem in

Ethereum i've been talking about the scaling problem for you know quite some time but really heavily been talking with people in the community about it for the last few

Months trying to find that solution and i'm really happy to be able to bring a little bit of information about matic to you guys uh right now so hopefully you guys check out matic and you guys can go and look at the

Staking rewards that you're gonna get right now uh you know matic is one of those coins that is just really early and it's a great time to actually take a look at it and see what it is they're going to accomplish

With this network well i think that's all i have for today till next time stash that crypto friends

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