Polygon, the Ethereum scaling solution, has announced an upcoming hard fork set to take place on January 17th, 2023. The network upgrade aims to tackle the issues of gas spikes and chain reorganizations, with the goal of decreasing the duration of finality. The team behind Polygon believes that this hard fork will greatly improve the overall performance and user experience of the network.
Polygon Team Outlines Network Upgrades to Improve User Experience
The Polygon team has recently announced that a hard fork upgrade is scheduled to take place on January 17, 2023. The community was informed by the team on January 12th to prepare for the upcoming changes. The proposed hard fork aims to improve key elements of the Polygon PoS chain, with a focus on increasing the overall user experience (UX).
The developers have reassured the community that no action is required on their part to prepare for the upgrade and it will be seamless. The team has been discussing the upgrade since December 2022, and it is expected to bring significant improvements to the network.
The V0.3.1 Hard Fork, set to take place on January 17th, 2023, is a significant network upgrade for the Polygon blockchain. The main focus of this upgrade is to address two major issues that the network has been facing: gas spikes and blockchain reorganizations (reorgs).
Reorgs are a common problem in blockchain networks where a new branch of the chain emerges and replaces the previously accepted one, causing previously confirmed transactions to be invalidated. To tackle this issue, the Polygon team plans to decrease the sprint length from 64 to 16 blocks, which will decrease the depth of reorgs and improve the overall stability of the network. Additionally, the hard fork will also aim to reduce gas spikes and bring a better user experience for Polygon users.
The V0.3.1 Hard Fork for Polygon also aims to address the issue of gas spikes on the network. One of the ways it plans to accomplish this is by changing the value of the “basefeechangedenominator” from 8 to 16. This change will help to regulate the rate of increase and decrease in the basefee when gas usage exceeds or falls below the target gas limits within a block.
This will help to stabilize the gas prices and make it more predictable for users, which in turn will improve the overall user experience. The Polygon team has detailed this in a recent blog post, outlining the various measures taken to address the issue of gas spikes and improve the network’s overall performance.
Polygon’s native token, MATIC, has been gaining momentum in recent days, pushing it into the top ten crypto assets ranked by market capitalization. In the last week, MATIC has seen an impressive increase of 23.4% against the US dollar. However, it should be noted that despite this recent surge, the current value of $0.987 per unit is still down 66.2% from its all-time high of $2.92 per unit on December 27, 2021.
Johnson Philip is a passionate cryptocurrency enthusiast and writer for CoinSEM.com. He has been following the crypto industry for years, and has a deep understanding of the various technologies and trends driving the market. Johnson has written extensively on topics ranging from blockchain development to ICO analysis and is known for his ability to translate complex technical concepts into easy-to-understand language.