Calgary, Alberta, Canada, July 18, 2019: Zygot, one of the leading ERP companies on the blockchain spectrum, recently joined hands with Matic Network, to enable the industry with highly scalable, secure, and instant blockchain transactions.
What is this Partnership all about?
Zygot is developing an Ethereum blockchain-based decentralized ERP platform called ZERP. ZERP is an open-source, community-based, decentralized, and customized solution. It helps business owners avail competitive rates on ERP implementation and maintenance costs. ZERP’s deployment on Matic will empower organizations with quicker and more cost-effective transactions. Besides, Matic Network’s plasmafied EVM sidechains facilitate Zygot to blissfully migrate to Matic Network.
Why is this Partnership Important?
LeRae Bigelow, COO, Zygot considers this to be a major step, mobilizing the technological and visionary prowess of two leading organizations, Zygot and Matic.
While addressing the audience at the announcement event, she said,
“Through ZERP, our objective was to foster quick and free transactions. Ethereum, on the other hand, is quickly growing with a humongous community and support infrastructure. But, at the same time, it is expensive, which is why scaling up with Ethereum is a major financial concern for organizations across the world. Apart from this, block confirmations and transactions do not fulfill the requirements for applications like Zygot, and this is the reason why we approached Matic Network. Matic Network, with its strategic abilities, is in a better position to resolve the general concerns such as the slow speed of transactions, and high fees.”
Further adding to Matic’s capabilities, she added,
” Matic platform offers a high throughput, along with the capability of around 65k transactions every second on a single Matic chain. This will foster a considerable reduction in the token transfer costs, thus adding even more functionalities associated with token transfers on Zygot”.’
What does Matic COO Sandeep Nailwal say?
Sandeep Nailwal, COO, Matic Network too is excited about this alliance and considers it to be a promising venture in the time to come. He said,
“Zygot is working to bring an ERP solution to the blockchain. We believe with Matic’s scaling tech and Zygot’s ERP solution – small enterprises will get access to an economical ERP solution with data sharing enabled via blockchain and smart contracts. We believe that their approach has the potential to make a difference in the traditional ERP market. This also signifies Matic’s push into real world use cases for blockchain”.
[In Frame (From Left) Sandeep Nailwal, COO, Matic Network, and Pankaj Kurumkar, CMO from ZygotERP]
Technically, how will the Partnership Work?
Matic Network is a Layer2 scaling solution that uses sidechains for off-chain computation. At the same time, it ensures asset security through the use of the Plasma framework, along with a decentralized network of Proof-of-Stake validators. In order to achieve quick and cheaper confirmations, Matic offloads transactions on its sidechains with a block time of 1-second. Further, it uses a decentralized layer of PoS Stakers, to batch proofs of sidechain blocks with Merkle root of the blocks to the decentralized main chain.
Additional information about Zygot can be found at Zygot.io. You may also want to follow Zygot on various social media accounts including Reddit, Twitter, and Telegram, and get in touch with Zygot at [email protected].