Zygot has joined hands with Matic Network, which with its plasma sidechain technology, ensures secured invoice exchange, higher throughput, faster transaction and more.
Calgary, Alberta, Canada, July 18, 2019: Top ERP company Zygot is delighted to announce its recent partnership with Matic Network. The company has integrated its Ethereum blockchain-based ERP module ZERP with Matic with the goal to establish a more refined and more secure experience for its users. Matic represents an advanced version of Ethereum which is devoid of the usual problems with Ethereum.
Zygot had a convenient migration to Matic Network since the Network’s sidechains are Plasmafied EVM sidechains.
The prime feature which the Zygot team aspires to make available to its existing clients is an ability to exchange invoices in a decentralized manner. The scalable Matic Network, along with PGP encryption and IPFS, assures secured P2P exchange of invoices. Besides, PGP is layered with asymmetric encryption that assures data will be accessible only by the recipient company.
“We are excited to form an alliance with Matic Network. The partnership will help us to assure the most secure hack-proof exchange of invoices in a decentralized environment. Thanks to this partnership, we will be able to host the invoice data and the details of its status live on Matic but in a ‘permission-driven’ manner. It makes things more secure by blocking random unauthorized access to our clients’ invoice data”, stated Denko Mancheski, CEO of the Zygot team while announcing the company’s partnership with Matic.
According to the statements of Mr. Mancheski, the Matic partnership will enable Zygot clients to whitelist (or blacklist) companies from which they want to receive invoices.
As Zygot encompasses a huge 400+ client companies, all of these features combined will demand a high-throughput blockchain with low (close to zero) fees. But such requirements are not viable with the company’s traditional blockchain ecosystem. Matic is developed with the mission to solve the problems of the existing blockchain system. It will help Zygot to achieve its desired high-throughput blockchain with extremely economical rates.
The Matic team explains how it will help Zygot to accomplish high throughput.
“We assure high throughput and can scale up to 65k transactions per second on a single Matic chain with our decentralized plasma operator mechanism. We are a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation. At the same time, we assure asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. We stand for instant & scalable blockchain transactions and can scale ‘2 16 transactions per block, per second’ for a single Matic sidechain. We will also help Zygot to achieve low transactional costs through economies of scale.”
[In Frame (From Left) Sandeep Nailwal, COO, Matic Network, and Pankaj Kurumkar, CMO from ZygotERP]
To attain low-cost and prompt confirmations, Matic offloads transactions onto its sidechains which have 1-second block times. It is followed by batching of proofs of sidechain blocks with Merkle root of the blocks to a decentralized mainchain (Ethereum), using a decentralized layer of PoS Stakers.
Matic Network hosts a decentralized portal which uses an adapted version of Plasma framework that assures quicker and incredibly low cost transactions- with finality on main chain. The Network is developed to solve the problems of existing blockchain ecosystem.
One of the most reputed ERP providers, Zygot covers a huge client base in Europe, including 400+ client companies. The company has come up with a next-gen blockchain-based ERP module (ZERP) that assures a decentralized, open-source, community-oriented, marketplace-facilitated and customizable portal.
More information can be found on the Zygot’s website, Zygot.io and by following their social media accounts: Telegram, Twitter, Reddit, and Medium below:
Media Contact: Pankaj@zygot.io