Gavin Wood, one of Polkadot‘s co-founders, hinted at the upcoming launch of the Join-Accumulate Machine (JAM) update on X earlier Thursday. This proposed upgrade aims to significantly transform the future of Polkadot.
JAM To Replace Relay Chain
At the Token2049 crypto conference in Dubai, Wood revealed the JAM Gray Paper, which is an innovative protocol combining aspects of Polkadot and Ethereum. This improvement signifies a development aimed at swapping out the current Relay Chain with a more adaptable and streamlined structure.
Previously, Polkadot’s Relay Chain facilitated communication between various platforms such as PARSIQ, which handles data monitoring and automation across multiple blockchains. Polkadot introduces a fresh perspective with the arrival of JAM. This protocol presents an anticipated route for replacing the current relay chain with a more adaptable, streamlined design.
In his recent post, he pointed out that the Jam Gray Paper emerged ten years following the publication of Wood’s Yellow Paper. Moreover, the Web3.0 Foundation, which supports Polkadot, declared a reward pool of 10 million DOT to encourage diversity in the creation of the JAM protocol.
The firm stated that the JAM Implementer’s Prize aims to accelerate the creation of JAM implementation projects by providing financial backing and assistance right from the start.
Key Plans for the Polkadot JAM Protocol
In simpler terms, JAM is a decentralized platform that combines Ethereum and Polkadot for users, providing them with safe and efficient capabilities for executing smart contracts.
In simpler terms, it provides a worldwide platform for creating and using permissionless, single instance objects, similar to Ethereum’s smart contract system. Additionally, it offers secure, parallelized computations across a scalable network of nodes, an innovation first introduced by Polkadot, the interoperability leader.
Developers proficient in Substrate for blockchain development can count on JAM for uninterrupted compatibility, thanks to its support for parachain services that enhance the functionality of existing Substrate-based parachains.
Using DOT as the exclusive token for JAM, a Polkadot product, makes perfect sense. By doing so, there’s no requirement to create a new token. This streamlined approach simplifies interactions within the protocol and effectively utilizes the existing infrastructure of the Polkadot network.
In the light of its anticipated significance in the upcoming future, DOT‘s price has risen by 2.3% within the last 24 hours, reaching $6.75.
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2024-04-18 23:12