How Polkadot is Changing Blockchain Technology: Report
Polkadot 2.0: Evolution
Polkadot is preparing for its biggest update: Polkadot 2.0. The update is expected to be rolled out in phases throughout 2024 and introduce key features such as Asynchronous Backing, Agile Coretime and Elastic Scaling.
Cointelegraph Research's latest report provides an overview of Polkadot 2.0's evolution and discusses other key developments of Polkadot, such as its growing ecosystem and adoption by developers.
With the introduction of asynchronous buffering in May, block processing has become more efficient, latency has decreased and overall network performance has increased. Agile Coretime, launched in September, opens up new opportunities for developers. It lowers barriers to entry and enables on-demand purchases of blockspace to reduce costs for projects with variable resource needs.
Finally, Elastic Scaling, expected in late 2024 or early 2025, will further expand network capacity. This feature allows Polkadot to host more blockchains and higher transaction volumes without compromising security or performance. The report provides more detailed technical descriptions of these updates.
Management and development of DAO
Polkadot is seeing an increase in governance activity and the number of decentralized autonomous organizations (DAOs) in 2023 and 2024. Referendums submitted have increased by 150%, and voter turnout has increased by 40% since 2023. More than 1,134 unique voters participated in governance activities in July alone, demonstrating the network's commitment to community engagement.
Polkadot's governance mechanism, OpenGov, stands out as an onchain system for real-time, transparent and democratic decision-making. Any Polkadot (DOT) holder can submit a proposal through OpenGov, but not all proposals go directly to a referendum. In order to move forward, a proposal must receive sufficient support, either through a DOT deposition or by receiving support from the community or council.
Referendum 234, which proposed a 20% increase in treasury allocations for ecological development projects, is an example of effective governance. With more than 75% of DOT awardees voting in support, this referendum has sparked new funding opportunities and development activities in the arena.
Developer ecosystem and adoption metrics
The Polkadot developer community is one of the most active in the blockchain space. The network has attracted nearly 2,500 developers, with nearly 800 working full-time on the platform. Polkadot's software development kit provides developers with a modular framework that reduces the complexity of building custom blockchains. This flexibility, combined with support for several programming languages such as WebAssembly, has made Polkadot a popular choice for projects in recent years.
Polkadot presents itself as an adaptable and scalable layer-zero blockchain that addresses the fundamentals of scalability, interoperability, and governance. Its parallel processing capabilities, community-driven management, and ambitious roadmap make it a promising platform. As Polkadot continues to evolve, decentralized applications for Web3 and beyond are expected to play an important role in the future.
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