Matic Network, also known as Polygon, is a Layer 2 scaling solution for Ethereum. It aims to improve the scalability and usability of the Ethereum network by providing faster and cheaper transactions.

Matic Network uses a technology called Plasma, which is a framework for creating side chains that are connected to the Ethereum mainnet. By moving transactions off the main Ethereum chain and onto these side chains, Matic is able to significantly increase the transaction throughput while still maintaining a high level of security.

With Matic, users can benefit from faster confirmation times and lower transaction fees compared to the Ethereum mainnet. This makes it more practical for applications that require quick and inexpensive transactions, such as decentralized finance (DeFi) platforms, gaming applications, and non-fungible token (NFT) marketplaces.

In addition to its scaling solution, Matic Network also provides a range of developer tools and infrastructure to support the development of decentralized applications (dApps) on its network. It offers a set of software development kits (SDKs) and APIs that make it easier for developers to build and deploy their applications on Matic.

In recent times, Matic has rebranded itself as Polygon to reflect its broader vision of becoming a multi-chain system. Polygon aims to provide a framework for creating and connecting multiple chains, including Ethereum-compatible chains, standalone chains, and layer 2 solutions. This expansion is intended to address the scalability challenges faced by various blockchain platforms and foster interoperability between them.

It's worth noting that my knowledge cutoff is in September 2021, and there may have been further developments or updates regarding Matic/Polygon since then.