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.
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.
In addition to its own developments Matic PoS Chain and Matic Plasma Chains, Polygon will implement support for Optimistic Rollups, ZK-Rollups and Validium, 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.
The developers say that Polygon will effectively become the ‘internet of blockchains,’ expanding Ethereum’s capabilities to meet the needs of crypto startups.
“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.
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.
After the renaming, the MATIC token will continue to play a role in securing the network and incentivising the ecosystem.
In July 2020, the Matic Network developers announced that they had achieved a throughput of 7,200 TPS.
In October, Vitalik Buterin urged developers focus on Layer-2 solutions and integrate them into wallets, as Ethereum’s on-chain scalability remains years away.
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