Matic Network, known for providing Layer 2 scaling solutions, is rebranding as Polygon and launching on the Ethereum blockchain. The new Matic will help to solve Ethereum’s lingering scaling issues and the high transaction fees that have made Ethereum almost unusable. Like Polkadot, Polygon will possess multi-chain functionalities that are known to hasten transactions.
The multichain architecture will include Layer 2 secured as well as standalone chains. It will also become an L2 aggregator by combining Plasma, PoS chain, and multiple layer-2 solutions such as Optimistic Rollups, zkRollups, and Validium to give developers various scaling options to choose from for their projects.
Ethereum is the leading network with many projects built on at any point in time. The network has historically been overwhelmed whenever network activity exceeds available capacity. The advent of DeFi seems to have worsened the situation with transaction fees skyrocketing to worrying levels. While there has been a call for scaling options for the network, even the launch of Ethereum 2.0 has not been able to solve the scaling problem. This is where Polygon comes in.
Matic network will be using its team to work towards developing effective scaling solutions for Ethereum with experts such as Ryan Sean Adams, Anthony Sassano, Hudson Jameson, and John Lilic serving as advisers. The result is an internet of blockchains that will be ready to provide scaling for projects built on Ethereum. The native token for Polygon, MATIC also now has added functionalities that will make it even more effective for securing and incentivizing the network.
Going forward, developers will be able to build smart contracts and dapps more effectively since scaling issues will be taken care of and they only have to worry about building the best products. Changed from the former Matic Network, Polygon is now wholly dedicated to scaling Ethereum by developing Polygon SDK which will enable the building of stand-alone chains and Ethereum secured chains.
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