Original - Odaily
On November 19, Fabian Gompf, the new CEO of the Web3 Foundation, said in an interview that Polkadot is about to undergo a major transformation: abandoning the slot auction of the parachain and adopting a new mechanism that allows application developers to Rent block space as needed.
Just a few days before Fabian Gompfs speech, the Web3 Foundation announced the launch of the Polkadot ecological project funding plan Decentralized Futures with 20 million US dollars and 5 million DOTs. The main goal of the plan is to expand the network by adding self-sustaining participants to help Fuboka Ecology.
Odaily believes that the recent frequent actions of the Web3 Foundation and repeated blockbuster news are in response to the exodus of the Polkadot ecological project some time ago. This also means that Polkadot is about to launch a new narrative, starting from the two aspects of underlying technology and financial support. Turn the tide before it falls, and support the building before it collapses.
How to replace the new mechanism of parachain slot auction? As early as June this year, Gavin Wood, the founder of Polkadot, proposed the concept of “Agile Coretime”. The core of the Agile Coretime mechanism is a new allocation method for Coretime on the Polkadot network, which is different from the relatively solid slot auction model before and improves the scalability of the Polkadot network.
Coretime can be thought of as real estate on Polkadot where projects can build and run operations. It represents access to the block space whose product value lies in its block space. In the past, project teams needed to systematically rent these spaces through parachain slot auctions; however, the pricing of the auctions was unpredictable, which made it impossible for project parties building on Polkadot to estimate how much cost and time it would take to obtain the power to build. The new mechanism, Agile Coretime, aims to make this allocation more predictable, accessible, dynamic and user-friendly.
This change of Polkadot is an abstraction of the previous architecture. It was originally a relay chain-parallel chain. Project parties building projects in Polkadot need to auction and compete for the slots of the relay chain in order to win the relay chain. connect. But now the concept of relay chain is weakened and the relay chain is composed of multiple Coretimes. Parallel chains can be adopted in a timely manner regardless of how many and when they are needed.On the one hand, it avoids waste, and on the other hand, it lowers the threshold for project parties to participate in Polkadot’s ecological construction. This move may bring a new wave of vitality to Polkadot.
Coretime provides two methods:Batch Coretime and Instant Coretime. Unlike previous leasing methods, each block of Coretime will now be dedicated to a task and will no longer be tied to a specific project. These tasks can be changed frequently, providing greater flexibility.
In addition, in order to track all these Coretime transactions, Polkadot will also introduce a new functional chain-Coretime-Chain, which is mainly responsible for providing Coretime with a reasonable use supervision method.
In general, Polkadot’s two moves have, to a certain extent, lifted Polkadot out of its previous predicament:The new Agile Coretime mechanism lowers the entry threshold for the Polkadot ecosystem and enhances the vitality of the ecosystem; financial support also breaks the negative impact caused by the departure of previous ecological projects. After all, funding is one of the core demands of most project parties in pursuing the ecosystem. .
This upgrade may not be implemented until the end of the year or next year. The Polkadot community highly appreciates this change in the mechanism and believes that this move will clear the way for Polkadot to compete in the future.
Although Web3 has basically established the ecological dominance of Ethereum and its second layer, and the market is focusing more on innovation in the application layer, it is not too late for Polkadot to take action at this time.