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Matryx: A Decentralized Collaboration Platform

October 6, 2017 - Uncategorized


Matryx aims to be the de facto standard for decentralized collaboration. Matryx is an open source platform that consists of a blockchain-based bounty system, a library of digital assets, and a marketplace. It is the first bounty-based platform that rightfully compensates all contributors to a winning bounty. This model can be applied to all forms of collaboration, but Matryx will bootstrap with a focus on STEM and academia.

There are several key components of the Matryx ecosystem: a decentralized platform, an Ethereum token, and a library of applications. They are heavily integrated with each other and each component benefits greatly from the others. Users will interface with applications like Calcflow, nano-one, and the Matryx web marketplace in order to submit and download content. This content is managed by smart contracts on the Matryx platform and community input. All individuals are incentivized to maintain the platform’s quality via an ERC20 token called MTX.

Matryx Background

Matryx aims to incentivize collaboration in fields of knowledge and creation like science, technology, engineering, and mathematics (STEM). Additionally, the Matryx team focuses on creating virtual reality software for scientific research and development. The software suite includes Calcflow, the industry-leading VR mathematics toolkit, and nano-one, a VR interface for nanoscale design and simulation.

The Collaboration Problem

Solving the world’s hardest problems in silos leads to duplication of effort and redundancy. By providing a global community that encourages and incentivizes the exchange of ideas, time to innovation is greatly reduced while problems are solved at a rate otherwise impossible.

Research and engineering efforts are fragmented. Time and money are wasted when different teams work on the same problem without coordination. Recognition and grants go to the last people to work on a problem, ignoring dozens of critical contributors. As such there’s no incentive to cooperate with other teams, and no repository of solved problems.

The Matryx Solution

Matryx’s blockchain-based bounty system provides incentives for collaborative problem solving. Creators are rewarded for contributions with MTX tokens. Anyone can post bounties to Matryx. Participants compete to solve these problems in a tournament.

The winning solution of each round is shared publicly so that new contributors can remix into a new iteration, enabling users to reach the goal faster and more effectively. Once a problem is solved, rewards and recognition are given to all winning contributors, not just the last contributor, for fairness and transparency.

Why We’re Having a Token Sale

The ultimate goal of Matryx is to incentivize collaboration in fields of knowledge and creation like STEM. To reach that goal, we need resources that support R&D demands and help create a community of participants and contributors. Token Sales have quickly become a proven means to achieve such growth for blockchain-based technologies like Matryx.

How Matryx Uses the Blockchain

Utilizing blockchain-based bounties, Matryx enables users to validate each participant’s contribution to a solution and reward them with MTX tokens. Using a token enables us to leverage smart contract systems, upgrade over time, and gives us the flexibility to shape the platform to the needs of the users.

Benefits of the Blockchain

Smart contracts reduce the friction of tracking and compensating contributors. Each round of a bounty competition, the winners are rewarded, and a new generation of children is created. All iterations are managed by the tournament contracts. The provenance of an idea or work can be easily tracked and can be rewarded fairly and publicly.

  • We’re reducing our sale hard cap to 26,888 ETH (approximately $8 million).²
  • At the end of the sale, unsold tokens will be burnt.³
  • The Matryx Token Sale has been extended through the 15th of November with an additional 10% MTX bonus for all participants who purchased before October 13th.¹

We believe these changes to the sale structure are far better suited to the growth of the Matryx platform and community than our original $50 million hard cap. In the weeks that follow, we anticipate an increased response from new purchasers around the globe and the expansion of community and conversation. Sale terms will remain unchanged.

Additionally, we’ve got some new exciting blog updates over the coming week. In the meantime, the Matryx team is happy to address any of your preliminary questions, comments, and concerns on our Telegram channel.

  1. All participants, presale buyers included, who purchased MTX before October 13th will receive a 10% bonus in MTX. From the 13th through the end of October, a 5% bonus will remain in effect. All bonuses will be manually issued from the MTX master wallet as soon as possible and no later than six weeks from the end of the sale. Purchases from the 1st through the 15th of November will receive no additional bonus. Tokens will remain locked through the new end date of the sale.
  2. Due to the nature of smart contracts, we will be manually initiating a “self-destruct” of the MTX smart contract code on November 15th, or whenever the new hard cap is reached. Because we will be “self-destructing” our smart contract code manually, the new sale cap of 26,888 ETH is our new target, and should be considered approximate rather than exact.
  3. Due to the nature of smart contracts, all 314 million MTX will be minted upon “self-destruct” of the contract. The number of tokens sold will be considered 60% of the total supply. We will send unsold tokens + a proportional amount of the withheld allocation to the zero address, effectively burning them.

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