Matic Network Strategically Rebrands to ‘Polygon’ in a Bid to Build the Best Ethereum Layer 2 Solutions
- Matic Network rebrands to ‘Polygon’ and expands their strategic technological mission of providing faster layer 2 solutions for Ethereum blockchain.
Polygon, formerly Matic Network, announced its pivoting in a shift to enable Ethereum to compete with its rival, Polkadot, by building robust, fast and efficient multi-chain solutions.
According to a blog post, the Indian-based startup will incorporate a layer 2 aggregation software development kit (SDK), allowing projects to host multiple projects at once. This will allow developers to connect to any of their preferred scaling solutions, reducing the burden on Ethereum, as well.
6/ With Polygon, Ethereum becomes a full-fledged multi-chain system (aka Internet of Blockchains); akin to Polkadot, Cosmos, Avalanche etc, but with some major upsides:
– The security of Ethereum
– Ability to inherit Ethereum's network effects
– Openness and higher flexibility
— Polygon (previously Matic) (@maticnetwork) February 9, 2021
Polygon introduces a new secure layer 2 scaling solution that relies on Ethereum for security purposes and sidechains that completely deal with their own security. The former allows startups to focus on their craft rather than worry about safety and ensure the projects attain the highest security levels. The standalone sidechains also have their benefits for companies, such as sovereignty and speed of transactions.
Sandeep Nailwal Polygon Co-Founder
“The Polygon SDK is built to accommodate [and] aggregate all such kinds of solutions, rollups being one of them. Currently, the Polygon SDK will enable the creation of standalone chains like Polkadot’s substrate.”
Polygon, adding to the Plasma chains already available on Matic, will “support other major Layer 2 solutions such as Optimistic Rollups, zkRollups, Validium, etc., thus basically becoming one-of-a-kind “Layer 2 aggregator”, the report reads.
“Polygon SDK will support and offer several auxiliary solutions and products which will extend Polygon functionalities, improve the developer experience and introduce support for specific use cases.”
The Polygon network aims to overpower other scalability solutions such as Avalanche (AVAX), Polkadot (DOT), and Cosmos (ATOM). Having built on the Ethereum (ETH) Network, Polygon could enjoy greater security levels and become more open and robust, feeding off the second-largest blockchain.
The old Matic Network version will remain fully functional, and the MATIC token will continue to be the native token of the network.