Place/Date: - February 9th, 2021 at 3:00 pm UTC · 3 min read
Layer-2 scaling solution Matic Network has announced that it is rebranding as Polygon. The new name and branding will coincide with a strategic shift that will see Polygon focus on creating a multichain system akin to Polkadot on Ethereum.
Polygon’s multichain architecture, comprising L2 secured chains and standalone sidechains, will enable Ethereum to scale fast and effectively while dramatically driving down network fees. In addition to Plasma and the PoS chain pioneered by Matic, Polygon will support multiple layer-2 solutions such as Optimistic Rollups, zkRollups, and Validium, effectively making it an L2 aggregator. This approach, implemented via Polygon’s modular SDK, will enable projects to select the scaling solution that best suits their needs rather than being bound by any one option.
Operating under the Polygon banner, the Matic team will maintain its work on developing and delivering effective scaling solutions for Ethereum. To create a larger front against Polkadot, many Top Ethereum OGs like Ryan Sean Adams, Anthony Sassano, Hudson Jameson, John Lilic etc will be joining the company as active advisors. To accelerate these efforts, Polygon is actively seeking new talent as it builds out its ambitious roadmap and evolves into a hub for production-ready blockchain scaling.
Polygon will elevate the capabilities of the Ethereum mainchain, creating an Internet of Blockchains that supplies on-demand scaling for crypto projects and enterprises. Following the rebrand, the MATIC token will continue to play a key role in securing and incentivizing the ecosystem, with additional functionality introduced thanks to the new scaling techniques and side chains that will be integrated. Existing Matic solutions and implementations, primarily Matic PoS Chain and Matic Plasma Chains, REMAIN FULLY FUNCTIONAL and will continue to be developed and grown as very important components of the Polygon ecosystem.
With Polygon, developers will no longer have to make trade-offs in terms of speed, scalability, tooling, or community when selecting a network on which to build. Anchored around Ethereum, Polygon’s L2 aggregator will place instant scaling options in the hands of devs, freeing them to focus on creating applications that have real utility, unconstrained by the present limitations of Ethereum.
Formerly known as Matic Network, the layer-2 scaling solution backed by Binance and Coinbase, Polygon is an open source project committed to scaling the Ethereum network. Its first product, Matic PoS chain, is based on a version of Plasma and used by such projects as Polymarket, Aavegotchi, Decentraland, SportX, and Neon District and many more. The Polygon team is now developing Polygon SDK to provide a substrate-like engine to build stand alone chains on top Ethereum and is developing and collaborating with various cutting edge Layer2 solution providers to build Ethereum secured chains.