Polygon Network, formerly known as Matic Network, is a popular 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 scalable and interoperable blockchain networks.

Polygon operates as a sidechain or a Layer 2 solution, which means it runs parallel to the Ethereum mainnet but offers faster and cheaper transactions. It achieves this by using a modified version of the Plasma framework, a technology that enables the creation of child chains connected to the Ethereum mainnet.

By utilizing the Polygon Network, developers can create decentralized applications (DApps) that benefit from faster transaction speeds and lower fees, while still enjoying the security and stability of the Ethereum network. Polygon offers various tools, such as the Polygon SDK and the Polygon Bridge, to assist developers in building and deploying their applications.

The Polygon Network has its native cryptocurrency called MATIC. MATIC is used for transactions, securing the network through staking, and participating in the network's governance.

In addition to providing scalability solutions for Ethereum, Polygon aims to foster a multi-chain ecosystem by enabling interoperability between different blockchains. It allows for easy transfers of assets and data between different blockchain networks, enhancing the overall scalability and usability of decentralized applications.

Overall, Polygon Network plays a crucial role in expanding the capabilities of Ethereum by improving scalability and interoperability, thus contributing to the broader adoption of blockchain technology.