Polkadot Announces JAM Upgrade and 10 Million DOT Prize Pool

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At Token2049 event, Gavin Wood, the creator of Polkadot blockchain, unveiled the Join-Accumulate Machine (JAM) update. Meanwhile, the Web3 Foundation revealed a reward of 10 million DOT for encouraging variety in JAM protocol development.

This morning, @gavofyork introduced the JAM Gray Paper. JAM is a new protocol that combines features of Polkadot and Ethereum. It represents a potential solution to transition from the current Relay Chain with a more flexible, streamlined design. (1/5)— Polkadot (@Polkadot) April 18, 2024

In their own words, Polkadot explains that the JAM Implementer’s Prize is established to stimulate the growth of JAM implementations by providing financial backing and assistance to initiatives right from the start.

JAM is a decentralized platform that combines Ethereum’s capabilities with Polkadot’s architecture for secure and scalable smart contracts. Its goal is to enhance Polkadot’s main chain, the Relay Chain, with a more efficient design. This improvement will enable Polkadot to operate as a powerful multi-core computer, executing various tasks simultaneously.

Goku expressed approval for the enhancement, anticipating that Polkadot would transform into a multifaceted solution, capable of supporting numerous services and applications. This evolution is expected to boost both Polkadot’s capacity and productivity.

Although the price of DOT tokens dipped recently, news of an upcoming upgrade caused a 3% increase to $7 initially, but now it stands at $6.62. Nevertheless, community acceptance through Polkadot’s decentralized voting system is yet to be secured for the JAM upgrade.

The JAM upgrade on Polkadot enhances the platform’s strength and adaptability, drawing interest with its groundbreaking methodology and incentives for programmers.

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2024-04-19 10:18