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Edited by Kapil334 at 22-12-2023 05:19 AM
According to foreign media reports, Web3 Foundation, the organization leading the development of the Polkadot public chain project, has appointed a new CEO, Fabian Gompf. In an interview, Gompf mentioned that Polkadot is set to undergo significant changes in the future, including the end of parallel chain slot auctions related to the market.
Polkadot Ecosystem Fatigue:
Established in 2020, the Polkadot blockchain initiated its first parachain slot auction in November 2021, allowing smaller blockchain projects to use relay chain block space to maintain security and decentralization at a lower cost. Despite its native token DOT reaching a market capitalization exceeding $50 billion, ranking seventh overall, Polkadot appears relatively quiet compared to the active performance of ecosystems on Ethereum, Solana, and even the Bitcoin chain.
Due to market demand and efficiency considerations, leading staking protocol Lido officially withdrew from Polkadot and Kusama's staking services in August of this year. Recent data and news about Polkadot have been unfavorable, with a decrease in ecosystem projects, lower costs for parachain slot bidding, relatively subdued DOT token prices in the market, and reports of employee layoffs at Parity.
Reform from Polkadot 2.0:
Gompf, who took over during a critical period, stated that Polkadot is about to undergo ""significant changes."" The operation of Polkadot will abandon the parallel chain slot auction mechanism in favor of a mechanism where fees are determined based on the block space usage.
Introduction to Polkadot 2.0:
Polkadot 2.0, proposed by the community's core developers in September of this year, aims to utilize ""asynchronous support"" design to allow validators to continue operating in asynchronous conditions, reducing block time and providing infrastructure for 1,000 parallel chains to run simultaneously.
Cancellation of the Parachain Slot Auction Mechanism:
A key aspect of Polkadot 2.0 is the cancellation of the existing parachain slot auction mechanism, replaced by the ""Agile Coretime"" model. The current parachain slot auction mechanism has several drawbacks that need improvement, such as inefficient and inflexible auction rules, the inability to use Polkadot network space for less than six months, and the lack of flexibility in managing operations during the leasing period.
New Upgrade: Agile Coretime:
The Agile Coretime upgrade will introduce a new mechanism for the use of Polkadot's relay chain block space. It allows any parachain to use the block space through a ""pay-as-you-go"" mechanism, eliminating the need for long-term leasing. This upgrade will enable projects to freely use and allocate block space or parachain resources based on their needs.
Agile Coretime will provide developers with the flexibility to batch purchase and reserve block space or choose to purchase and use it immediately. The upgrade is expected to be launched on the Rococo test network by the end of the year, followed by the Kusama parachain network in the first quarter of next year. The official launch on the Polkadot mainnet may occur in the second quarter, marking the end of the parachain bidding mechanism.
Polkadot Block Space Trading: Coretime Trading Market:
In theory, Polkadot's block space can be tokenized, creating a dedicated trading market. This could make ecological resource allocation more efficient. However, the impact of the Coretime trading market reform on the existing DOT token is still uncertain.
The future of Polkadot can be expected to have a more efficient resource allocation market. This is a significant milestone for a blockchain designed to communicate with other projects. However, beyond technology, whether the market is willing to accept these changes remains to be seen. With the introduction of tools for rapidly building Layer 2 by Arbitrum and Polygon, Polkadot faces intense competition in the ecosystem space, with competitors extending beyond 2021's Cosmos. Polkadot's time to establish itself is indeed limited. |
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Post time 26-11-2023 20:59:02