India’s leading Blockchain company Matic Network, the Layer 2 scaling solution backed by Binance and Coinbase, has today announced that it is rebranding and expanding its mission to become Polygon, Ethereum’s ‘ and with its elegant multi-chain solution for interoperability, akin to Polkadot on Ethereum.
Matic Network’s current Layer2 and sidechain solutions are very popular and have seen the top applications choosing Matic Network for their scalability on Ethereum. Few big and recent examples include Polymarket, Aavegotchi, Decentraland, SportX, Neon District and many more. Identifying the scaling and complexity inherent in today’s scaling solutions on top of Ethereum, and realizing that there’s is no “one solution fits all approach” Matic has conceptualized and started building Polygon – which converts Ethereum into a multichain system with various kinds Layer2 chains as well as standalone sidechains to address these needs.
Polygon transforms Ethereum into a multi-chain Ethereum with Layer2 Secured Chains and Stand alone sidechains
Polygon, is the first well-structured, easy-to-use Multichain architecture for Ethereum scaling. Its core component is the Polygon SDK, a modular, flexible framework that supports building and connecting two major types of solutions – secured chains and standalone chains.
Polygon’s Layer 2 solutions are secured on Ethereum
Secured chains are scaling solutions that rely on Ethereum for security instead of establishing their own validator pool. Polygon will support multiple Layer 2 solutions, apart from its existing Plasma chains (Matic PoS/Plasma), such as Optimistic Rollups, zkRollups, Validium, etc., thus becoming a one-of-a-kind “L2 aggregator.” Secured chains are a good fit for (1) applications that require the highest level of security and (2) startups, i.e., young projects/communities who are unable to establish a sufficiently decentralized and secure validator pool.
Stand-alone chains are sovereign Ethereum sidechains, fully in charge of their own security, i.e. with their own validator pool. Stand-alone chains offer the highest level of independence and flexibility, with the tradeoff of normally a lower level of decentralization and security. The existing Matic PoS chain is a standalone chain and will remain integral and one of the most important parts of the Polygon infrastructure.
Polygon is built for enterprise
Stand-alone chains are often a good fit for (1) enterprises, (2) projects that do not require the highest level of security and (3) established projects with strong communities who are capable of establishing a sufficiently decentralized and secure validator pool.
One of the strengths of the project is the broad number of available use cases. These include decentralized exchanges, identity features, credit scoring, atomic swaps, payments, and gaming networks among others.
The founders and the Matic Network team will all continue to work in an unchanged way under the new brand. In order to build Polygon and achieve its powerful vision Matic is in the process of expanding its team and is actively hiring.
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