Zygot joins forces with Matic Network to assure a secure P2P invoice exchange and more - AMBCrypto
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Zygot joins forces with Matic Network to assure a secure P2P invoice exchange and more

Biraajmaan Tamuly

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Zygot joins forces with Matic Network to assure a secure P2P invoice exchange and more
Source: Stoked

Zygot has partnered with Matic Network to ensure safe invoice exchange for users, higher throughput, faster transaction, and reduced transaction fees.
Zygot has got some amazing news to share with its users and the crypto community. The leading ERP provider has recently started integrating crucial parts of its blockchain-powered ERP software ZERP with Matic Network. One of the first features which are currently being tested is a secure P2P invoice exchange for its clients.
Matic Network sidechains are Plasmafied EVM sidechains which have assured easy migration of Zygot to Matic Network.
As per the sources, Zygot’s first mission behind the partnership was to facilitate the ability to exchange invoices in a decentralized manner for its existing clients. And Matic’s blockchain, along with PGP encryption, and IPFS technology solves the bill elegantly.
Denko Mancheski, CEO & Co-Founder at Zygot stated,

“We are excited to partner up with Matic Network. Our vision is to create a system where parties can exchange invoices in a secure manner and Matic will help us to realize that. Additionally, using PGP’s asymmetric encryption, the data will be accessible solely by the recipient company. Also, the invoice data and its current status [invoice received, paid, requires modification, etc..] will be live on the Matic blockchain backed by a permission-driven entry. Such an ecosystem will help to prevent unauthorized access to your invoice data.”

Speaking further, Mr. Mancheski said,

“Matic partnership will enable Zygot to further migrate their core ERP engine on the blockchain along with a marketplace of enterprise apps.”

Mr. Mancheski also mentioned about the problem of low throughput given its traditional Ethereum base. The company covers over 400 client companies and it calls for high throughput blockchain with low [close to zero] fees. This is another area where Matic is able to help Zygot with its decentralized plasma operator mechanism that assures instant scalability.
Matic is able to command incredible scalability by using sidechains for off-chain computation. It also ensures asset security simultaneously using the Plasma framework and a decentralized network of Proof-of-Stake [PoS] validators.
In the words of Matic team,

“We beat the problem of low transaction throughput by utilizing a Block Producer layer to produce the blocks. Block Producer facilitates much faster production of blocks compared to traditional Ethereum blockchain ecosystem. We can guarantee 2 16 transactions per block, per second for a single Matic sidechain which will help Zygot to achieve higher throughput for its vast client base. We will also help Zygot to attain a massive reduction in transaction fees.”

For faster and low-cost confirmations Matic offloads transactions onto its sidechains which have 1-second block times. Then, the Network batches proofs of sidechain blocks with Merkle root of the blocks to a decentralized mainchain [Ethereum], utilizing decentralized PoS Stakers.

Source: Stoked

[In Frame [From Left] Sandeep Nailwal, COO, Matic Network, and Pankaj Kurumkar, CMO from ZygotERP]”

 About Matic
Matic Network is developed with a decentralized portal which uses an adapted version of Plasma framework that assures quicker and highly low-cost transactions with finality on the main chain. Matic represents an improved version of Ethereum and is devoid of the typical problems of traditional Ethereum.
About Zygot
Zygot is a reputed ERP solution provider with clients all over Europe. The company is currently developing a blockchain-based ERP software which is modular, decentralized, open-source, community-oriented, marketplace-facilitated and more secure and affordable than conventional ERPs. ZERP is powered by ZYGOT token. ZERP is aimed to help ERP users to beat the market monopoly imposed by big-scale ERP companies and bootstrap a new distribution channel for small and medium enterprise software providers.
More information can be found on the Zygot’s website, and by following their social media accounts: Telegram, Twitter, RedditMedium and for Media Contact.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

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