Matic Network was a Binance launchpad project. The token sale of MATIC was a grand success with more than $5 million raised in 2019. Total 19% of supply was allocated for the launchpad. Matic was a project which was trying to address the scalability issue of Ethereum blockchain. The vision of the project was to improve scalability through proof of stake sidechains. The project also focused on usability and thus created a blockchain structure to get lower transaction fees, faster confirmations and many other benefits. The team focused on creating a scalable Ethereum sidechain using an implementation of the Plasma framework, an Ethereum scaling solution. The public sidechain took the Ethereum transactions off-chain and provided faster and cheaper transactions. A set of developer tools were created to achieve a better UI. Yes, the ecosystem was always focused on UI. Matic was doing well and it entered the top 100 cryptocurrencies group as per market capitalization very fast. The DAPP ecosystem also grew significantly. Just yesterday, the team announced in this blog post that Matic has rebranded to Polygon. Rebranding of a successful project is not very common. Let’s take a deep dive.
“Founding and building Matic Network has been an exhilarating and rewarding experience; we have built one of the leading scaling platforms in the Ethereum landscape today. From the beginning, we have had one and only one mission — scale Ethereum for mass adoption. With that mission in mind, we believe we are now ready for the next, even more impactful chapter. With Polygon, we want to enable Ethereum to become a robust, highly-scalable multi-chain environment that acts as the backbone of the Web3 revolution.” - Jaynti Kanani, co-founder of Matic Network
Polygon wants to be Ethereum’s Internet of Blockchains
Matic Network’s rebranding is ambitious. The project wants to be Ethereum’s Internet of Blockchains. The existing solutions remain fully functional and MATIC token will be continuing to act as the governance token of the platform. The project is basically expanding their visions. Matic is not a new project. The project was initiated in 2017 to provide a better world to carry Ethereum transactions and their Plasma implementation was one of the first successful implementations of the concept originally given by Vitalik Buterin. 80+ applications including Polymarket, Aavegotchi, Neon District, Skyweaver, Cometh, EasyFi etc were onboarded onto Matic chain. But could Ethereum scaling be the only USP of a project? Ethereum is really robust and scaling solution is the need of the hour but wide adoption of a scaling solution will take more time. Nowadays, blockchain technology is really changing at a fast rate. Ethereum has become the preferred value settlement layer undoubtedly but many other blockchains also look promising. The blockchains like Polkadot, Avalanche or Cosmos come with great technology but they have no organic ecosystem like Ethereum. The future wants all these blockchains to be inter-operable. The blockchains must talk to each other. Polygon protocol will provide the framework for connecting Ethereum-compatible blockchain networks.
Image Source - How to connect the Ethereum compatible blockchains?
How does it happen?
Polygon will provide a dedicated, optimized instance of Ethereum to any project. Polygon will deploy any preset Ethereum compatible blockchain easily. This will reduce the developmental challenge significantly and reduce the fragmentation of the ecosystem. Polygon will also enable such blockchains to be compatible with existing Ethereum tools like Metamask. The protocol will enable arbitrary message passing between two participating Polygon chains and thus offer interoperability. Polygon will also have a growing set of modules to develop custom networks. The project is designed to provide ‘security as a service’ either by Ethereum or a professional validator pool. The user experience will be far superior in the web3 environment in comparison to web2 environment and the transactions will be instant with zero gas fee. The DAPP development landscape is based on Ethereum and the developers will be able to deploy DAPPs on Polygon without any protocol knowledge. DAPP deployment will not require any token deposit, fees or permission. It is important to note that the existing Matic chain remains fully functional and continues to be developed and grown as an important component of the Polygon ecosystem.
Image Source - Polygon solution
Polygon envisions a borderless world. The project is open-source and it aims to transform Ethereum into a multi-chain system. The vision is significantly strong as it wants to reap benefits from Ethereum’s network effect. Polygon does not deviate from Ethereum as it is built as an integral part of Ethereum. The projects like Polkadot, Cosmos are really built from scratch and quite untested. Polygon will make them expressive on Ethereum. Ethereum already has so many EVM compatible chains, enterprise chains and layer2 implementations. It is really the time to have Ethereum’s own Internet now!
Note: This post was first published here for Cryptowriter in association with voice.com.