Polkadot is ready to maneuver away from its parachain structure in favor of a brand new design providing computation together with sensible contract execution from its base layer.
On June 13, the Polkadot neighborhood ratified a proposal to replace its base Relay Chain with the Be part of-Accumulate Machine (JAM).
JAM would overhaul Polkadot’s current Layer 0 structure, the place its relay chain solely facilitates DOT staking and transfers. Polkadot at the moment permits Layer 1 parachains to leverage the relay chain’s consensus layer for safety, with parachains offering superior performance together with sensible contract execution.
“JAM is constructed as a distributed laptop, able to executing practically any job expressible as a service,” Polkadot mentioned. “[JAM] embodies a permissionless, simplistic, generalized, minimalistic design for maximizing the number of applications.”
Parachains will proceed to function on high of JAM. Appchains and protocols deploying on JAM will buy computation sources on a month-to-month foundation, somewhat than bid for long-term parachain slots by way of Polkadot’s current parachain public sale mechanism.
Polkadot is launching a $10 million DOT prize pool for “JAM Implementers” to advertise the event of a number of purchasers for JAM.
Polkadot was created by Ethereum co-founder, Gavin Wooden. By Polkadot’s parachain structure, Wooden sought to understand the imaginative and prescient for sharding articulated early in Ethereum’s growth, the place computation is break up throughout an ecosystem of a number of chains working in parallel.
The Polkadot whitepaper was printed in 2016, adopted by a nine-figure funding spherical to bootstrap the undertaking. Polkadot launched on mainnet in 2017.
Parachain adoption falls flat
Polkadot’s first spherical of parachain auctions created important buzz in 2021. Practically 128 million DOT ($2.9 billion on the time) or 11% of the availability was locked up by crowdloan contributors as of the primary 13 parachains have been accomplished in Might 2022.
Nonetheless, parachain adoption has since lagged behind that of rival Layer 1 and Layer 2 networks.
Acala is at the moment the highest parachain by complete worth locked with $83.9 million, in accordance with DeFi Llama, regardless of the undertaking attracting 32.5 million DOT (value practically $1.4 billion on the time) to safe the primary parachain slot in November 2021.
Astar, which launched an Ethereum Layer 2 in March, is available in 2nd with $49.5 million regardless of the undertaking garnering 10.75 million DOT value practically $382 million to safe the third parachain slot in December 2021. Moonbeam hosts $46.4 million in TVL regardless of amassing 35.76 million DOT value 1.46 billion on the time to win the second slot in late November 2021.
The value of DOT is down 2.22% previously 24 hours, in accordance with The Defiant’s worth feeds.
