At the most recent Polkadot Decoded 2023 event in Copenhagen, creator Gavin Wood presented the next phase of Polkadot, which is moving from blockchain to blockspace.
Gavin Wood announced Polkadot 2.0 during his keynote address at the Polkadot Decoded Conference, stressing a change in attitude towards the updated version.
In his keynote talk, the founder of Polkadot revealed the Polkadot 2.0 plan, outlining the changes that will be made to emphasise the dynamic procurement of “cores” and a paradigm shift in Polkadot’s architecture.
Wood allegedly stated in a blog post that the current core leasing model will gradually be replaced with a system of selling “core time.” This approach gives developers more flexibility by supporting both bulk and immediate sales.
While the “pay as needed” option gives users access to resources when they need them, the monthly sale of “core time” enables developers to grow block space as necessary. It is anticipated that this will unleash creativity, increase capacity, and better resource management.
Additionally, the new strategy may increase DOT token liquidity by cutting down on lockup times, but specifics are still being worked out. As block space is now being marketed as a genuine commodity, accessible and utilised as needed without the difficulty of administering a big network, the advent of “bulk core time” represents a significant advancement.
Wood claimed that the anticipated improvements promise to make DOT more than just another token and act as a gateway for the massive influx of Web2 companies transitioning to Web3.
Version 1.0, or Polkadot, was released in May 2020 with the Relay Chain genesis block and parachains were added in December 2021. The Genesis block of the Polkadot network, a proof-of-authority (PoA) network, went live on May 26, 2020.
The Polkadot network has a new version, called 2.0. At the time of this writing, more information is pending.
