So what is Polygon, previously Matic, all about? How will it help with scaling Ethereum? Why does it claim to be Ethereum’s Internet of Blockchains? And why is it sometimes compared to Polkadot and Cosmos? You’ll find answers to these questions in this video.
Before the rebranding to Polygon, the project was known as Matic or Matic Network.
Matic was started in 2017 by 3 founders who were active participants in the cryptocurrency community in India and decided to band together and tackle Ethereum’s scaling problems.
The team worked on 2 main solutions: Plasma Chains – a layer 2 scaling solution based on Matic’s implementation of Plasma and a PoS Chain – a Proof-Of-Stake Ethereum sidechain.
The token behind Matic Network – MATIC – was distributed through the Binance Launchpad’s initial exchange offering in April 2019 and the team was able to raise $5.6M.
After over 2.5 years of work, The Matic Network Mainnet went live in mid-2020 and quickly started attracting more and more attention. This was supercharged by the increasing gas fees on Ethereum that showed an urgent need for finding robust scaling solutions.
At the beginning of 2021, the Matic team decided to expand the scope of their project and rebranded themselves to Polygon.
Polygon aims at creating a more generalised scaling solution.