What is Polygon? (MATIC Network)
Polygon, formerly known as the Matic Network, is a scaling solution that seeks to give a variety of tools to improve the speed, lower the cost, and simplify transactions on blockchain networks.
Polygon, in a nutshell, bills itself as a layer-2 network, which means it is an add-on layer to Ethereum that does not intend to alter the original blockchain layer. Polygon, like its geometric namesake, has numerous sides, shapes, and applications, and it promises a simpler structure for developing interconnected networks. It aims to assist Ethereum in growing in size, security, efficiency, and utility, as well as to encourage developers to bring appealing products to market as soon as possible.
Polygon kept its MATIC cryptocurrency, the digital coin that powers the network, after the rebranding. MATIC is utilized as a payment and settlement unit amongst network participants.
Polygon (MATIC Network) can be used to generate Optimistic Rollup chains, ZK Rollup chains, stand-alone chains, or any other type of infra that the developer requires.
Polygon (MATIC Network) successfully converts Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is similar to others such as Polkadot, Cosmos, Avalanche, and others, but it benefits from Ethereum’s security, active ecosystem, and openness.
Some of its key features include:
- Scalability: rapid, low-cost, and secure transactions on Matic sidechains, with finality accomplished on the mainchain and Ethereum as the first Layer 1 base chain compatible.
- High throughput: up to 7,000 TPS on a single sidechain on the internal testnet; For horizontal scaling, many chains will be created.
- User experience: a fluid user interface and developer abstraction from the main chain to the Matic chain; native mobile apps and SDK with WalletConnect support
- Security: Matic chain operators are participants in the PoS system.
- Public sidechains: Matic sidechains are public in nature (vs. individual dApp chains), permissionless, and capable of supporting multiple protocols
Matic Network’s objective is to develop a plasma-influenced Layer 2 scaling solution that will “provide throughput capable of satisfying transaction demand for mainstream adoption of dApps.” Matic is unique in both its technological approach to Layer 2 and its potential support for a wide range of use cases.