So what is Polygon, formerly Matic, about? How will it help Ethereum scale? Why does it claim to be Ethereum's Internet of Blockchains? And why is it sometimes compared to Polkadot and Cosmos? You will find answers to these questions in this video.

Before the rebrand to Polygon, the project was known as Matic or Matic Network.

Matic was founded in 2017 by three founders who were actively participating in the cryptocurrency community in India and decided to collaborate and tackle Ethereum's scaling issues.

The team worked on two main solutions: Plasma Chains – a layer 2 scaling solution based on Matic's implementation of Plasma and a PoS Chain – a Proof-Of-Stake Ethereum sidechain.

The token behind Matic Network – MATIC – was distributed through Binance Launchpad's initial exchange offering in April 2019 and the team was able to raise $5.6 million.

After more than 2.5 years of work, The Matic Network Mainnet went live in mid-2020 and quickly attracted more and more attention. This was amplified by rising gas rates on Ethereum, which showed the urgent need to find robust scaling solutions.

In early 2021, the Matic team decided to expand the scope of their project and renamed it Polygon.

Polygon is focused on creating a more general scaling solution.

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