Matic, also known as Polygon, is a layer-2 scaling solution for Ethereum. It aims to address some of the scalability and usability issues associated with the Ethereum blockchain by providing a framework for building and connecting multiple sidechains to the Ethereum mainnet.

The Matic Network, now rebranded as Polygon, was initially launched in 2017 as an independent blockchain project. However, in 2019, it shifted its focus to becoming a layer-2 scaling solution for Ethereum. The project gained significant attention and support due to its potential to enhance the scalability of Ethereum and enable faster and cheaper transactions.

Polygon achieves scalability by utilizing a combination of technologies, including Plasma chains, sidechains, and a decentralized network of Proof-of-Stake (PoS) validators. By leveraging these technologies, Polygon allows developers to create their own sidechains, also known as "Polygon chains," that are connected to the Ethereum network. These sidechains can process transactions more efficiently and then periodically commit a summary of those transactions back to the Ethereum mainnet, thus reducing congestion and improving scalability.

Polygon provides various benefits to users and developers. It offers faster and cheaper transactions compared to the Ethereum mainnet, making it more suitable for decentralized applications (dApps) and everyday transactions. Developers can also access a wide range of tools, including software development kits (SDKs) and APIs, to build and deploy their dApps on Polygon.

Furthermore, Polygon is compatible with the existing Ethereum ecosystem, meaning that Ethereum-based assets and smart contracts can be seamlessly transferred and utilized on Polygon chains. This interoperability allows projects and users to take advantage of the benefits provided by Polygon without sacrificing the security and functionality of the Ethereum network.

Overall, Polygon (previously Matic) aims to improve the scalability, usability, and interoperability of the Ethereum network by providing a layer-2 scaling solution. Its technology allows for faster, cheaper, and more efficient transactions while maintaining compatibility with Ethereum.