Matic Update | Sandeep NailWal COO | BlockVera | BlockchainBrad | Free Crypto Update | Scalability

by birtanpublished on September 12, 2020

hello it's Brad Laurie and speaking on behalf of blockburger today we have a very special guest here it is sandy one of the cofounders of Matic automatic network is here specifically for an update and this is entirely free there's

No sponsorship this is free for the people in the name of truth trust and transparency sandy thank you very much for your time today Thank You bird for inviting me you know very welcome now as I said before mate

This is all about an update so we're going to let you take it away for those who would like to know more about Mattox certainly look into it simply for your own research if your own understanding but today it's all about one step beyond

That and that's where we're going to start so then Dave let us know essentially we're up to in the in the progression in the roadmap what's been happening with magic of light yeah so we are currently we are progressing towards

Our you know beta bayonet soon and which is as for the kind lines communicated to be to the public from our side until now and you know in the meanwhile we are also getting a lot of things audited from third-party code reviewers and all

That so that because we also have a plan to you know slowly out open source everything that we are developing all the all the code and you know move towards you know more and more towards a fully decentralized and a fully public

Project so you know once the rhythm in it and a stable main that is out we you know start looping in the public you know right create can you talk us through some of it so interrupt me took us through some of the dikes more

Specifically and even that verifies what are the diets planned for the future as well with regard to moving towards 9 next yeah so for our beta minute we are targeting somewhere around end of this month or maybe early you know in the

First first one or two weeks of the offer to but that's the plan from our side and it's like fairly in line with our you know timelines and then from there we will you know again keep it in beta there will be some application so

There are two three applications that moved on to alpha now our plan is to you know once the read them payment is there and there is like stability then we will start moving and

You know asking the teams to migrate to Batum in net which would eventually be a VR final you know may next so it will be there for like two three months of testing would be there and then in terms of us taking we want to announce like we

Recently announced the police taking campaign which we go with some exchanges some big big exchanges actually and then from there we will also announce you know or will also go into a game of stakes kind of you know which is

Pioneered by cosmos and you know everybody loves that the way that they did their staking ecosystem you know booting up and testing initially and all that so we will do something on the similar lines for the

Testing of us taking on the real minute and then slowly the final staking will go light so those three things are there and let's jump in there for a moment and talk to you about the value of striking because I'd love to hear from you and

Why you've chosen is striking rail as well obviously there's a campaign you're going to be putting forward as you mentioned with the gaming strategy that cosmos also assumed so what's the value proposition of the striking element that

You're building in to amass it yeah see so some very in a very limiting of these you know staking nodes as the like the validators in the network right and what they do is that they have to you know bring in the transactions that are

Happening in and make them into blocks and then sign those blocks verify those blocks and submit the checkpoint to the main matter on that so all of this initially has a staking reward of course of both block reward is there but then

It also has a transaction fees mechanism from there and the whole thesis is that overall in future when the number of transactions increase beyond a certain scale the running of these staking nodes will will become more and more

Profitable once it becomes more and more profitable there will be more and more people who would want to buy the staking nodes and you know or maybe you know by the magic tokens and stake them in the you know taking notes or

B for admin goes transaction fees because it becomes like a you know sort of a business model where you earn money to run those nodes so that's P that's the basic pieces about it so what it does is that this will increase or this

Will fuel the demand for the Matic token and then the locking of those tokens into the network security and then there will be X small amount of tokens that will be free which will be used for a use as a gas wheeze on magic network and

That that will bring in the demand for the circulating you know supply circulating right and what's really interesting also Sandeep in that context is that by introducing the striking aspect is that surely that also attracts

The current the current participant in the ecosystem because obviously the metrics are going to be affected in in terms of supply in terms of the amount that's in the circulating sort of ecosystem because once again we can't

Deny that speculation does exist but also people do have interest in price appreciation of any of the assets those digital assets in the space so what is it fair to say that in the future through this addition of staking that

It's certainly going to likely it catch the attention of many people in this face who've been supporters of Manik yeah of course and then of it also you know results in the more stability and growth of the

Growth of the overall token demand in the market so of course it's a very you know highly loop loop loop for event for the magic token you know and thematic community holders so so so yeah I mean this is one of the important elements

Will be in the roadmap of absolutely new absolutely because obviously that's a big fish of the stacking one for you or current updates what about with regard to tech now one euro you're certainly well versed in that area and many of

Your teams certainly are as the core engineers but what are some of the fundamental tech updates that align with some of these changes that you've made send it with regards to technical technological

Updates to really strengthen the quality of your technology one of the biggest Tendai I mean I would say and I have always been saying is that is user experience and developer experience the and we generally don't

Talk about too much about V you know how the plasma is and you know how we are doing some cutting-edge part in that and this is that because those kind of things are generally not first they are not relatable to be you know the overall

Community in second the thing is that no matter how big you know the technical win Castle you are you are building if it's not getting it off inch not usable I didn't so that's why we don't speak more about that so B I want to speak

More about the non-technical and business value elements of Matic network which are it's one is the of course we talked about the token design and the token economics and all that the second is is the user experience and the third

One and the biggest one is the developer experience and due to that developer experience user experience everybody knows what we are trying to do but developer experience is that it's very easy and and you know what why for the

Developers to develop on Matic is very easy they can very easily do these you know I mean have the the migrations or not migration like plug-and-play usage of Matic is taking o matic scalability platform into their existing

Applications without making too much of you know too much of changes in their program you know that's why I generally quote what you know Joey Krupp from Panthera Capital said you know in the in one of the podcast he said that you know

He was asked that which which platforms he thinks are the best platform for scalability and he said that you know two of them he likes three of them and two of them are his portfolio one is not and the one

That is not in his portfolio but he was still talking about it is the magic network and he said that you know the biggest benefit over there is the is the basically the you know ease of development part and he said that and to

Quote him he said that if you go to a developer and say that hey you can scale your application with the my platform but you know inherently it is going to take you like three to six months to migrate and do all of that

Stuff no developer is going to use that but with Matic Network if you are able to do the same kind of thing in for many applications it's even it's a matter of minutes for some applications it can be a matter of one or two days max one week

For any application run and if you are able to do that then there is a big chance and that's why we are getting a lot of you know attention absolutely and and since if I want to talk more about that in terms of empirical proof now

Obviously we don't have any of those developers online methods now but is there any means or any feedback you can give us to reassure us that empirically we there's evidence to suggest that there is that developer uptake given

That you are an agnostic the protocol in import design you're essentially trying to help scale layer one block chains and you're very much focused on as you mentioned key block chains such as at theorem and moving on to cosmos and

Others to really facilitate this uptake what how can we be assured that there is that connection with the developers and that they are indeed really satisfied with the magic technology yeah so I think the biggest this thing

Is that one we have like although only two applications have moved to alpha minute because you know the beta is coming in in short time now so they are all waiting for directly to go into the beta minute but then those all of those

Team and combined joint you know sort of sort of announcement that we have done on the platform they have been done in conjunction with the team so all those teams also have to protect their reputation right so they would not

Announce something which they don't intend to do no so empirically there would be at least 10 to 15 such announcements that we have made and we are now building a dashboard also which will have the names of all the projects

Which are going to use medic network in some form and for their you know scalability needs and all that so we are going to build that dashboard which will be available probably and once the beta mean it is life I think which is not

Very far away you know in one or two months from here you start seeing many of these applications that then our narrative also changes so rather than you know talking about these applications who have a noun we our

Narrative will also move into you know the DA use and daily transactions and this and that I say yeah and you also have more proof as well as to essentially move into demonstrations of what you've already built as per the

Roadmap now with regard to the open source technology you mentioned that incrementally you're going to release more of this so is there a roadmap that's clear about the release of information as well Cindy the release of

The code more so so the people who are developers for example can access this more readily as they start to engage with the code yeah exactly exactly and then that will you know I mean I will not call it proof because we

We are a you know public company and very very buried in this but I'll say that people will start seeing the ground action and that's what we I'm also like waiting for those times with those days when you know people can actually in all

Of these talks we can actually show those amps running which in many of those talks we do but now running those dabs running on the minute and then people talking about Matic on all these social platforms and all that talking

About those apps and you know playing with them or you know using them in some form and then enforcing it that so that's what we want to do achieve because our ideal platform is like aetherium right so and which has the

Like currently the biggest usage in the space so so that that's our goal also absolutely now what do you want to touch on one thing because you being guys in any India fan much is the hero I would imagine you'd be certainly aware of some

Of the blockchain bands that are happening internationally in India itself so one to ask you specifically on that given that there's a bit of a you know a situation that's arisen in the recent past regard to government actions

You can send it all about some of the positions some governments including in huge hiking with regard to cryptocurrency yeah so I am not really worried about that so as I have already mentioned

Multiple times that you know one Matic network you know token entities and anything little to crypto is not based out of India Indian entities clear technology research from right so first it is that we are completely

Immune from the crypto things in India the second thing is that I don't think that India will pass I need the second in law's all the things that you think that or people talk about that ban in India and all that all that it are

Humors spread by people you know just for the sensationalization of news and all that and sometimes people also suspect manipulation in that whatever draft people have talked in the past it actually you know government themselves

Have said that you know that's just a draft by one of the committees and it doesn't mean anything and then actually the person who prepared that draft got fired from the government I say well thank you so much for clarifying that

Because I certainly didn't I that and our treasurer from from you yeah and then now the new the the other authorities some of the authorities said that you know the like the cryptocurrency and blockchain have taken

The pin tech FinTech you know innovation to a next level these kind of statements are also coming and I am also hearing in the from the from the chitter-chatter here is that you know the next then the actual official draft that is going to

Come will be much more balanced and business centric and rather than being something draconian and all that because in India it's you it cannot be done like you know even if it happens in the short run like for example like you know

Sometimes back the the Supreme Court of India I think faster you know very like kind of a one-sided ruling on LGBT community right so they sort of try to ban something all that but India is a you know full-blown democracy I think

One of the most open democracies worldwide people you know filed petitions against it and this and that and two days back they born and then now you know the LGBT and gay marriages all are now approved is the final you know

Bedrock of our democracy and then that judiciary and the Constitution of India will not allow any of these the cone Ian kind of things to be nearby and what else ting also just interrupt for a moment is that obviously the technology

Itself is in an environment it's very prominent I mean um one of the most you know protec environments globally so it only makes sense that it would have been murder that sort of Pro blockchain

Narrative so let's regard to that we can certainly quash any rumors there so thanks for that now with regard to business is a final point for this update I wanted to try and keep it brief for you today two

Are busy is what can you tell us specifically in the area of business whether that be partnerships whether that be things forging partnerships you're forging without trying to create FOMO but really truly and authentically

The legitimate partnerships that you're making that help better business 4matic and obviously the related party yep so if you also judge by and Google by our announcements most of the announcements barring about one or two are mostly

Focused on the action we're either Matic is going to use some technology for the benefit of the medic network or somebody is going to use Matic network as a you know as a technology for their pavements and you know transfers and this and that

So that eventually means that adoption so as you know I would say that if you go to fifty first like or not fifty lay up almost 90 percent of our announcements either you will find that you know there is there will be a direct

Connection to the Matic ecosystem either in the form of adoption or in terms of technical advancement so you know we don't do like I only keep joking that partnership is the second most abuse terms in this space first one would be

The scam everything is a scam right and similarly partnership is like anything and everything can be called a partnership and then people make it to you don't gather some attention yes a huge problem that's why I oughta ask you

To verify and let us know you're right and I'm like I would but I would say that one or two partnerships that we had to do because of our you know overall business relationships and all so those are not immediate development related

Partnerships but they are expected to be those developments are expected to be in future but we still had to announce them but then you know most of the other announcement that we make are on the ground this thing like for example

The constant announcement the Eevee yesterday made that product is already live using Matic Network right so next we announcement we made that product is again live Matic as a chat engine chat channel over there and then they are

Going to use Matic for their you know payment dispersals in ERC 20 tokens but you know almost all the announcements that you see from our side you will see that they have something related to the belly accrual

Automatic you know Matic network of in terms of its entirety sure and this one final question for you sends it obviously because you are busy I wanted to talk more about the utility talk in itself in with respect to its you know

Initiation you went through that very successful process of launching on the opponent's launch pad you then you know went through the trials and tribulations of being in the marketplace being in that primary market but now I wanted to

Ask you more so about your viewpoint on the terminology of utility in the sense that you've already articulated that you're certainly driving your team to build out what is essentially a robust system that is underpinned by utility so

You can talk us through whether or not the kind of confidence you have in the authenticity of a utility talking to in achieve what you're planning to do yeah yep so see I mean if you also see like leg let's try to prove it by

Contradiction right so essentially a security offering is something where a central party is doing all the efforts and all the people who are buying that security are trying to speculate on that you know on the on the movement of value

Accrual of that security rather that with the utility you know like those those like the central party handling all these all the things of a particular security is not or cannot be a part of utility right so the FinCEN indicates

Came out with a very good paper and then they you know projected this security versus utility in a spectrum and they like they gave an example of aetherium that when it started it acted it it was like a security bed but over time by

Decentralizing open saying and now anybody can participate in the etherium Network and then the foundation doesn't hold a large number of guilt or whatever whatever and then you know most of the network is now

Decentralized now aetherium is a full utility so I think it's the same for all the you know platforms that are being built where they have a utility token it like you know it may start as as a as a you know not a fully security but

Somewhere in the purview of a security but slowly once the network gets decentralized the whole network gets to participate on that on the network in order to you know overall value accrual or growing of that utility that makes it

More of a utility unlike the security which for which the value of who-ville depends on one central party yes and since they thank you so much for your transparency there because essentially you know the the DSCC me chec really

Showed through their assessment of aetherium that I gave in affordance to talk time period in which they it was able to make the switch because essentially I'm beginning the crowd funding mechanism I often called a pre

Utility phase as opposed to acuity because the interest from the app from variety on the answer was also supporting that utility potential and you're dying as they bridge that gap and achieve that that's the real excitement

So you bullish on utility tokens is what I want to get out because when you add the new addition let's take a look yes for networks like yours right general yeah yeah for networks I am like you know fair you know I am like hundred

Percent short that you know many of these utilities will evolve just like aetherium and Bitcoin overall they will evolve into full-blown utilities and then with the with the you know other kind of let's say application specific

You know tokens and all that for them there is a large number there's the large possibility that many of those will remain you know or not be like full-blown utilities but then they are evolving like you know human

Innovation is like just incredible right so I have reviewed some of the token models models like for example a team actually infinity is coming up with their you know environment token which is the

Gaming environment and all and they have done quite a good work quite quite a lot of good work on the utility and I you know that gave me a hope that you know maybe the application or application protocol you know engines can actually

Create your utilities by creating these innovative models so and I think that can be one good example and then you know we all are waiting for somebody with somebody to come out with a utility model which can be applicable to these

Applications and application protocols also not only the network protocols yeah so that's what I feel that they will be emergent models in future some way or the other where utility tokens could be used it but honor honor honor on our

Strategic level many of those applications which you know are building those tokens just for the payment sake I think that's that's not be like the right way to create your own currency in your own microcosm I agree I am I really

Agree with your relative token absolutely and so and it's exciting that you distinguish between the network utility driver and also those of the applications are on board onto ecosystems so obviously there are

Distinctions and different intentions built in but you are right I think in that if it's just solely a payment system or a settlement system it's really not going to cut it because that doesn't clarify doesn't evidence

You know empirically the value of utility itself so they obviously you are busy I wanted to ask you just finally is there anything with regard to the current updates that we have missed that you wanted to really articulate now as a

Final statement for those who have just simply wanted a Matic update for this period in time yeah so I mean I would just like to summarize it that you know our main that is very close by and then the sticking you know kind of

Environment is coming so a lot of good and exciting things about Medicare are coming and once all of this you know background preparation I call this taking and this main net and all that is bad round preparation on getting started

On our actual promise right so our actual promise was not that we will bring them in that we'll have a steak tonight our actual promises that we bring the adoption air and we will you know subvert the

Paradigm here in the in which is currently you know evident in the space that is not scalability the scalability is not there and the gaps are not like becoming or picking up around user adoption so that is our promise and all

Of these things will take us to the point where we will be able to get started really in terms of the adoption and that's what you know I am looking for in the next 2-3 months whenever we ask we have a stable like minute and

Everything from that point on I think the the mission is to bring each and everything on the etherium plasmatic you know kind of framework all the applications on TV and cosmetic kind of of system that's the whole mission of

The whole team clan sorry bro I will send a thank you so much for your time for this very quick update I do appreciate and know once again you are very busy building this out you are always very much centered around the

Technology but very much business savvy when it comes to enabling us to have an insight into the developments that is fundamental for us to really valorize crypto as an ecosystem for this to really flourish and be meaningful even

For exchanges for example there needs to be more than just a conversation of one point and as you alluded to it's the confidence in the potential of these things to scale your part literally all that technology enabling that and I wish

You all the very best because we certainly need empirical evidence the scaling is there and it's building so that we can see more of the network effects of networks and we can also see apps coming on board it with confidence

In mind that this is all real and doable so thank you again for restoring some of that confidence in perhaps myself and others and hopefully we can also catch up when post main there for example and when there's more updates to disclose e

Yeah yeah absolutely absolutely and you know I really love you know talking to you and because yours is one of the most you know true and transparent you know platform and channel in the crypto space you know it's this really

Great work that you are doing and also I am really you know big fan of your overall utility what's the security you know theory even I actually us going to ask you that you should write a you know knock post or a

Series of blog post on that and you know consolidate all your thoughts because I have always loved loved talking to you on those utility was a security kind of this thing and how utilities can involve and all that surround I think that you

Should be you should you know enlighten everyone I will love you actually so I'll give it a go I've been considering trying to find time to write so you've inspired me Sandeep and I'll give it a crack and I'll even send it to you so

You can have a look but for now I wish you very much all the best as you move really to showcase your utility mate because quite frankly I'm really excited about seeing proof of utility it's something that I'm really passionate

About trying to espouse and support and you certainly are part of a team that's driving this forward for the future and changing the paradigm of not just money but also how business can be done on the blockchain

So keep going mate don't give up and I'll talk to you soon thank you thank you so much but they've all come making CMA

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