The developers of Matic Network, the layer-2 solutions for the Ethereum blockchain, will rename the project to Polygon. The rebranding accompanies a strategy shift toward building a multi-chain system akin to Polkadot. ForkLog was told by project representatives. <\/p>\n
The team backed by Coinbase and Binance is aiming to build, on top of the second-largest cryptocurrency by market cap, a network of secure Layer-2 solutions (L2) and autonomous sidechains. The aim is to boost Ethereum’s scalability and reduce transaction costs.<\/p>\n
In addition to its own developments Matic PoS Chain and Matic Plasma Chains, Polygon will implement support for Optimistic Rollups<\/a>, ZK-Rollups<\/a> and Validium<\/a>, effectively turning it into an aggregator of such L2 solutions. The approach will be implemented using a modular toolkit. It will enable projects to choose the option that best fits their needs.<\/p>\n The developers say that Polygon will effectively become the ‘internet of blockchains,’ expanding Ethereum’s capabilities to meet the needs of crypto startups.<\/p>\n “Developers will no longer have to compromise on speed, scalability, tooling, or community when choosing a network to build on. The Polygon L2 aggregator will allow them to focus on building applications with real utility beyond Ethereum’s current constraints,” the press release said.<\/p>\n<\/blockquote>\n As advisors to the project will be investors and developers Ryan Sean Adams, Anthony Sassano, Hudson Jameson, John Lilic. Polygon plans to attract new specialists, develop a roadmap, and become a hub for blockchain scalability.<\/p>\n After the renaming, the MATIC token will continue to play a role in securing the network and incentivising the ecosystem.<\/p>\n In July 2020, the Matic Network developers announced that they had achieved a throughput of 7,200 TPS.<\/p>\n In October, Vitalik Buterin urged developers focus on Layer-2 solutions<\/a> and integrate them into wallets, as Ethereum’s on-chain scalability remains years away.<\/p>\n\n