Polkadot’s Upgrade: Relay Chain Replacement & 10M DOT Prize

Polkadot Dot

During a presentation at the Token2049 crypto conference in Dubai, Gavin Wood, the founder of the Polkadot protocol, revealed a new Gray Paper detailing the upcoming Join-Accumulate Machine (JAM) upgrade for the network.

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Alongside this announcement, Wood introduced the JAM Implementer’s Prize, featuring a 10 Million DOT prize pool, aimed at fostering diverse development of the JAM protocol.


Polkadot’s JAM Upgrade: Enhancing Network Stability

According to the announcement, the Join-Accumulate Machine (JAM) upgrade aims to replace the relay chain, the central data chain in the Polkadot network, with a “more modular and minimalist design.” This redesign is intended to enable Polkadot to run generic services and enhance network stability.

The parachains service within JAM will support existing Substrate-based parachains, allowing developers to continue using Substrate for blockchain development and deployment. These services will have no predefined limits on code, data, or state capacity, and can accommodate additional DOT deposits for increased capacity.

JAM’s design incorporates several technical enhancements. It replaces WebAssembly with the Polkadot Virtual Machine based on the RISC-V ISA, an open-source instruction set architecture (ISA). Additionally, it introduces SAFROLE, a SNARK-based block production algorithm. These upgrades are aimed at optimizing performance and scalability within the Polkadot network.

Polkadot’s Vision for Decentralization

To achieve its goal of becoming “a truly decentralized protocol,” Polkadot is committed to supporting multiple client implementations. In line with this objective, the JAM Implementer’s prize has been established to incentivize and fund projects contributing to the development of JAM implementations.

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Polkadot believes that supporting a range of implementations in various programming languages will strengthen the ecosystem’s foundation. This approach distributes the power of protocol implementers more widely and reduces the risk of a bug in one implementation affecting the entire network.

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The JAM Implementer’s Prize will collaborate with existing and future funding initiatives supporting Polkadot’s ecosystem and technology stack. These initiatives include Decentralized Futures, Grants, and Polkadot’s on-chain treasury.

The prize will be activated upon the ratification of JAM as a Polkadot technology through the network’s on-chain governance mechanism.

Polkadot’s Push for Adoption: Introducing JAM Upgrade

Gavin Wood’s unveiling of the JAM upgrade and the associated 10 Million DOT prize underscores Polkadot’s commitment to enhancing the protocol’s utilization and adoption. The modular design of JAM and incentives for multi-client implementations align with ongoing efforts to decentralize the Polkadot network.

As development progresses, the Polkadot ecosystem invites proposals from teams interested in implementing JAM across various programming environments. This openness aims to foster innovation and diversity within the network’s development community.

Daily chart shows DOT’s price is trending downward. Source: DOTUSD on TradingView.com

Despite the recent announcement, the network’s native token, DOT, has struggled to break the downtrend observed over the past month. Currently trading at $6.75, it reflects a notable 24% decline in price over the last 30 days.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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