Matic Network: Journey towards achieving a fully Decentralized Network

Complete decentralization appears to be within reach for Matic network, as the Matic team continues to ramp up effort towards onboarding more validators to the mainnet. Currently, Matic has gone past its first and second phase and is now approaching Phase 3 of its staking rollout. The objective to increase the number of functioning distributed public nodes to a distinctive degree which will be achieved by community-run validator nodes that will be added to the network.

In Phase 1, infrastructures were put in place to introduce the network and this was done by onboarding nodes run by partners and onboarding Foundation nodes. Phase 2 saw the opening of the network to over 30 additional public validators.

Highlighted below, are some of the top tier projects that have come onboard the Matic networks as validators:

  • BCW Group

Servicing a diverse assembly of high-profile corporate clientele, BCW Group is a consulting firm specializing in global strategy & management. They are dedicated to making blockchain use cases come alive. The brand addresses the needs of each partner by coming on as a Partner Firm and creating a specialized integrated working group that builds out tactical components of a project.

  • Biconomy

Biconomy is a top-notch technology that enhances user experiencing by facilitating meta transactions to negate the need for gas fees. This revolutionary brand is powered by Matic, and is dedicated to promoting mainstream adoption to applications fuelled by blockchain and creating tools that make life smoother for users by removing blockchain complexities between application and users.

  • Stake capital

Providing validation services for top PoS blockchains, Stake capital is one of the most reliable staking and DeFi service providers of the blockchain industry. The brand enables you to participate in new digital economies with ease and efficiency, providing useful financial instruments and services. Stake capital facilitates a variety of derivative products and DeFi services through the brand’s revenue sharing DAO. Using Stake Capital, players in the industry can deploy a range of strategies to make the most of returns on digital assets. This includes compounding through lending, leveraging, arbitrage, swapping, borrowing and staking-as-a-service plus earning DeFi fee through StakeDAO.

  • WolfEdge Capital

With special focus on the most ambitious infant blockchain startup and emerging crypto assets, WolfEdge is a fund with an avant-garde approach to their objectives. The brand is unrestricted by standards in financial service, running their validator nodes on multiple networks. Cryptocurrencies are carefully selected across the expanse of the market, utilizing business, legal and technological experts.

  • And many more

Complete Decentralization is imminent

Currently, 53 are actively powering the Matic mainnet and more are expected to add to this list in coming weeks. A total of 100 validators are expected to be on the network before Matic will begin shutting down the Foundation node. Matic is now committing every of its efforts towards achieving complete ecentralization. This target is set to be in two sub-phases:

Phase 3A: Matic network will execute its Phase 3A by opening the network public validators steadily enabling membership as validators by community members.

Phase 3B: Phase 3B will takes off after all slots have taken. Afterwards, all Matic Foundation nodes will be shut down to allow for delegations for the community and public validators. Both parties will then be required to switch delegations to non-Foundation nodes. This procedure ensures that public validators solely receive delegations from the Matic community without bias.

The completion of Phase 3 of validator onboarding, would guarantee that Matic network has attained full decentralization, after which control will be handed over to the community using an on-chain mechanism.

For more information on mainnet, visit Matic Official Blog

Research Writer ǀ Blockchain Enthusiast ǀ Petroleum Engineer ǀ Part-time Journalist