Are you ready for faster, cheaper dVPN transactions? Matic Network is making it happen for you!
We’re excited to share that we’ve partnered with Matic Network. We’re only weeks away from our live integration with their custom Layer 2 solution, which will provide all users of Mysterium dVPN with almost instant P2P payments, at a fraction of the cost. (Quite literally, it’s a millionth of a fraction…)
The problem we are solving with Matic Network
As the wider community is surely aware, we as an industry have been facing specific challenges with expensive transaction fees on the Ethereum blockchain.
With the freedom of speech online being debased, a global pandemic and other macro forces in play – we see it as a priority to enable peer to peer payments in the most frictionless way possible.
Mysterium Network, with our pay as you go service, is a natural ally for emerging markets when high transaction fees on Ethereum lock these users out.
This integration with Matic Network will mean that Mysterium account creation and top-ups will happen on a sophisticated and scalable Layer 2 sidechain, instead of on the Ethereum blockchain.
What this means in technical terms:
- Hermes, Mysterium’s accounting hub, will be running on both Ethereum and Matic – find out more about Hermes hub in our micropayments whitepaper.
- You will be able to move MYST tokens onto Matic via a Hybrid Plasma-POS Bridge. This bridge provides a POS and a Plasma option to bridge assets between Ethereum and Matic.
- The mysterium payment system will support cross-chain payments. This means that VPN users can have funds on L2 Matic chain, and Mysterium node runners can accept funds on L1 (Ethereum)
Some relevant numbers – registration TX fee on…
ETH mainnet: 10.3322418978 MYST
Matic: 0.000005699966589 MYST
In short, Matic is 1, 812, 685 times cheaper!😱
Want to know more?
We have written extensively on the topic in the context of building out a global censorship-resistant layer. For those interested:
- Layer 1, 2, 3 and beyond: The search for the cheapest and fastest microtransaction
- Introduction to micropayments in a decentralised virtual private network (dVPN)
- Read our technical deep dive on peer to peer micropayments.