Polygon

The Matic Network and its MATIC token used to be the two building blocks of the namesake Layer-2 solution designed to bring instant and scalable blockchain transactions paired with easier everyday payments and lower fees. Since February 9, 2021, the network has rebranded to Polygon (MATIC).

What Is Matic Network?

Following a recent price boom that propelled its coin to the crypto top hundred clubs, the Matic Network has made headlines based on its promise of delivering simpler interaction between users and decentralized financial applications and ecosystems. Self-described as a Layer 2 scaling solution (meaning that it does not seek to upgrade the basic blockchain layer), the Matic Network is all about reducing the complexity of this interaction which is identified as bringing down some crypto-based projects.

To achieve this, the Matic Network is built as a decentralized platform running on a customized iteration of the Plasma framework, which is seen as the solution tasked with bringing massive scaling capability to Ethereum. As proposed by Vitalik Buterin, this framework is supposed to allow for the easier execution of scalable and autonomous smart contracts, thus allowing for the creation of globally available decentralized financial applications on a single foundational blockchain. It focuses on the applications with which there is no need to record each transaction on a blockchain, such as small-scale daily purchases. To this mix, the Matic Network added the implementation of sidechains and a network of Proof-of-Stake (PoS) validators to ensure better asset security.

Learn more about the Polygon Network post rebrand here.