Troy Trade (TROY), which offers brokerage services in cryptocurrency trading, has teamed up with Matic, which provides Layer-2 scaling solutions by utilizing side-chains for off-chain computation. Matic will become the 7th member of Troy’s “Global Ecological Community Program” to build an integrated crypto asset trading ecosystem.
Matic ensures the security of the Layer-2 solution by using the Plasma network as well as decentralized Proof-of-Stake (PoS) validators.
Cryptocurrency transactions on a blockchain are very secure but take more time as each transaction needs to be validated by several validators. If the number of transactions increases, they start piling up, and the time taken for each transaction increases even further. It spoils the user experience. A solution for it is to develop side/off-chain, which will record all the transactions of the users and at the end of the day, prepare a record of the net result of the transactions of each user and records it on the main blockchain.
It frees up space on the main blockchain, which does not get bogged down by the volume of transactions. With TROYs stated ambition of globalized cryptocurrency trading, it becomes essential to develop side chain solutions to ensure smooth operations and faster transactions on the TROY platform.
A side chain also reduces the cost of transactions for the user has to pay for only the net result of all his transactions, which is embedded in the main blockchain. Otherwise, the user would have to pay for each transaction that he carried out during the day. Thus, side-chain not only increases the speed of transactions but also reduces the cost of transactions for the user.
The TROY system architecture consists of the public chain protocol layer, the off-chain trading layer, the settlement network layer, and the application layer.
Troy wants to create a public chain settlement protocol where it will employ Matics Layer-2 scaling solution for better user experience and increased privacy.
TROY and Matic will together invest in R&D to create Layer-2 solutions. TROY will adopt Matics Layer-2 scaling solution, and Matic will get entry into a promising sector, the trading marketplace, and settlement network.
Matic works with developers of existing ecosystems to provide solutions for the scalability of those ecosystems while ensuring that they remain decentralized.
Troy Trade offers financial institutions and professional traders financial products for cryptocurrency such as spot and margin trading, derivatives, data, custody, lending, and staking in a single account.