Polkadot’s Path to Upgrade: Referendum 416 and More Now Up for Vote (crypto-news-flash)
- The Polkadot Ecosystem demonstrates progress as it activates agile coretime allocation on the Rococo testnet.
- The Polkadot Referendum 416 aims to elevate the Polkadot relay chain to runtime v1’001’000. Simultaneously, Referendum 414 introduces a proposal to establish an HRMP channel.
The Polkadot Ecosystem continues to move ahead on the path to progress while seeking to enhance the network efficiency and performance. In the latest development on Monday, January 15, the agile coretime allocation was activated on the Rococo testnet network of the Polkadot blockchain.
THREAD – @Polkadot #PolkadotDigest 15 Jan 2024#Polkadot News
Agile coretime allocation has been activated on the Rococo testnet. https://t.co/MAMf5cUkte
— Bill Laboon | Web3 Foundation (@BillLaboon) January 15, 2024
Parity Technologies, in collaboration with the community, oversees Rococo, a public testnet designed for the rigorous evaluation of both the parachains consensus process and parachains developed by community members.
The initiation of coretime sales on Rococo also marks a significant development, offering bulk coretime configurations that grant a full week of blockspace for parachains. In the upcoming week, there are plans to introduce a slot for purchasing and transferring extended leases, providing an opportunity to leverage bulk coretime for sustained operations.
Updating Polkadot Relay Chain With Referendum 416
In a significant development for the Polkadot ecosystem, the proposed Referendum 416 seeks approval to elevate the Polkadot relay chain to runtime v1’001’000. This referendum is a pivotal step towards upgrading Polkadot to the runtimes featured in the Fellowship v1.1.0 release, introducing crucial enhancements and optimizations.
The community is now actively engaged in the voting process, with the referendum set to take effect at block 19452000. The anticipated implementation, scheduled for the European morning of Monday, February 12, marks a key milestone in the evolution of Polkadot’s blockchain capabilities.
Simultaneously, the Polkadot ecosystem has introduced Referendum 414, presenting a proposal to establish an HRMP (Horizontal Relay-chain Message Passing) channel between InvArch and the Polkadot Asset Hub. While HRMP shares the interface and functionality of XCMP (Cross-Chain Message Passing), it distinguishes itself by passing all messages through the Relay Chain.
The proposal acknowledges the resource-intensive nature of HRMP and outlines its planned deprecation in favor of XCMP once implemented on Polkadot. This referendum seeks approval to enhance communication channels within the Polkadot ecosystem, emphasizing the platform’s commitment to optimizing and evolving its infrastructure for improved interoperability and efficiency. The community’s active participation in the voting process will shape the future landscape of Polkadot’s governance and technical capabilities.
Introducing Parachains
Polkadot, a leading Layer-1 blockchain protocol, continues to push the boundaries of innovation in the cryptocurrency landscape by introducing the groundbreaking concept of parachains. This advancement marks a significant stride toward establishing a new era of Ethereum-compatible blockchains.
At the heart of the Polkadot blockchain is the relay chain, a foundational element that underpins the entire network. This blockchain is also designed with interfaces, known as slots, enabling seamless connections for other networks to integrate with Polkadot.
The novel concept of parachains plays a pivotal role, expanding the platform’s universal approach to include external networks through innovative bridges. This architectural design bestows upon Polkadot an unprecedented level of flexibility, effectively addressing the blockchain trilemma by harmonizing scalability, security, and decentralization.
Besides, as Polkadot continues to forge new paths in the crypto space, the introduction of parachains signifies a transformative step toward fostering interoperability and enhancing the overall efficiency of blockchain networks.
Polkadot’s native cryptocurrency DOT is trading 1.02% down at $7.57 with a market cap of $9.75billion.
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