Reasons why I am optimistic about the Polkadot ecosystem in 2024
1. The launch of Polkadot 2.0 agile core time
Core time has been launched on the Rococo test network and will be launched on Kusama in Q1 of 2024 and Polkadot in Q2. This marks the most notable technology upgrade of 2024 and represents the beginning of Polkadot 2.0. Eliminating parachain slot auctions and implementing Coretime purchasing significantly lowers the barrier to entry for security on Polkadot. The introduction of asynchronous support will greatly improve network performance and lay the foundation for future expansion of network scalability.
2. Performance-enhancing weapons - async support
Asynchronous support is the latest advancement in Polkadot's development roadmap, aiming to improve network performance and flexibility and better adapt to various Web3 application scenarios. Combining XCM, multi-core, parachains and relay chains, Polkadot is becoming an emerging decentralized network and is expected to handle more than 1 million transactions per second.
3. Greater adoption of Polkadot SDK technology
In 2023, many well-known L1 projects adopted Polkadot SDK technology, making it the forefront of the industry. Core developer Josep is helping Polkadot develop PAPI, a reactive TypeScript library designed specifically for Polkadot SDK. It is expected to launch a beta version in the first quarter of 2024 to promote the adoption of Polkadot SDK technology by more teams.
4. Snowbridge is finally online
Snowbridge (the bridge connecting Polkadot and Ethereum) is expected to go online in Q1 of 2024, greatly enhancing the interoperability of Polkadot and Ethereum and providing a powerful bridge for the flow of assets and information between the two ecosystems. This will attract more users into the Polkadot ecosystem, while providing a larger market for projects on Polkadot and promoting the development and innovation of the entire ecosystem.
5. Asynchronous support combined with XCM, multi-core, parachain and relay chain
Asynchronous support combined with XCM, multi-core, parachains and relay chains will push Polkadot to the ability to process more than 1 million transactions per second, providing greater flexibility for future decentralized application scenarios.
6. Polkadot’s technological leadership in L1 projects
Polkadot technology has attracted the attention of many L1 projects in 2023, such as Polygon Avail, Cardano, Starknet, etc. The efforts of core developer Josep will be reflected in the PAPI launched in 2024, providing a more streamlined development process for developers building applications using the Polkadot SDK.
