Matic, also known as Polygon, is a Layer 2 scaling solution for Ethereum. It aims to address the scalability issues of the Ethereum blockchain by providing a framework for building and connecting multiple sidechains to the main Ethereum network. The project was founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun in 2017.

The Matic network uses a combination of Proof of Stake (PoS) and Plasma frameworks to achieve high scalability and faster transactions. It allows developers to create decentralized applications (dApps) with a high level of scalability while benefiting from the security and decentralization of the Ethereum mainnet. Matic provides a seamless bridge between the Ethereum mainnet and its sidechains, allowing assets to be transferred back and forth.

Matic token (MATIC) is the native cryptocurrency of the Matic network. It is used for paying transaction fees, participating in the network's governance, and securing the network through staking. MATIC has gained significant attention and adoption in the crypto community due to its scalability solutions and lower transaction fees compared to the Ethereum mainnet.

In 2021, the Matic network rebranded itself as Polygon to better reflect its broader vision of becoming a multi-chain ecosystem. Polygon aims to provide a framework for connecting different blockchain networks, enabling seamless interoperability and scalability across various platforms.

Please note that my knowledge is based on information available up until September 2021, and there may have been updates or developments in the Matic/Polygon project since then.