The Matic Network development team has announced that the project will be renamed Polygon. The rebranding implies the creation of a multi-chain based on Ethereum, which will increase the scalability of the blockchain.
The Matic Ethereum sidechain was launched in June 2020 as a workaround for Ethereum scaling. After the rebranding, Matic will present the multi-chain architecture, which will include Ethereum sidechains and second-tier secure solutions such as Validium, Optimistic Rollups and zkRollups. They use zero knowledge proof technology and make it easy to conduct large numbers of transactions without clogging up the main blockchain.
In theory, this will allow Ethereum to scale quickly and efficiently, while reducing transaction fees. Polygon will give developers the freedom to scale solutions by offering their own software development kit (SDK).
The project will include Mythos Capital founder Ryan Sean Adams, EthHub co-founder Anthony Sassano and Ethereum Foundation developer Hudson Jameson. They will join the project as active consultants.
The team also pledged to bring in new talent to help transform Polygon into a “blockchain scaling hub” that will significantly expand Ethereum’s capabilities. Matic’s developers hope that this architecture will allow Ethereum to compete with Polkadot, whose mainnet launched last May. DOT coin is now ranked sixth in terms of market capitalization.
The developers added that all current Matic implementations, including Matic PoS Chain and Matic Plasma Chains, will continue to function. As important components of the Polygon ecosystem, they will be updated in the future. The internal token MATIC will also continue to play a key role in ensuring the security of the ecosystem and its development after the rebranding.
Ethereum co-founder Vitalik Buterin recently urged users to move to second-tier scaling solutions as standard smart contracts for applications on the Ethereum Virtual Machine (EVM) “lag slightly.”
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