Gavin Wood (founder of Polkadot) has just proposed a plan called Polkadot 2.0, with the goal of completely changing the mechanism of the network, specifically the Parachain auction.
During the Decoded conference in June, founder Gavin Wood shared about the difficulties in building the network. Specifically:
“When you actually start building the product, you’ll find the engineering is a little different from what you originally envisioned.” – Mr. Gavin Wood said.
Polkadot was jointly developed by We3 Foundation and Parity in May 2020. However, in November 2021, the network officially launched the Parachain auction mechanism.
However, when the market fluctuates, the Parachain auction mechanism shows some limitations. In order to have a slot to deploy Parachain, the project will have to lock a specific amount of DOT (this amount can be raised by project supporters). The first successful project was Acala Network with a total DOT auction of 32 million (equivalent to 1.3 billion USD on November 18, 2021).
However, after the market plummeted, the 21st position in the list of Parachains – Darwinia Network project only needed 9,900 DOT (ie 55,000 USD at the time of successful auction).
During the Decoded event, Mr. Wood said Polkadot is “a computer with multicore – multicore”. According to the vision of Pokadot 2.0, the network will have some conceptual changes.
“What we build, is not considered a chain, rather it is a space. These are foundational resources for other chains to leverage and build their systems on.”
This founder believes that the Parachain auction mechanism is a big barrier and lacks flexibility. Therefore, a new concept of “core time” was proposed, making it possible for the project to handle on-demand authentication.
These demand and time-based authentication services will be symbolized by NFT. Mr. Wood said that this mechanism will help owners allocate computing power on Polkadot more flexibly.
- https://pixelplex.io/
Mr. Rob Meier (Co-founder of Polkadot) also has his own share about this Polkadot 2.0 proposal:
“In Web2 and traditional computing standards, we’ve seen how this works. Users can join, can create fork projects, and the community is easily accessible. It’s going to be a lot of fun. It would be great if this kind of infrastructure could be integrated and support building the applications above.”
Unlike deploying smart contracts on Ethereum, the process of successfully plugging and operating a para chain on Polkadot is extremely complicated. In addition to the economic difficulties in the auction stage, chains also have to pay attention to the “uptime” – the available time of the network.
Mr. Gavin Wood explained that the “Core” approach will orient the project more like an application than a chain. In addition, the smart contract implementation can be attached to the top of the Cores.
As can be seen, the new approach is somewhat similar to the Parathread mechanism (an earlier fork of Polkadot), when the authentication will also be broken down into specific and on-demand intervals.
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