Welcome to Decrypt’s Week in Polkadot, our regular round-up of the latest developments in the Polkadot ecosystem.
At the Token2049 conference in Dubai this week, Polkadot co-founder Gavin Wood introduced a gray document describing the Join-Accumulate Machine (JAM), dubbed “A Proposal for the Future of Polkadot.”
In a “major revision,” the JAM protocol replaces Polkadot’s relay chain with a “more modular and minimalistic design,” creating a permissionless entity environment similar to Ethereum’s smart contract environment.
“JAM allows Polkadot to run generic “services” at its core, which are smart contract logic that can process execution results,” Web3 Foundation, the founding organization of Polkadot, said in a statement.
JAM plans to integrate a parachain service that can run existing parachains built on the Substrate blockchain framework. This means developers can still use Substrate to develop and deploy their own blockchain. Other technical improvements include replacing WebAssembly with the Polkadot Virtual Machine.
Tomorrow JAM
Since Polkadot is a decentralized network, the transition to JAM is an accomplished fact, of course; The gray paper noted that if the network approves the transition to JAM through its governance proposal, “this protocol could also be known as Polkadot or a derivative version thereof.”
Polkadot tweeted that no new tokens would be issued, saying “the only way to interact with JAM is with DOT.”
Along with the launch of the graypaper, the Web3 Foundation announced the JAM Implementer Award, a 10 million DOT prize pool that “aims to foster diversity in JAM protocol development.” The Web3 Foundation added that the goal of the award is to “encourage the creation of multiple client implementations” in an effort to strengthen the resilience of networks.
Polimec unveils first wave of funded projects.
Polimec, a decentralized community-driven funding protocol, has finalized its first project to raise funds on its platform.
Among the first projects to raise funding on Polimec is Apillon, the Polkadot development platform that allows developers to create NFTs and other Web3 projects using API connections and a drag-and-drop UI.
Another project, Mandala Chain, aims to provide an ecosystem for dapps using an EVM-compatible, open, permissionless public blockchain built using Substrate. and gotEM, an investigative DAO that allows users to crowdfund and crowdsource resources for investigative and private security work using a trustless, decentralized infrastructure.
Powered by Polkadot, Polimec allows projects to raise funds using on-chain credentials while maintaining regulatory compliance.
