Matrix is an open standard for decentralized communication that allows users to communicate across multiple platforms and apps. It aims to address issues with proprietary communication apps by giving users control over their data and privacy through an open-source, federated network architecture. Key features include end-to-end encryption, flexible application services, and a client-server API that allows different apps and servers to interact on the same network. The project is seeking more participation to test servers, provide feedback, and help standardize the APIs.