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Home»EXCHANGE NEWS»Relay Chain Replacement and 10 Million DOT Prize Incentive
EXCHANGE NEWS

Relay Chain Replacement and 10 Million DOT Prize Incentive

By Crypto FlexsApril 20, 20243 Mins Read
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Relay Chain Replacement and 10 Million DOT Prize Incentive
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Gavin Wood, the creator of the Polkadot protocol, has released a new Gray Paper outlining the network’s upcoming Join-Accumulate Machine (JAM) upgrade. The announcement was made during Wood’s presentation on the future of Polkadot at the Token2049 crypto conference in Dubai.

Wood introduced the JAM Implementer’s Prize, a 10 million DOT prize pool to encourage diverse development of the JAM protocol.

Polkadot unveils JAM upgrade

According to presentationThe JAM upgrade aims to replace the relay chain, which serves as the central data chain of the Polkadot network, with a “more modular and minimalist design” that will allow Polkadot to run common services and increase network stability.

Parachain services within JAM support existing Substrate-based parachains, allowing developers to continue using Substrate to develop and deploy blockchains.

In particular, these services have no predefined limits on code, data, or state capacity and can accommodate additional functionality. DOT deposit To increase capacity.

JAM’s design includes several technical improvements. It replaces WebAssembly with the Polkadot virtual machine based on RISC-V ISA, an open source instruction set architecture (ISA) used to develop custom processors.

We also introduce SAFROLE, a SNARK-based block generation algorithm. These upgrades are reportedly designed to optimize performance and scalability within the Polkadot network.

The road to decentralization?

To realize its vision of being a “truly decentralized protocol,” Polkadot aims to support multiple clients. avatar. Additionally, the JAM Implementer Award was established to incentivize and fund projects that contribute to the development of JAM implementations. The announcement provides additional details on this issue.

We believe that supporting multiple implementations in multiple programming languages ​​will strengthen the foundation of the ecosystem. This distributes the power of protocol implementers more broadly and reduces the risk of bugs in one implementation that take down the entire network.

The JAM Enabler Award will partner with existing and future funding initiatives that support Polkadot’s ecosystem and technology stack. These initiatives include decentralized futures, grants, and on-chain treasury on Polkadot.

The product becomes activated once JAM is approved by Polkadot technology via the network’s on-chain. governance mechanism.

Overall, the introduction of Gavin Wood’s JAM upgrade and the associated 10 million DOT prize reflect Polkadot’s intention to increase use and adoption of the protocol. JAM’s modular design and incentives for multi-client implementations are also expected to contribute to ongoing efforts to decentralize the Polkadot network.

As JAM development continues, the Polkadot ecosystem welcomes proposals from teams interested in implementing it in a variety of programming environments.

Looking at the daily chart, the price of DOT is showing a downward trend. Source: DOTUSD on TradingView.com

Despite recent announcements, DOT, the network’s native token, downtrend I’ve seen it over the past month. It is currently trading at $6.75, reflecting a significant 24% decline in its price over the last 30 days.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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