How Polkadot is transforming blockchain technology: Report
2024-11-05 08:30:32 Primitive Reading

 

From cointelegraph by John W

Polkadot 2.0: The evolution

Polkadot is preparing for its biggest upgrade yet: Polkadot 2.0. The upgrade is expected to roll 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 for Polkadot, such as its ecosystem growth and adoption by developers.

With the launch of Asynchronous Backing in May, block processing has become more efficient, wait times have been reduced, and overall network performance has been boosted. Agile Coretime, launched in September, opens up new opportunities for developers. It lowers entry barriers and enables on-demand blockspace purchases to cut costs for projects with variable resource demands. 

Lastly, Elastic Scaling, expected in late 2024 or early 2025, will further expand the network’s capacity. This feature lets Polkadot accommodate more blockchains and handle higher transaction volumes without sacrificing security or performance. The report provides more detailed technical descriptions of these updates.

Download a full version of the report for free here

Governance and DAO growth

Polkadot has seen a surge in governance activity and a growing number of decentralized autonomous organizations (DAOs) throughout 2023 and 2024. The number of referenda submitted has increased by 150%, and voter turnout has grown by 40% since 2023. In July alone, over 1,134 unique voters participated in governance activities, illustrating the network’s commitment to community engagement.

Polkadot’s governance mechanism, OpenGov, stands out because it is an onchain system for real-time, transparent and democratic decision-making. Any Polkadot DOT$3.74 holder can submit a proposal through OpenGov, but not all proposals automatically go to a referendum. To move forward, a proposal must acquire enough backing through a deposit of DOT or by receiving support from the community or the council.

One notable example of successful governance in action is Referendum 234, which proposed a 20% increase in the treasury allocation toward ecosystem development projects. With over 75% of participating DOT holders voting in favor, this referendum has already sparked new funding opportunities and development activity on the platform.

Developer ecosystem and adoption metrics

Polkadot’s developer community is among the most active in the blockchain space. The network has attracted nearly 2,500 developers, with almost 800 working full-time on the platform. Polkadot’s software development kit offers developers a modular framework that reduces the complexity involved in building customized blockchains. This flexibility, combined with support for multiple programming languages such as WebAssembly, has made Polkadot a common choice for projects in the recent past. 

Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.

Recommended reading
Interactive Brokers' October DARTs Surge 46%, Client Equity Hits $540 Billion

10-22     admin     15721 Reading

US Treasury: Blockchain can improve financial system

10-22     admin     10751 Reading

Dukascopy Money Market Products Offer Competitive Rates for USD, GBP, and EUR

10-22     admin     19479 Reading

Intent-based trading: A fad or the future of DeFi?

10-22     admin     10430 Reading

Bot swarm

10-22     admin     19906 Reading

Saylor’s Bitcoin custody debacle highlights growing divide in crypto community

10-22     admin     14409 Reading

Bitcoin needs catalyst for $100K, gold going higher, ETH still undervalued: Analyst

10-22     admin     6836 Reading

DePIN aims to level the playing field for startups and consumers: Recap of AMA with U2U Network

10-22     admin     14679 Reading

Here’s what happened in crypto today

10-22     admin     9143 Reading

BIS distances from Project mBridge amid BRICS sanctions concerns

10-22     admin     6828 Reading

World's First ZK-Backed Digital Identity Launched in Buenos Aires for 3.6M Eligible Citizens

10-22     admin     6573 Reading

7 Ways IronFX Commits to Transparency and Service in Online Trading

10-22     admin     6175 Reading

Bitcoin Price Achieves New ATH Against Euro, Surpassing €68,000 for the First Time

10-22     admin     14883 Reading

Africa Crypto Surge Hits 189% as Youth Choose Telegram over Traditional Banking

10-22     admin     6717 Reading

Will Blockchain Technology Mark a Turning Point in Fraud Prevention?

10-22     admin     19795 Reading