30s Summary

Polkadot is preparing for its biggest upgrade, Polkadot 2.0, to be gradually revealed throughout 2024. The update will introduce features like Asynchronous Backing, Agile Coretime, and Elastic Scaling. Asynchronous Backing, launched in May, streamlines block processing, while Agile Coretime helps developers save costs. Elastic Scaling, expected late 2024 or early 2025, will support more blockchains and transactions without compromising security or effectiveness. Besides, the platform has seen a significant increase in proposals and voter turnout, indicating robust community engagement. The developer community is also growing due to the platform’s flexibility and support for various coding languages.

Full Article

Hey there! Get ready for some exciting news – Polkadot is gearing up for its biggest revamp so far, Polkadot 2.0! This cool upgrade is going to be unveiled stage by stage throughout 2024 and it’s going to pack some pretty nifty features such as Asynchronous Backing, Agile Coretime, and Elastic Scaling.

You must be wondering what these are, right? Well, our buddies at Cointelegraph Research have put out a report which delves into the evolution of Polkadot 2.0 and other important things happening with Polkadot, like its growing ecosystem and how it’s being adopted by developers.

Asynchronous Backing, which got started in May, has made processing blocks slicker than ever before, reduced the waiting periods, and revved up the overall performance of the network. Agile Coretime, which came out in September, has opened up an exciting world of possibilities for developers. It simplifies things, enables on-demand purchasing of blockspace to save costs for projects which vary in their resource demands.

We can look forward to Elastic Scaling, anticipated in late 2024 or early 2025, which will give the network the ability to stretch to cater to more blockchains and handle greater volumes of transactions without impacting its security or effectivity. You can find more techy details about these updates in the report.

In the world of governance and growth of decentralized autonomous organizations (DAOs), Polkadot has seen a ton of action lately. We have seen a 150% increase in the number of proposals submitted and a 40% rise in voter turnout since 2023. Can you believe that in July alone, over 1,134 unique voters were engaged in governance activities! That’s testament to how dedicated the network is to involve the community.

Polkadot makes governance decisions simply, transparently, and in a democratic way through its OpenGov system. If you hold Polkadot’s crypto, known as DOT, you can propose an idea through OpenGov. But, not all ideas automatically get voted on. They need to gather enough support through a deposit of DOT or by getting the nod from the community or the council.

A great example of governance working like a dream is Referendum 234. It suggested a 20% increase in funding allocation to support projects that grow the ecosystem. A whopping 75% of voting DOT holders were in favor, and this referendum has triggered a wave of new funding and development activity.

Lastly, Polkadot’s developer community is buzzing. Nearly 2,500 developers have been drawn to the platform, with around 800 of them engaged full-time. The flexibility offered to developers, along with its support for various programming languages like WebAssembly, has made Polkadot a popular choice for projects lately.

Polkadot is emerging as an adaptable, scalable layer-zero blockchain that tackles scaling, compatibility between systems and governance at a fundamental level. Its ability to process in parallel, its community-driven governance and ambitious future plans make it an exciting platform. We can expect Polkadot to play a big part in the future of decentralized apps, and something called Web3 and more.