Welcome to Polkadot Decrypt Week.
At the Token2049 conference in Dubai this week, Polkadot co-founder Gavin Wood introduced a gray paper describing the Join-Accumulate Machine (JAM), “Proposals for the future of Polkadot.
In a “major revision,” the GEM protocol replaces the Polkadot relay chain with a “modular, minimalist design,” building a permissionless object environment similar to Ethereum's smart contract environment.
Polkadot's founding organization, the Web3 Foundation, says in its statement that JAM allows Polkadot to run “general” services.
JAM includes a parachain service that runs existing parachains built on the Substrate blockchain framework, meaning developers can still use Substrate to develop and deploy their own blockchains. Other technical improvements include replacing WebAssembly with the Polkadot virtual machine.
JAM tomorrow
As Polkadot is a decentralized network, the transition to JAM is not fair, of course; If the transition to JAM is approved by the network through a management proposal, the gray paper says, “this protocol could be polkadotted or some derivative.”
Polkadot tweeted that “JAM can only be communicated with DOT” and that it will not issue any new tokens.
Alongside the gray paper launch, the Web3 Foundation announced the JAM Implementer's Prize, a 10 million dot prize pool that “aims to foster diversity in JAM protocol development.” The award aims to “encourage the creation of multi-client applications” with a view to increasing network resilience, the Web3 Foundation added.
Polimec presents the first wave of fundraising projects
Decentralized community-driven funding protocol PoliMech has completed the first wave of projects set to raise funds on its platform.
Among the first projects to be raised by PolyMech is Apollo, a Polkadot development platform that allows developers to create NFTs and other Web3 projects with API connections and a drag-and-drop UI.
Another project, Mandala Chain, is built using Substrate, an EVM-compatible, open, permissionless public blockchain that aims to provide the Dapps ecosystem. And gotEM is a DAO investigation that allows users to aggregate and aggregate resources using a trustless decentralized infrastructure for investigations and private security operations.
Polkadot-based PolyMech allows projects to raise funds using on-chain credentials, while maintaining regulatory compliance.
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