Popular Layer 2 blockchain platform Matic Network has announced a major transformation.
The platform, in a bid to expand its tech scope, will or be known as Polygon – Ethereum’s Internet of Blockchains. While this is a major transformation for the blockchain platform, it is important to note a few important details. For one, despite the changes made, all existing Matic solutions will still be prioritized and so remain active. The MATIC token will also continue to act as a governing token for the network. Team members, developers, and founders will continue to function without any real changes to their duties.
The network, in a recent blog post, furthermore threw more light on the importance of becoming Polygon – Ethereum’s Internet of Blockchains. Matic Network, now Polygon, also disclosed that its recent revamp is “probably the most important one in its relatively short but exciting history.”
1/ Dear Matic Network supporters and beloved crypto community,
Today is a big day for our project! 🤗
We are excited to announce that we are expanding our mission and technology scope and becoming Polygon – Ethereum’s Internet of Blockchains. 🦄💫 pic.twitter.com/5SfpJtGKcE
— Polygon (previously Matic) (@maticnetwork) February 9, 2021
About Matic Network
Launched in 2017, Matic Network was focused on developing a better decentralized tech world, majorly by helping to improve Ethereum. Over the course of the next three years, Matic has been hard at work to help Ethereum achieve mass adoption. It has also designed and implemented a number of important updates like:
- Matic Plasma Chains
- Matic Network PoS Chain
- The platform also onboarded over 80 amazing dApps. Some of them include EasyFi, Polymarket, Aavegotchi, Skyweaver, Neon District, etc.
- The platform has also completed a total of over 7 million transactions for its more than 200,000 user addresses.
- It has given out over $1 million as grants to developers.
- Carried out conferences, hackathons, etc.
The Ethereum blockchain, according to Matic, is one of the most mature chains we have today despite its scalability issues. These issues, as well as several other complexities, are the root cause of the network’s poor adoption. More and more Ethereum competitors are also springing up. Topping this list is Polkadot, followed by Cosmos, Avalanche, etc.
The recently debuted Polygon is a top-notch, Layer 2, easy-to-use Ethereum platform. Built with Polygon SDK, it is a flexible network that helps ensure interoperability among two major blockchain solutions, namely – secured chains and sidechains.
- Secured chains, also known as Layer 2 chains, are mainly solutions that rely on Ethereum security instead of building a new one. They are perfect for apps that require high security. Startups can also use them as they are easier and cheaper to deploy as compared to establishing a new validator pool. Polygon, apart from Plasma chains, will also support zkRollups, optimistic rollups, Validium, etc.
- Stand-alone chains (sidechains), as the name implies, are usually independent chains. They own validator pools and so are completely in charge of their security. They are independent, flexible, and are perfect for enterprises or apps that require lower security levels.
Speaking on the announcement, the co-founder of Matic, Jaynti Kanani, pointed out that Matic, since its inception, has been aimed at driving mass adoption of Ethereum. Polygon is sure to create an enabling environment “that acts as the backbone of the Web3 revolution.”
At the time of publication, MATIC was trading at $0.110056, with a market cap of $546,584,046 and a 24-hour trading volume of $248,178,785.
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