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What's new with Matic renaming to Polygon?

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Matic Network plans to become the first Layer 2 solution aggregator on the Ethereum chain, building a modular, universal, and flexible expansion framework for Ethereum.

Original title: "Matic Renamed to Polygon, Layer 2 Aggregator Opens Up New Ideas for Scaling? "

Original Source: Planet Daily

On February 10th, Matic Network, a star expansion project on the Ethereum chain, announced that it will upgrade its brand. Item name changed to Polygon.

With the change of the project name, Matic Network's vision will also be further expanded - it plans to become the first Layer2 solution aggregator on the Ethereum chain, providing Build a modular, universal and flexible expansion framework.

Stimulated by this good news, the price of MATIC has soared sharply. As of 13:00, it was quoted at 0.116 USDT, an increase of 62.1% in 24 hours.

Matic renamed Polygon, Layer 2 aggregator opens up new ideas for capacity expansion?

As a veteran Layer 2 expansion project, Matic Network has previously received the seed round funding support from Coinbase Ventures, and has also As an IEO project of Binance, it has received extensive attention. On the whole, Matic Network is relatively mature among all Layer 2 expansion projects, which is also reflected in its data:

Introduced high-performance Matic Plasma Chains based on the Plasma expansion solution;

Ethereum side chain was built Matic PoS Chain, the side chain supports the Ethereum Virtual Machine (EVM), and can also share the security of the Ethereum network;

More than 80 Dapps have been deployed , including the recently popular NFT game Aavegotchi;

More than 200,000 independent addresses have been generated and more than 7 million transactions have been processed;

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The outbreak of DeFi and NFT has brought a prosperous chain ecology to Ethereum. In the face of high gas costs, expansion has also become the focus of the market. However, with the innovation of various new solutions, Plasma has gradually "fallen out of favor" due to its relatively complicated issues such as capital withdrawal. New directions such as zkRollups and cross-chain compatibility have become the new favorites of the market. Betting on Plasma's Matic Network It also looks a little faded.

Based on this background, the Matic Network project team, which has been working on the expansion track for a long time, made its own reflection:

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The Ethereum expansion track is not a winner-takes-all game. Different projects will have different needs, so a variety of different expansion solutions may coexist for a long time;< /p>

The expansion scheme on the Ethereum chain is quite mature and very dynamic. The main reason hindering the widespread adoption of various schemes is that the deployment is too complicated and lacks a common structure;

Cross-chain compatible solutions can indeed provide better performance than Ethereum, but the significant disadvantage of these solutions is that they cannot share the security of the Ethereum network, and lack Network effects and synergies, most developers and projects still want to build their scaling solutions within the Ethereum ecosystem.

Therefore, Matic Network decided to upgrade to Polygon. According to the official description, Polygon is defined as the first structured and easy-to-use Ethereum expansion and infrastructure development platform. The core component of Polygon is Polygon SDK, which is a modular and flexible development framework that supports building and connecting two mainstream expansion paths:

Secured chains (i.e. Layer 2 chain): This type of path can rely on the security of the Ethereum network without establishing its own verification mechanism. In addition to the currently completed Plasma chains, Polygon will also support other Layer 2 expansion solutions in the future, such as Optimistic Rollups, zkRollups, Vapdium, etc., which will make Polygon the first Layer 2 aggregator on the Ethereum chain. In terms of use cases, this direction is more suitable for applications that require the highest level of security and emerging projects that are difficult to build their own authentication mechanisms.

Stand-alone chains (i.e. side chain): This type of path can build a side chain independent of Ethereum. The side chain network has its own verification mechanism, which will Fully responsible for their own network security, but can also provide better independence and flexibility. From the perspective of use cases, this direction is more suitable for projects that do not require the highest level of security (such as games) and projects with strong community strength (able to establish a sufficiently decentralized and secure verification mechanism by itself).

Matic renamed Polygon, Layer 2 aggregator opens up new ideas for capacity expansion?

Polygon structure example, which may also be the origin of its new name "polygon"

On the whole, what Polygon has to do is to empower all existing Ethereum expansion solutions, starting from the inside, and continue to explore the way of Ethereum expansion. As Matic Network co-founder Jaynti Kanani said:

“From the beginning, we have only one mission - to promote the mass adoption of Ethereum. Based on this With one mission, we are ready to start the next chapter of a more ambitious chapter. Through Polygon, we hope to make Ethereum a powerful, highly scalable multi-chain environment and become the backbone of the Web3 revolution.”

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It should be noted that all the completed development work of Matic Network, solutions such as Matic Plasma Chains and Matic PoS Chain will still exist and will continue to develop and become the Polygon ecosystem important part of the system. Brand upgrades will not generate new tokens, and MATIC will continue to exist as Polygon's only token and will play a more important role in the future.

However, the new plan will also bring new challenges. Compared with simply building side chains or Plasma Chains, Polygon's future development tasks and difficulties are bound to increase It has been greatly improved, and the Odaily Planet Daily will continue to pay attention to how effective it is.

In any case, today when various Layer 2 solutions are relatively fragmented, the "integration" idea proposed by Matic Network has opened up a new stage for the entire expansion track. Opening a new door may also become a major milestone on the long road of Ethereum expansion.