2024

Polkadot

when

<h2>Polkadot 2.0: The evolution<p><a href="https://cointelegraph.com/learn/what-are-parachains-polkadot-and-kusama-parachains" rel="noopener noreferrer nofollow">Polkadot</a> is preparing for its biggest upgrade yet: Polkadot 2.0. The upgrade is expected to roll out in phases throughout 2024 and introduce key features such as Asynchronous Backing, Agile Coretime and Elastic Scaling.&nbsp;&nbsp;</p><p>Cointelegraph Research’s latest report provides an overview of Polkadot 2.0’s evolution and discusses other key developments for Polkadot, such as its ecosystem growth and adoption by developers.</p><p>With the launch of <a href="https://wiki.polkadot.network/docs/learn-async-backing" rel="noopener noreferrer nofollow" target="_blank">Asynchronous Backing</a> in May, block processing has become more efficient, wait times have been reduced, and overall network performance has been boosted. Agile Coretime, launched in September, opens up new opportunities for developers. It lowers entry barriers and enables on-demand blockspace purchases to cut costs for projects with variable resource demands.&nbsp;</p><p>Lastly, Elastic Scaling, expected in late 2024 or early 2025, will further expand the network’s capacity. This feature lets Polkadot accommodate more blockchains and handle higher transaction volumes without sacrificing security or performance. The report provides more detailed technical descriptions of these updates.</p>
 <div style="background-color: #f0f0f0; padding: 8px 21px; font-weight: bold; color:#253137;"><a href="https://s3.cointelegraph.com/Polkadots%20Revolutionary%20Journey%202024%20Report.pdf" rel="noopener noreferrer nofollow" style="color: #253137;" target="_blank">Download a full version of the report for free here</a>
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<h2 id="governance-and-dao-growth">Governance and DAO growth</h2>
<p>Polkadot has seen a surge in governance activity and a growing number of <a href="https://cointelegraph.com/learn/dao-governance-models" rel="noopener noreferrer nofollow">decentralized autonomous organizations (DAOs)</a> throughout 2023 and 2024. The number of referenda <a href="https://forum.polkadot.network/t/polkadot-in-numbers-annual-polkadot-ecosystem-report-2023-by-parity-data/5338" rel="noopener noreferrer nofollow" target="_blank">submitted</a> has increased by 150%, and voter turnout has grown by 40% since 2023. In July alone, over 1,134 unique voters participated in governance activities, illustrating the network’s commitment to community engagement.</p>
<p>Polkadot’s governance mechanism, <a href="https://polkadot.com/opengov" rel="noopener noreferrer nofollow" target="_blank">OpenGov</a>, stands out because it is an onchain system for real-time, transparent and democratic decision-making. Any Polkadot (<a href="https://cointelegraph.com/polkadot-price-index" rel="noopener noreferrer nofollow">DOT</a>) holder can submit a proposal through <a href="https://cointelegraph.com/news/how-polkadot-20-refines-blockchain-scalability-and-interoperability" rel="noopener noreferrer nofollow">OpenGov</a>, but not all proposals automatically go to a referendum. To move forward, a proposal must acquire enough backing through a deposit of DOT or by receiving support from the community or the council.</p>
<p>One notable example of successful governance in action is <a href="https://kusama.polkassembly.io/referenda/234" rel="noopener noreferrer nofollow" target="_blank">Referendum 234</a>, which proposed a 20% increase in the treasury allocation toward ecosystem development projects. With over 75% of participating DOT holders voting in favor, this referendum has already sparked new funding opportunities and development activity on the platform.</p>
<h2 id="developer-ecosystem-and-adoption-metrics">Developer ecosystem and adoption metrics</h2>
<p>Polkadot’s developer community is among the most active in the <a href="https://cointelegraph.com/learn/how-does-blockchain-work-everything-there-is-to-know" rel="noopener noreferrer nofollow">blockchain</a> space. The network has attracted nearly 2,500 developers, with almost 800 working full-time on the platform. Polkadot’s software development kit offers developers a <a href="https://cointelegraph.com/learn/the-polkadot-architecture-and-introduction-to-the-substrate-infrastructure" rel="noopener noreferrer nofollow">modular framework</a> that reduces the complexity involved in building customized blockchains. This flexibility, combined with support for multiple programming languages such as WebAssembly, has made Polkadot a common choice for projects in the recent past.&nbsp;</p>
<p><img alt="Polkadot monthly active developers" src="https://s3.cointelegraph.com/storage/uploads/view/3922be71ca32c373afe312e1eba83717.jpg" title="Polkadot monthly active developers"></p>
<p>Polkadot has positioned itself as an adaptable and scalable <a href="https://cointelegraph.com/learn/whats-the-difference-between-blockchain-layers-l0-and-l1" rel="noopener noreferrer nofollow">layer-zero blockchain</a> that addresses scalability, interoperability and governance fundamentals. Its parallel processing capabilities, community-driven governance and ambitious roadmap make it a promising platform. As Polkadot continues to evolve, it is expected to play an important role in the future of decentralized applications, <a href="https://cointelegraph.com/learn/what-is-web-3-0-a-beginners-guide-to-the-decentralized-internet-of-the-future" rel="noopener noreferrer nofollow">Web3</a> and beyond.</p>
<div style="background-color: #f0f0f0; padding: 8px 21px; font-weight: bold; color:#253137;"><a href="https://s3.cointelegraph.com/Polkadots%20Revolutionary%20Journey%202024%20Report.pdf" rel="noopener noreferrer nofollow" style="color: #253137;" target="_blank">Download a full version of the report for free here</a>
</div>
<p class="post-content__disclaimer" data-ct-non-breakable="true">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
<p class="post-content__disclaimer" data-ct-non-breakable="true">This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.</p>
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How Polkadot is transforming blockchain technology: Report

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