Matic Network partners Personal Token to improve transaction scalability

Polkadot testnet

  • Matic Network wants to give personal tokens to at least ten thousand people in 2021 Q1.
  • The network entered into a partnership that would seek to improve Blockchain interoperability and Ethereum scalability.

Matic Network, a scalability platform, has announced that it is going to be issuing at least ten thousand individuals free tokens by the first quarter of 2021.

The network says it is going to carry out the tokenization free and it would be done on the Personal Token platform (PT). According to the network, the aim of giving out these free tokens is to promote personal tokens. Because of this reason, participants would have no need for an account with Metamask.

Matic Network also stated that the free tokens was not the only initiative it was pushing. The network also made it known that it would allow people to be able to buy their own personal tokens for only a pittance.

PT has said it is integrating its testnet into Matic testnet before it would then be integrated into the network’s mainnet. According to this, the tokenization will begin after it is integrated into Matic mainnet.

PT chose the Matic Network because of its need for a scalable transaction network. Matic makes use of the hybrid Proof-of-Stake (PoS) and plasma-enabled sidechains to load applications on it at cost effective fee and at a quicker rate. It does this without any form of breach to the security.

Matic Network remains the go-to Network for transaction scalability 

Earlier in July, Matic Network released its staking solution that was geared towards having a 80% lockup of tokens. Then, the Matic Foundation had the ability to stake on behalf of the users of its network. However, staking to external validators would be allowed in the coming phase of the network.

The network has also partnered with Blockchain Foundry, one of the top blockchain firms in North America, so as to improve the interoperability of Blockchain. This partnership was also aimed at improving the overall scalability of the Ethereum network.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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