2024-5-21 00:52 |
Polkadot is preparing for its long-awaited upgrade: Polkadot 2.0, an integration to the network poised to revolutionize the Polkadot ecosystem. The network is a Layer 0 solution that aims to deliver three significant features to its user base: tackle blockchain interoperability and offer developers a platform to build applications and chains.
In the long term, Polkadot 2.0 will be integrated into the network. As noted in a recent blog post, the upgrade is part of an ongoing effort to provide flexibility on the network, lower barriers for projects, and create more value for network users and DOT.
It is worth mentioning that Polkadot has recorded massive growth as network adoption has soared over the years. Over 80 para chains have joined the Polkadot network, and around 39 parachains operate on the main network. More than 43 parachains have been hosted on Kusama, Polkadot’s canary network.
However, Polkadot’s current positioning has opened the pathway for energy waste that the network intends to curb with the introduction of Polkadot 2.0.
As noted in a blog post;
“Originally, Polkadot leased Polkadot parachain slots, which provides the winner with access to a “freighter of blocks” regardless of whether they need it. This potentially leads to a waste of energy and resources while creating high entry barriers, which brings us to Polkadot 2.0.”
Migrating from a chain-focused ecosystem to an application-focused ecosystem and redistributing block space is at the core of Polkadot’s future development strategy. Polkadot 2.0 will allow projects to leverage the collaborative potential across parachains to create inter-chain solutions by shifting its focus to applications.
The new system will also allow applications to reserve and purchase block space depending on their needs and the demand of developers on the network.
“Polkadot is also introducing a system of burning a portion of these [network] fees to reduce inflation, where burning is a deflationary measure to balance the circulating supply of the token.” Polkadot shared in a blogpost.
In the long term, the upgrade could also affect Polkadot’s native token DOT by boosting visibility and adoption.
At report time, DOT and other leading altcoins are recording daily losses. Although the 14th most valuable asset by market cap has sustained more than 8% of its weekly gains, DOT loosely hangs above the $7 price mark. 30-day losses have surged past 18% as selling pressure increased. At press time, DOT trades for $7.42.
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