In February 2021, Ethereum layer 2 scaling solution Matic Network rebranded as Polygon—an interoperable blockchain scaling framework.
MATIC(Polygon) remains a framework for building interconnected blockchain networks.
It seeks to deal with a number of Ethereum's major limitations—including its throughput, poor user experience (high speed and delayed transactions), and lack of community governance—using a completely unique sidechain solution.
Furthermore, an easy scaling solution like its predecessor Matic Network—which uses a technology referred to as Plasma to process transactions off-chain before finalizing them on the Ethereum main chain—Polygon is meant to be a whole platform designed for launching interoperable blockchains.
It seeks to deal with a number of Ethereum DApps, Matic sidechains are structurally effective for supporting the various Decentralized Finance (DeFi) protocols available within the Ethereum ecosystem.
Matic’s core philosophy is to enable DApps to compete with the user experience that's offered by centralized apps today.
Ethereum is that the first basechain Matic Network supports, but Matic intends to supply support for extra basechains, supported community suggestions and consensus, to enable an interoperable decentralized Layer 2 blockchain platform.
The user can now transfer tokens to anyone they want instantly with negligible fees. Matic chain has faster blocks (approximately 1 second or less). That way, the transfer will be done almost instantly.