Latest News

Matic rebrands to Polygon to support Ethereum to contend with Polkadot

Matic rebrands to Polygon to support Ethereum to contend with Polkadot

Matic Network (MATIC) has declared its rebranding to Polygon. The new ecosystem, Polygon, will employ all prevailing L2 solutions to generate a cross-project aggregator. As per the press release, Matic Network will resume its development progress as Polygon. This rebranding proclaims an apparent shift in the technological and marketing strategy of the startup. Polygon employs Layer-2 secured changes and sidechains in its scaling solution for Ethereum. Polygon will have extra support for layer two solutions like Optimistic Rollups, zkRollups, and Validium.

The rebranding intends to allow projects to determine their scaling solution instead of being forced into one option. Polygon will develop a front against Polkadot by securing Ethereum builders like Anthony Sassano, Hudon Jameson, Ryan Sean Adams, and John Lilic as advisors. Moreover, the Polygon team will develop a multichain system to leverage Ethereum’s most advanced scaling solutions. 

Polygon can be witnessed as Polkadot on Ethereum

Moreover, Polygon advertises itself as a “Layer-Two aggregator” or “Polkadot on Ethereum.” Meanwhile, the Polygon team ensures that all instruments produced under the name Matic will remain fully functional. The prevailing solutions, such as Matic PoS Chain and Matic plasma Chain, will remain online. Moreover, it will develop under the new Polygon ecosystem. Interestingly, while Polygon intends to compete with Polkadot, Acala’s new solution will probably make the Polkadot and Ethereum ecosystems commonly interoperable with one another.

Furthermore, recently, Polygon leaders actively solicit new talent to develop into a leading blockchain hub. It will primarily focus on fulfilling decentralized applications with real utility. Founded in 2017, Matic Network revealed its mainnet in 2020. It received support from prominent investors like Binance and Coinbase. It was amongst the most advanced projects developed, encompassing the Plasma instrument for Ethereum (ETH) scaling. MATIC, the project’s native token, will perform a pivotal role in securing and incentivizing the ecosystem following the rebrand.

Follow BitcoinWorld for the latest updates.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.