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- The Polkadot community has ratified the JAM upgrade as the next major protocol evolution in its journey towards becoming Polkadot 2.0.
- JAM represents a major revision that could replace the Polkadot Relay-chain, introducing a new decentralized, crypto-economic protocol.
The Polkadot community has overwhelmingly voted in support of the JAM upgrade as revealed by Polkadot co-founder Gavin Wood. In a recent X platform post, Wood revealed that the community has ratified JAM as the next major protocol evolution.
The JAM protocol was born out of the need to implement a protocol that combines elements of both Polkadot and Ethereum in a single coherent model. JAM combines the power of two leading blockchains. Like Ethereum, Jam allows anyone to deploy and run code on a secure, decentralized network. Inspired by Polkadot, Jam utilizes a network of nodes to handle complex computations securely and efficiently. This frees up the main blockchain for essential tasks, ensuring smooth operation.
With its ratification, Wood reveals that the team can proceed to work on getting the Graypaper to v1.0. This comprehensive and formal outlay of JAM offers all critical information on the evolution of the protocol.
@polkadot community has ratified #JAM as its next major protocol evolution with a near-unanimous governance vote. Work on getting the Graypaper to v1.0 continues. https://t.co/fdo1HyEKG6
— Gavin Wood (@gavofyork) May 27, 2024
In its announcement, the team admits that there was an early, unrefined, version of this protocol that was first proposed in Polkadot Fellowship RFC-31, known as “CoreJam”. Refined to JAM, the team reveals that in the future, it could transform to become known as Polkadot or some derivation thereof.
With the recent vote, the Polkadot Fellowship, responsible for a self-governing body of experts and developers of Polkadot and Kusama networks protocols, will move to ratify the final JAM protocol and define conformance and performance tests for the Polkadot JAM Protocol. Additionally, with JAM anticipated to replace the Polkadot-Relay-chain compatibility, the team will look to the development and deployment of a Polkadot-Relay-chain compatibility service on the JAM protocol.
Can JAM Inspire DOT Price to $10?
The recent vote, reveals the commitment and excitement of the Polkadot community around the project and its native token, DOT. Despite the community’s commitment, the 16th-ranked altcoin in the market has struggled to keep up with its peers in the ongoing bullish wave.
At the time of writing, DOT is trading for $7.40 after a marginal drop in the last 24 hours. On the weekly chart, the altcoin is down by 2%, revealing bearish pressure amidst a positive outlook in the wider market.
Despite the concerning performance, investors remain confident of a bullish outlook in the long term. Network developments will be key to the project’s success and developers’ commitment has been undeniable. As CNF reported, last week, Polkadot developers announced the launch of Multisig which will empower enterprise users in financial workflow management.
If DOT can reverse its bearish outlook, bulls will be eyeing the $10 resistance and flipping it into support to sustain its long-term bullish outlook.
