Matic network uses periodic checkpoints and fraud proofs, as described in Plasma framework. When users want to withdraw their assets, they use the checkpoints to prove their assets on side-chain, while fraud proofs are needed to challenge fraud or any bad behavior and slash stakers.
Amongst L2 solutions there somewhat similar solutions like Loom . Loom recently announced plans of Zombiechain that may have similarities to Matic. But there two key pointers in that:
First and foremost, Focus is different. Loom is focusing on games and social apps with less decentralization while Matic needs security and decentralization as we are gearing for financial transactions/ trades as well as games and other casual Dapps. We also have plans for full-blown financial services like lending/trading DApps (token-sets swaps, margin trades and much more)
Secondly,in Plasma Cash, which is used by Loom, block times will always be more than the Ethereum block times as you need to push every block of the sidechain to the main chain, while Matic uses checkpoints (with PoS layer) for 1-second block times (with DPoS layer)
In Plasma cash you need to watch your own tokens, it means normal users need to pay the third party to watch their tokens while in Matic anyone can challenge transactions - no need to watch your tokens. It increases the usability and user experience for mass adoption.
As Plasma Cash works with the NFT (Non-Fungible Token), it works great for game cards and social state changes where you have pre-defined fees (bundled as NFT - eg "20 tokens" to play game == 1 NFT coin on plasma cash). For normal tokens transfer, you may need to swap tokens (like normal currency notes change) on top of plasma cash which I think makes it difficult (more difficult for usability/users). It is still being discussed on plasma calls. While Matic uses state-based plasma (closer to Plasma MVP), this is not the problem for us.
L1 scaling solutions
Apart from that, amidst other top scaling projects like Ziliqa and Quarkchain, who boast of high TPS like us, Matic stands out due to its ability to achieve scale while maintaining a great degree of decentralization.
More importantly, these scalability projects have a big problem. They are creating new blockchains where the new developer community, new product ecosystem, technical documentation and more importantly new businesses everything needs to build from "scratch". Matic on the other hand, since it is an EVM, all programming languages, developer documentation everything is off the shelf applicable to Matic Network. All the Dapps/assets built on Ethereum mainchain have scalability available at the click of a button in the form of Matic Network for it being EVM based side chain.