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Matter smart home products

There have been 2 major advancements in the realm of smart home of late: Long Range Z-Wave technology and the Matter smart home standard. The former, Z-Wave Long Range, is an advancement of the most popular home automation technology available. The latter is an emerging technology developed from the likes of Zigbee and Thread.

But what is Matter? Do you need a Matter hub? And do you have to upgrade from Z-Wave to Matter?