Dot to Dot
Market Meditations | September 27, 2022
Yesterday, Polkadot issued a blog update on their roadmap. It covers a wide range of topics, from scalability to governance to communication. Read on for a high-level summary of some of the key points:
- Polkadot is an open-source blockchain platform. Ethereum co-founder Dr. Gavin Wood co-founded the project and the token launched in 2017.
- The code updates cover 10 topics, starting with Asynchronous Backing. This is a scalability feature that will shorten block time and increase network throughput to between 100,000 to 1 million TPS.
- Developers who want to use a parachain currently need to wait for an auction and build a community. Parathreads will change that, becoming “pay-as-you-go parachains“.
- To maintain blockchain interoperability, the team has upgraded their Cross-Consensus Messaging (or XCM) protocol. The upgrade includes support for bridging and improved fee payment options.
- XCM also relies on Weights, a feature that adjusts gas fees based on the required computation time and complexity. This multi-dimensional approach to fees should make them fairer.
- Governance V2 is an evolution that will make the system more decentralised. It will remove committees and move “every decision in Polkadot to referendums by the community“.