Polygon has announced it will be performing a hard fork, upgrading its proof-of-stake chain to boost performance.
Since Polygon launched its PoS chain, it has been making incremental improvements to the protocol. Two of the latest steps to improve performance and predictability were recently discussed and approved by the network.
Based on discussion and feedback from the community, the hard fork intends to reduce the severity of gas spikes. It will also address chain reorganizations, in an effort to reduce time to finality.
Polygon Upgrades and Expectations
As part of the dual intentions for the hard fork, Polygon has prepared a pair of proposals with their expected results. In order to reduce exponential gas prices, the hard fork will decrease the rate of change for the base gas fee from the current 12.5% to 6.25%.
Whenever gas exceeds or falls below the target gas limits in a block, this would help smooth out the rate for the base fee. While Polygon still expects gas prices to increase during peak demand, it said the growth curve should flatten.
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Second, Polygon hopes to improve transaction finality with the hard fork by reducing chain reorganizations. It hopes to do this through decreasing sprint lengths from 64 to 16 blocks. By decreasing the depth of reorganizations this way, the hard fork will lower the chances of a secondary or tertiary validator kicking in to produce blocks. Polygon said this would result in improved transaction finality and fewer reorganizations overall.
According to Polygon, dApps deployed on the protocol and MATIC token holders will not be affected by the hard fork. Unlike them, for whom no additional steps are required, validators and infrastructure providers will need to upgrade before Jan. 17.
Comparison to Ethereum
Although Polygon said the hard fork would reduce gas prices, compared with Ethereum they currently do not appear terribly competitive. Gas prices on Ethereum currently average some 35 gwei, while on Polygon the figure is closer to 88.
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Gwei is a denomination of cryptocurrency, representing one-billionth of a single Ethereum token. Ethereum has been on an upwards trend since the new year, hitting just shy of $1,600 over the past day.
Top crypto platforms in the US | December 2023
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I'm an expert in blockchain technology and decentralized finance (DeFi), with a deep understanding of proof-of-stake (PoS) consensus mechanisms and the intricacies of blockchain protocol upgrades. My expertise is grounded in a comprehensive knowledge base, and I've closely followed developments in various blockchain projects, including Polygon.
Now, let's delve into the concepts mentioned in the article:
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Hard Fork:
- A hard fork is a significant and non-backward-compatible upgrade to a blockchain's protocol. In this context, Polygon is undergoing a hard fork to enhance the performance of its proof-of-stake chain.
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Proof-of-Stake (PoS):
- PoS is a consensus algorithm where validators are chosen to create a new block and verify transactions based on the amount of cryptocurrency they hold and are willing to "stake" as collateral.
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Gas Spikes:
- Gas spikes refer to sudden and significant increases in transaction fees on a blockchain. Polygon's hard fork aims to reduce the severity of gas spikes, making transaction fees more predictable and manageable.
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Chain Reorganizations:
- Chain reorganizations occur when there is a temporary divergence in the blockchain, leading to a reorganization of the blocks. Polygon's hard fork addresses chain reorganizations to reduce the time it takes for transactions to reach finality.
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Base Gas Fee:
- The base gas fee is the minimum amount of cryptocurrency a user must pay to execute a transaction on the blockchain. Polygon's hard fork aims to decrease the rate of change for the base gas fee to provide a more stable fee environment.
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Gas Limits:
- Gas limits set the maximum amount of computational work that can be performed in a block. The hard fork intends to address situations where gas exceeds or falls below the target limits, contributing to a smoother rate for the base fee.
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Transaction Finality:
- Transaction finality refers to the irreversible confirmation of a transaction on the blockchain. Polygon aims to improve transaction finality by reducing chain reorganizations, leading to more secure and finalized transactions.
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Sprint Lengths:
- Sprint lengths represent the number of blocks before validators can be chosen to produce new blocks. Polygon's hard fork aims to decrease sprint lengths from 64 to 16 blocks, reducing the likelihood of secondary or tertiary validators producing blocks and improving transaction finality.
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Gwei:
- Gwei is a denomination of cryptocurrency, representing one-billionth of a single Ethereum token. The comparison to Ethereum in the article highlights the difference in gas prices, with Polygon seeking to make its gas fees more competitive.
In summary, Polygon's hard fork focuses on optimizing gas fees, reducing chain reorganizations, and improving transaction finality, showcasing the project's commitment to enhancing its blockchain's efficiency and user experience. Validators and infrastructure providers are advised to upgrade before the specified date to stay in sync with the protocol changes.
