Matic

Polygon (previously known as Matic Network) is a Layer 2 scaling solution for Ethereum. It aims to address the scalability issues of the Ethereum blockchain by providing faster and cheaper transactions. Polygon achieves this by employing sidechains, which are essentially parallel blockchains that can process transactions independently of the Ethereum main chain.

Polygon allows developers to build decentralized applications (DApps) with Ethereum's security guarantees while benefiting from the scalability and low transaction costs provided by its Layer 2 solutions. It supports various scaling techniques such as Plasma chains, optimistic rollups, and zk-rollups.

One of the main components of Polygon is the Polygon PoS (Proof of Stake) chain, which acts as a checkpointing layer for the Ethereum main chain. This chain uses a modified version of the Proof of Stake consensus mechanism to validate transactions and secure the network.

Overall, Polygon aims to improve the user experience and expand the capabilities of Ethereum-based DApps by providing them with scalability, interoperability, and a more cost-effective environment for transactions and smart contract execution.