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Matic Network rebranded to Polygon so now it will aim to help Ethereum become better in scaling and also become the Internet of Blockchains similar to Polkadot so let’s read more in today’s altcoin news.
The Layer-2 scaling solution for the ETH blockchain Matic Network rebranded its project to Polygon with plans to enhance its support for the ETH network to scale faster and to reduce the growing transaction costs. The Matic Network served as an open-source scaling solution for the ETH network and was backed by Coinbase and Binance. In a press release, the team announced the rebranding and said it will convert the name to Polygon. The name change is a part of a strategic shift that will see Polygon focus on creating a multichain system similar to what Polkadot is for Ethereum.
Apart from the L2 secured chains, the multichain architecture plans to adopt new solutions including Validium, zkRollups, and Optimistic Rollups. Polygon’s modular SDK will implement new solutions to work together and will enable different projects to select the scaling options that suit their needs best instead of being bound by one single option. These developments will make Polygon an L2 aggregator.
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Some of the ETH team and developers like Anthony Sassano, Ryan Adams, Hudson Jameson, and John Lilic will join the team as advisors and will ensure the creation of a larger front against Polkadot. The rebranding will not affect the current Matic solutions while the Matic PoS chain and Matic Plasma Chains will remain functional. The MATIC token will also play a role in securing the incentivizing the ecosystem with more functionality added to the banks as well as have the new side chains integrated.
The main goal of Polygon is to decrease the high fees paid on the ETH blockchain while the average costs increased to all-time highs of $25. Despite the slice in half since then, the network presents challenges for retail users that tried to take advantage of the current DeFi craze. The mission of Polygon will be to “elevate the capabilities of the Ethereum mainchain, creating an Internet of Blockchains that supplies on-demand scaling for crypto projects and enterprises,” and to lower down the network fees.
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