Polkadot’s annual summit sub0 Asia officially concluded yesterday in Bangkok, Thailand. Facing the difficulties of stunted growth in recent years, Polkadot founder Gavin Wood explained in his speech how Polkadot 2.0 and JAM chain will be used to bring new technological innovations.
Polkadot has encountered frequent headwinds in recent years
Ecological growth is hindered
Since Layer 2, including Arbitrum, Starknet, etc., have launched the Stack strategy, developers can quickly build a new Layer 2 network. They have gradually adopted the integration of multi-chain ecosystems as their development strategy, which largely overlaps with Polkadot's parachain positioning.
On the other hand, compared to the Polkadot ecosystem, the Ethereum network has relatively high attention and growth potential.
Comparing back and forth, many projects have been transferred from Polkadot to the Ethereum ecosystem in the past two years. Projects such as Manta and Astar Network have already built Layer 2 networks based on the above-mentioned Stack on Ethereum, and are gradually diluting the original chain on Polkadot to shift focus.
(Astar cooperates with Polygon AggLayer to launch the Astar zkEVM mainnet)
Personnel change
Perhaps the failure of the above strategy indirectly affected Gavin's retention at Parity Technologies, and he announced his replacement as CEO last year. Subsequently, due to insufficient capital, considerable personnel changes were made, and it is estimated that more than 300 employees were laid off in total.
(Polkadot founder Gavin Wood steps down as CEO of Parity: CEO is not what I dream of)
Token prices remain depressed for a long time
Because of the above factors, coupled with the overall environmental impact of the New Year market, the price of the Polkadot governance token DOT token has remained between 3 and 8 US dollars for a long time, which is still a long way from the previous historical high of 55 US dollars.
The DOT token price is around $11 today, still relatively lagging behind the gains of other top ten coins.
Polkadot’s transformation journey is still ongoing
Polkadot 2.0
Since the year before last, the team has stated that it is trying to carry out a major network update, called Polkadot 2.0, which will include the cancellation of the existing flexible parachain slot auction, the introduction of asynchronous verification, the Agile Coretime mechanism, etc., which is regarded by the community as A major update for its long-term development.
Recommended reading: Polkadot 2.0 cancels parachain slot auction to improve ecological operation efficiency. This article clearly explains the general change in the development direction of Polkadot in recent years. Readers who do not pay attention to relevant information in real time can quickly update and grasp its growth strategy.
According to the speeches at this summit, it is expected that Polkadot 2.0 will not be gradually launched in a phased manner, but is more likely to be a large-scale update.
JAM chain
Polkadot will launch a new network called JAM chain. According to Gavin’s speech yesterday, JAM chain will be a stateless decentralized network, serving as Polkadot’s new computing infrastructure, providing multi-core computing capabilities.
JAM chain is not traditionally a smart contract network and has no concept of transactions. All work items on the JAM chain network will first be packaged into work packages for generation operations, and will go through three parts of processing, namely refine, accumulate and transfer. Work items are packaged and then re-integrated to improve computing efficiency.
Anyone can create a service on JAM chian. A service refers to a certain operating process, which is somewhat similar to the smart contract concept of the EVM network. Creating a service model requires specific formats and inputs.
於 JAM chain 創建服務的規格說明 (資料來源) 技術創新不等於市場埋單
The Polkadot team has indeed made many important innovations in recent years and is constantly trying to optimize the existing system. However, whether the market and projects will choose to join the Polkadot ecosystem again for these technological innovations, in today's market environment, there are still great difficulties and challenges.
Recommended reading: What are the three key factors for the growth of the Web3 industry? Crypto analysts provide a unique analysis framework. Reason for recommendation: After reading this article, you can clearly understand that the growth of a project usually comes not only from technological innovation, but also from the incentive effects of market narrative and tokens. Only when the three are achieved at the same time will the best growth results be achieved.
This article Polkadot Summit ends, JAM chain provides efficient computing infrastructure first appeared in Chain News ABMedia.
