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- The upcoming Polkadot JAM upgrade is expected to transform the network by reducing transaction costs, minimizing latency, and improving the efficiency of the network.
- A $10 million prize pool has also been unveiled by the Web3 Foundation to foster diversity in the JAM protocol development.
The Gray Paper outline of the much anticipated Join-Accumulate Machine (JAM) upgrade for the Polkadot (DOT) network has been unveiled by the founder, Gavin Wood, during a presentation on the Polkadot’s future at the Token2049 crypto conference in Dubai. According to the information available, JAM is designed to replace the Polkadot Relay Chain which has over the years addressed interoperability issues across different platforms.
With this upgrade expected to enhance its infrastructure and expand its capabilities, the longstanding commitment of Polkadot to innovate and respond to the ever-evolving needs of its community and the broader blockchain space is also underscored.
One interesting aspect of the whole process is that the replacement would be done with a modular and minimalist design while merging important elements from both Polkadot and Ethereum.
What the Upgrade means
According to the Web3 Foundation Team, the entity behind Polkadot, JAM would allow Polkadot to run generic services, and smart contract logic which can process the results of execution on a core. With this upgrade, JAM would be able to address existing limitations while paving the way for enhanced functionality and efficiency across its networks.
According to the report, JAM could further take advantage of the advanced cryptographic techniques and cutting-edge consensus mechanism to deliver a more robust and infrastructure-resilient system to enable decentralized applications (dApps) and cross-chain communication.
With the introduction of new protocols in the algorithm, Polkadot users would enjoy reduced transaction costs, minimize latency, and improve the overall efficiency of the network. In addition to the integration of enhanced security and privacy features, the JAM protocol upgrade would unlock opportunities for developers and entrepreneurs who look forward to building on the network.
According to Goku, a supporter of the blockchain network, Polkadot stands a better chance of becoming a “true multi-core world computer that can handle any service without any security or scalability issues.”
[Polkadot] has already become a multi-core processor, but this was limited to parachains. The idea is to generalize this even further, to be utterly unopinionated about what and how things are deployed, turning all parachains, aka rollups, into an application layer service, with Polkadot transforming into something akin to cloud service infrastructure.
The $10 Million Prize Pool Unveiled
The Web3 Foundation has also announced a $10 Million prize pool as the JAM implementer’s prize to foster diversity in the development of the protocol. The team also mentions that the prize would go a long way in complementing present and future funding initiatives that support the Polkadot ecosystem.
For now, proposals that aim to implement the JAM protocol in a diverse programming environment would be considered. It is also important to note that the details of the application process are yet to be made public.
We are still finalizing the details of the application process, and more information will be published soon. However, we are eager to engage with potential participants early on. If you’re interested in applying for the JAM Implementer’s Prize, please fill out this form. Once the application details are finalized, we will reach out to you with more information on how to proceed.
At press time, Polkadot (DOT), was trading at $6.8 after surging by 3% in the last 24 hours. However, its year-to-date return remains negative as it declines by 21%.
