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Polygon Prepared for Hard Fork to Reduce Gas Fee Spikes: New Details Revealed

Published on

January 15, 2023
Read Time:2 Minute, 26 Second

Ethereum Polygon's Layer 2 scaling answer will bear a tough fork on January 17 to deal with fuel spike and chain reorganization points which have impacted consumer expertise on the Polygon Proof-of-Stake (POS) chain.

polygon official Confirmed A weblog put up concerning the onerous fork occasion on Jan. 12, which got here after weeks of preparation discussion on the Polygon Enchancment Proposal (PIP) discussion board web page in late December.

GET READY FOR THE HARDFORK

The proposed onerous fork for the #polygon The PoS chain will make main upgrades to the community on January seventeenth.

That is excellent news for builders and customers - and can make for higher UX.

You do not have to do ANYTHING in a different way. Particulars:https://t.co/RaBWDjEGrI pic.twitter.com/nipa15YQdZ

— Polygon (@0xPolygon) January 12, 2023

A Polygon spokesperson additionally supplied Cointelegraph with further particulars of the onerous fork on Jan. 14:

“The onerous fork is encoded for the block >= 38.189.056. No centralized, single actor will provoke it. Community validators have to replace their nodes earlier than the desired block, and they're already doing so.”

87% of the 15 Polygon Governance Group voters voted to extend the BaseFeeChangeDenominator operate from 8 to 16 to cut back fuel price spikes and reduce the SprintLength operate from 64 blocks to 16 to repair the chain reorganization concern.

In addressing the fuel spike concern, the Polygon workforce defined that as a result of the subscription worth typically "experiences exponential spikes" when exercise on the chain will increase quickly, they consider that "the expansion curve might be flattened" by growing the denominator from 8 16 is elevated. and thus "clean out" robust fluctuations in fuel costs.

Current fuel worth spikes within the Polygon POS chain (blue) in comparison with Polygon's data-driven expectations after the onerous fork (pink). Supply. Polygon.

Associated: Polygon exams zero-knowledge rollups, mainnet integration inbound

Relating to the chain reorganization concern, Polygon acknowledged that by lowering the dash size, transaction finality will enhance, permitting a single block producer to constantly add blocks at a frequency of 32 seconds, versus the present time of 128 seconds.

"The change won't have an effect on the entire time or variety of blocks a validator produces, so the general rewards won't change," they added.

A series reorganization happens when a block is deleted from the blockchain to make room for the brand new, longer chain to make sure all node operators have the identical copy of the ledger.

Nevertheless, the reorganization should be finished as effectively as potential as a result of it will increase the danger of a 51% assault.

The Polygon workforce additionally confirmed that MATIC token holders and delegators don't have to take any motion and that purposes won't be affected throughout the onerous fork.

Polygon's token, MATIC, is presently priced at $0.977, up 13.6% since Polygon introduced the information on Jan. 12.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 15, 2023
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