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“.

You can find more about the rest of the upgrades, such as the Staking Dashboard and Disputes Slashing on the Polkadot blog.