Polygon Announces Upcoming Hard Fork to Address Gas Spikes and Chain Reorganizations – Blockchain Bitcoin News
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Ethereum’s scaling blockchain, Polygon, has revealed plans to launch a hard fork on January 17, 2023. According to the team, the network upgrade will “reduce gas spikes” and “address chain reorgs” to reduce time to completion.
The Polygon Team outlines web updates to improve the user experience
Jan 12, 2023 Polygon Team told the community must “prepare for a hard fork” as the developers plan to update the chain on January 17, 2023. “The proposed hard fork for the Polygon PoS chain will make major updates to the network on January 17,” the team tweeted. “This is good news for developers and users and improves the user experience (UX). You don’t need to do anything differently,” the developers insist. Polygon (MATIC) developers have been discussing the update since December 2022.
V0.3.1 Hard Fork aims to reduce gas spikes and handle blockchain reorgs. A reorg is an event where a new chain branch is created and replaces a previously approved blockchain branch. Reorganizations may cause previously confirmed events to be canceled and replaced with new ones. To alleviate the reorg problem, Polygon plans to reduce the network sprint length from 64 blocks to 16 blocks. “Doing this reduces the depth of reorganizations,” Polygon’s developers declare.
To reduce gas spikes, Polygon aims to change the “base fee modified denominator” from the current value of 8 to 16. “This will help smooth out the increase/decrease in base fee when gas exceeds or falls below the target gas limits in a block,” says the Polygon team in a blog post on the subject.
Polygon’s original token, MATIC, has recently entered the top 10 cryptocurrency market cap rankings. MATIC has traded up 23.4% in the last week against the US dollar. However, Polygon’s current unit value of $0.987 is down 66.2% from the digital asset’s all-time high of $2.92 per unit on 12/27/2021.
What do you think of the proposed update to the Polygon network? Do these changes improve your overall experience as a user or developer on the platform? Let us know what you think in the comment section below.
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