Hello guys, Ubong Ephraim here and welcome to another episode of Matic DApp spotlight with Ubong Ephraim. On this series I highlight DAPPS implemented on the Matic Network. DAPPS which choose Matic Network to enable them scale and also provide faster transactions for their users.
And today we’ll be talking about Oropocket, the blockchain banking solution building an open finance protocol with the Matic Network. But before we get into OroPocket, let's talk a bit about Matic Network.
Matic network is a blockchain solution that provides scalable, secure and instant Ethereum transactions using Plasma side chains and a Proof-of-Stake network. Matic has made an effort to resolve the issues of scalability and usability without making a compromise on decentralization.
It is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities.
Matic network was created to solve the problem of scalability associated with most blockchains and also accelerate transaction speeds.
When developers seek to deploy their solutions using blockchain technology, speed and scalability are two utmost features they look out for. Matic network solves these problems very well while adding additional features such as a smooth user experience and security.
DAPPS stand for “Decentralized Applications”. They are web applications developed with blockchain architecture. Their usecases range from business and finance to utility, gaming and technology solutions.
DAPP developers need to implement upon a blockchain architecture with an efficient speed to enable it’s users have a fluid and smooth experience. Hence DAPP developers look to blockchain solutions with proven high throughput and high TPS( Transaction speed per second).
Matic Network is a great blockchain solution to DAPP developers as it solves this problem of scalability and speed. Infact, over 30 DAPPS are currently deployed on the Matic Network.
On today’s part of the series, we’d be looking at Oropocket, the blockchain banking solution building an open finance protocol with the Matic Network.
Oropocket is a 100% asset backed banking solution on the blockchain. It relives users of the stresses associated with traditional banking systems. With Oropocket users can invest into multiple asset classes, grow their wealth and enjoy 100% liquidity. Oropocket is building an Open Finance protocol to manage multiple asset classes with several financial services built on top of it. Open Finance(OpFi) enables custody of real-world assets on blockchains and enables developers to build applications on top of it. So there is a thriving ecosystem of products and users leveraging the blockchain to scale the traditional banking experience.
Open Finance removes hurdles of price slippage, offers high liquidity & instant settling while offering complete insurance & custodianship of physical assets. OpFi bridges the gap between traditional finance & Decentralized Finance(DeFi).
There are five major components to the Open Finance Protocol.
1. Tokenisation of real world assets
2. Instant Trade without the need of exchange
3. Instant low cost loans
4. Earn yield on real world assets
5. Universal chain support
More details about the Open Finance protocol can be found here:
OroPocket has decided to build the Open Finance network on Matic Network. This is to leverage the scalability, speed and low fee features of the Matic Layer 2 network.
Matic Network was chosen by Oropocket for the following reasons.
1. High transaction throughput offered by Matic Network
2. Matic Network’s low fees enabling micro transactions
3. Matic Network’s open & decentralized solution
4. Easy deployment on Matic Network
5. Passionate community
Matic Network layer 2 solution with all it's awesome features continue to place it as a sought after tool for developing business solutions on the blockchain.
Want to build with Matic too?
For Developers building Dapps and looking for a scaling solution, do get in touch with Matic Network. They can help you not only achieve scale but also provide the best UI/UX to your users.
MORE INFORMATION :
Learn more about Matic at : https://matic.network/
MATICDAPPS : https://matic.network/dapps