Matic

Matic, originally Matic Network, is a blockchain scalability platform for Ethereum that uses proof-of-stake sidechains and Plasma-based technology to achieve higher throughput and lower transaction costs. The system relies on a commit-chain architecture that periodically anchors to the Ethereum mainnet, providing faster transaction finality on the sidechains while maintaining security tied to Ethereum.

The project was founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun and launched a testnet in 2019, with the mainnet following in 2020. It aimed to offer a scalable alternative to direct on-chain transactions on Ethereum, addressing congestion and high gas fees through a multi-chain approach.

In 2021, Matic Network rebranded to Polygon to reflect a broader, multi-chain ecosystem beyond a single sidechain solution. The MATIC token continued to operate as the network’s native asset, usable for paying fees, staking by validators, and participating in governance.

The MATIC token is an ERC-20 asset on Ethereum and is used to secure the network through staking by validators on the Polygon PoS chain, as well as to pay for gas and participate in network governance. Polygon provides a toolkit and framework, including the Polygon SDK, to build Ethereum-compatible sidechains and connect them with the Ethereum mainnet, enabling developers to deploy and scale decentralized applications across multiple interconnected networks.

Overall, Matic/Polygon positions itself as a modular, multi-chain scaling solution for Ethereum, aiming to improve throughput, reduce costs, and preserve security through interoperability with the Ethereum ecosystem.

---