Gavin Wood, the founder of the blockchain platform Polkadot, presents the Join-Accumulate Machine (JAM) upgrade at Token2049. Meanwhile, the Web3 Foundation declares a 10 million dollar DOT prize fund for diversity in JAM protocol development.
“The JAM Implementer’s Prize is designed to catalyze this by funding and supporting projects that contribute to the development of JAM implementations from the outset,” states Polkadot.
JAM is a decentralized system that combines the scalability and security of smart contracts from Polkadot with the advantages of Ethereum. It seeks to provide a more efficient design in place of the Relay Chain so that Polkadot can operate as a multi-core world computer.
The news of the update caused the DOT token to rise by 3% to $7 at first, despite the previous decline; it is currently trading at $6.62. The JAM update has not yet received community approval via Polkadot’s decentralized governance, nevertheless.
Supporter Goku applauded the update, predicting Polkadot would become a flexible platform for a range of services and apps, improving scalability and effectiveness.
With its novel approach and possible benefits for developers, Polkadot’s JAM update has garnered attention as it offers a more stable and adaptable platform.
Read also: Polkadot’s $PINK Coin Set for Public Launch Today