Cryptocurrency (Mar 09, 2021 06:30AM ET)
Matic Network Rebrands to Polygon: Seeks to Become “Polkadot on Ethereum”
In its move to become “Polkadot on Ethereum,” the Matic network has rebranded to Ethereum. The Ethereum blockchain has faced congestion and slow transactions making the network fall behind in the pecking order for developers and crypto traders alike.
Aside from the slow transaction time on the Ethereum network, users also have to pay high transaction fees. This has made the Ethereum network less desirable for users who seek a better alternative. However, the Ethereum team has been working round the clock to rectify the problem, and it appears there might be a breakthrough with Polygon.
This post will explore how the Matic network rebranded to Polygon to solve Ethereum’s transaction problems.
The Matic Network Evolves
Polygon is an Ethereum startup looking to bring an end to the issues bedeviling the Ethereum network. Two significant issues have limited the Ethereum blockchain, high transaction fees and slow transaction time. Polygon is an India-based firm that seeks to address the low transaction time of Ethereum.
The technology previously employed by the Matic Network has been identified as not suitable for DeFi projects on Ethereum. Therefore, in their bid to introduce a better technology that will revolutionize the Ethereum network, Matic Network rebranded to Polygon.
How Polygon Will Solve The Limitations Of The Ethereum Blockchain
Polygon will support all the other technologies that have tried to solve the Ethereum network’s limitations in the past. Before the advent of the Matic Network (Polygon), we had Optimistic Rollups, ZkRollups, and StarWare’s Validium. All these protocols tried to help scale the Ethereum platform but didn’t make notable headway.
The first action of the Polygon network is to boost the functionality of those already existing solutions. By doing this, Polygon will allow developers to build dApps on a more scalable Ethereum network. The most interesting aspect is that these developers won’t have to choose any particular technology.
According to Sandeep Nailwal, the Matic Network co-founder, this approach will involve different interoperability solutions. As Matic Network rebrands to Polygon, the project has onboarded renowned Ethereum developers and influencers. Some notable names include Ryan Sean Adams, Anthony Sassano, as well as John Lilic. Some of these experts have described the approach of Polygon as “Polkadot on Ethereum.” Polygon’s mechanism plans to change the Ethereum network into a multi-chain system.
The Ethereum-focused strategy adopted by Polygon gives Ethereum an edge over competing systems. Also, Polygon will be more secure because Ethereum is a more market-tested blockchain. In terms of the architecture it can support, Polygon is more open and powerful than other solutions.
This article first published on coinquora.com