The layer-two protocol for Ethereum has been renamed “Polygon” as it aims to become Ethereum’s “internet of blockchain”, looking to compete with projects like Cardano and Polkadot.
The team behind the project announced the rebranding via Twitter, which included the expansion of the project’s original scope and mission. The project restated its commitment to improving the there infrastructure, which it considers “the most promising and revolutionary tech project in the world”.
Polygon will extend the scope of the Matic platform to allow the Ethereum network to escalate by integrating other scaling solutions like zkRollups, Optimistic Rollups, and Validium, as well as adding interchain communications protocols that allow it to work in a way similar to Polkadot.
If Polygon succeeds on its mission, Ethereum could become a multi-chain system with increased security, flexible scaling solutions, inherited Ethereum’s network effects, and openness.
The team also announced that all existing Matic solutions, such as Matic PoS Chain and Matic Plasma Chains are functioning normally, as well as that their service status and future development won’t be affected by this change.
1/ Dear Matic Network supporters and beloved crypto community,
Today is a big day for our project! 🤗
We are excited to announce that we are expanding our mission and technology scope and becoming Polygon – Ethereum’s Internet of Blockchains. 🦄💫 pic.twitter.com/5SfpJtGKcE
— Polygon (previously Matic) (@maticnetwork) February 9, 2021
Similarly, the MATIC token will continue to be an integral part of the platform, according to the announcement, keeping its status as the only native token of the network. In fact, the token is expected to play a role in the future governance and securing of the network.
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