Matic Network is a 2nd layer scaling solution that secures the scaling process by utilizing sidechains for off-chain blockchain computation, thereby ensuring asset security using the decentralized network of PoS or the Proof-of-Stake validators. Matic network, however previously, was the only second layer viable solution for the Ethereum platform, but recently it has announced to become the second layer solution for Bitcoin as well, through its collaboration with Ren Protocol. Ren or the Republic protocol is the only decentralized dark pool protocol that facilitates trading mammoth count of digital assets. Utilizing the secure multi-party computation or sMPC, the Ren Protocol secures access to inter-blockchain liquidity for all the decentralized applications. It helps to bring crypto-assets like BTC, ZEC, and BCH under the periphery of Ethereum dApps.
On its Twitter handle, the Matic network made the announcement live regarding its direct support for BTC on its Matic sidechains through the collaboration. This collaboration is expected to facilitate faster and cheaper BTC transactions, thereby allowing Matic for robust competition with the Lightning network. Check out the Twitter post in this link,
1/ We’re thrilled to announce that Matic Network will support $BTC directly on Matic sidechains through collaboration with the Ren Protocol.
Matic will be able to facilitate fast & cheap BTC transactions, giving Matic somewhat similar capabilities as the Lightning Network. pic.twitter.com/q1RDKGeubY
— Polygon | Aggregated (@0xPolygon) March 2, 2020
In a second tweet, the Matic network made another announcement to support the evolution of DeFi which stands for decentralized finance, and included financial services like lending, borrowing, and trading with the help of smart contracts or public blockchains or other of the like decentralized approaches. The Twitter handle reads like this,
2/ We are thrilled to be providing another layer of utility for Matic Network and supporting the evolution of #DeFi alongside the Ren Alliance.
Here’s to a new era of seamless BTC transactions, powered by Matic 🥂
Read more about the Ren Alliance here: https://t.co/YsP6JcVldi
— Polygon | Aggregated (@0xPolygon) March 2, 2020
By reducing the possible barriers to access the products of DeFi, the users’ interest in the crypto ecosystem can be fostered at ease, thereby bringing in more liquidity in the process. This is where open protocols can help massively; it brings in that fluidity in the system of interconnectivity that in turn helps in supplementing highly liquid markets, across the entire blockchain, pertaining to derivatives to crypto exchanges.
The potential of open protocols, along with their integration with the secure multi-party computation or sMPC, cannot be denied altogether. For further details on Bitcoin, you can check out Bitcoin latest news today to know more about it.
