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Matic Network Counter Stake public staking testnet launched

Matic Network Counter Stake public staking testnet launched

Matic Network Counter Stake has been launched containing numerous revolutionary features. Matic Network provides Ethereum layer-two scaling services with plasma-backing. Counter Stake is the company’s staking network that is public incentivized.

Matic Network Counter Stake project includes many new changes, including a node setup stage (stage 0) that has been thrown open to the public. Matic Network’s formal announcement says that the update comes with an extensive step-by-step guide that helps users install dependencies, node setup, and guidance for the upcoming stages. Approximately three million (3M) mainnet Matic tokens will be distributed amongst the stage one and two winners.

Matic Network Counter Stake promises big things

Matic Network Counter Stake will include two successive stages, namely stages 1 and 2. The staking contracts will be released gradually along with a staking competition starting 2020. The staking efforts of Matic Network have expanded after a pre-staking partnership with cryptocurrency exchange Coinone. The duo offers an interest rate of close to thirty percent (30.29%) APR. Other notable organizations in the Matic ecosystem include Zawadi and Battle Racers.

Matic Network Counter Stake comes in the backdrop of a stream of positive news for the network. The firm has been actively pursuing Ethereum ancillary projects, including blockchain PoS solutions, DeFi-based systems, scalability improvements, and gaming related solutions.

Matic focuses exclusively on Plasma-based PoS sidechains

Plasma exponentially boosts the processing efficiency of blockchains. In Matic Network, Plasma is combined with Ethereum’s main chain and PoS sidechains for enhanced productivity. Consequently, the dApps that deploy Matic sidechains for Ethereum root chain settlements experience faster processing and low transaction charges. Recent TRYO-Matic partnership will help reallocate more R&D resources towards layer two networks.

The staking realm is getting competitive lately. Thus, the Matic Network Counter Stake represents the rising graph of the network’s increasing operations. The launch of these Ethereum-related projects can certainly spark the interest of large institutions that will further boost the development of smarter blockchain dApps. The upcoming Ethereum Serenity will surely benefit from these developments.

Image Source: Pixabay

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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