Blockchain Proof-of-Stake developers Polygon have proposed a hard fork on the network for January 17th. This Polygon hard fork is expected to avoid gas taxes and a huge retooling on the Blockchain.
Could the Polygon hard fork help reduce transaction fees?
This hard fork of Polygon is being proposed after fierce discussions on the project’s governance forum, we learned on The Block’s website. This Blockchain that works together with Ethereum however charges much lower gas rates. That said, it can also experience traffic jams that cause its network to slow down. The phenomenon was observed when the NFT Sunflower Farmers game played so well that the Polygon network became clogged.
However, when the network is saturated, gas costs tend to rise dramatically. The hard fork will first aim to change the “BaseFeeChangeDenominator”. This setting determines how quickly the base fee for a transaction changes. It takes into account the amount of requests to produce new blocks at any given time. Its value will change from 8 to 16 so that your gas bill doesn’t fluctuate so sharply.
Polygon is confident of this hard fork because its developers have already backtested these kinds of changes “against historical Polygon PoS mainnet data,” as the platform claims.
The second proposed change concerns reorganisations. In fact, they can happen because a computer that manages the Polygon blockchain receives information that makes it believe that the Blockchain has moved to a new version. The consequence is that the validation of new nodes can no longer be performed correctly. The Polygon hard fork could solve this problem by reducing the time it takes to finalize a block. Block production would drop from 128 to 32 seconds.
To prepare for the Polygon hard fork, all node operators are forced to upgrade before January 17th. That said, network users and MATIC holders have no effort to provide.
The changes proposed by Polygon Labs are part of a larger network update program. It should be remembered that this Blockchain hosts the Adobe, Robinhood and Stripe projects. This can help him avoid the dark future reserved for cryptocurrencies.
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