Polkadot Community Votes for Major Runtime Upgrade | Smart Contracts Set for Revive
Edited By
Samantha Lee
As the Polkadot community engages in pivotal voting for a significant runtime upgrade, key changes are on the horizon. This update will enable Revive, a smart contract platform that promises interoperability for both PVM and EVM contracts.
Key Features of the Upgrade
This upgrade introduces noteworthy developments:
Smart Contract Capability: Revive allows execution of various contracts seamlessly.
EVM Gas Model Changes: Adjustments to the EVM gas model will accommodate faster instruction processing. This means some Solidity contracts will require alterations before deployment.
Elastic Scaling: The upgrade prepares for higher throughput, aiming to shift from a 6-second to a 2-second block time soon after.
Hard Pressure Issuance Model: A new inflation model will cap DOT supply at 2.1 billion by 2061, effective March 14, 2026.
"Everyone loves a good upgrade; hope it’s smooth!" - an eager participant's comment.
Expected Impact on Ecosystem Builders
Ecosystem builders should keep in mind the following:
Tool Compatibility: Developers can still use familiar tools like Foundry and Hardhat despite the changes.
Throughput Increase: Anticipated faster transaction speeds could enhance overall user experience.
Sustained Inflation Measures: The introduction of the Hard Pressure model aims to stabilize the token economy.
While many in the community express excitement, there's some trepidation regarding potential issues with existing contracts. An engaged member noted, "The upcoming changes might throw off some established projects."
Sentiment Around the Upgrade
The community's sentiment appears to be a mix of optimism and concern. Many support the upgrade but worry about compatibility issues. Sentiments are generally positive, with members eager for the benefits while remaining cautious about the rollout.
Key Highlights
✔️ Revive Launch: Smart contracts will be effective for PVM and EVM.
❗ Contract Adjustments Needed: Certain Solidity contracts can't be deployed unchanged.
🚀 Faster Block Times Coming: Plans to reduce block times significantly post-upgrade.
Curiously, as the projected enactment date of January 27 approaches, the Polkadot network's future looks brighter. Community members are anxiously anticipating the outcome of the vote, reflecting both hope and uncertainty about the next steps.
The Road Ahead for Polkadot's Upgrade
There’s a strong chance the Polkadot community might see a significant shift in network dynamics post-upgrade. Experts estimate around 70% likelihood that developers will adapt their existing contracts to align with the new EVM gas model. This adaptation could pave the way for a smoother user experience, especially with the anticipated block time reduction. With faster transaction speeds, it’s plausible that community engagement will surge, driving more activity on the network. However, the remaining 30% uncertainty stems from concerns over compatibility issues. If not addressed, these could lead to fragmentation in the ecosystem, causing discontent among builders and users alike.
An Unexpected Lesson from History
In 1970, the introduction of the decimal currency in the UK, known as decimalization, was met with a mix of enthusiasm and doubt. Just as in Polkadot's case, people were optimistic about a streamlined approach but worried about the initial chaos it could create. They questioned the compatibility of old systems with the new setup. Eventually, most adapted, leading to a more efficient system long-term. This transformation reminds us that while anxiety about change is common, the long-term benefits often overshadow the initial hurdles, much like what Polkadot aims to achieve with its upcoming update.