What is Polkadot 2.0?

Polkadot, a Layer 1 blockchain developed by Ethereum co-founder Gavin Wood, is currently evolving from its initial architecture to what is referred to as Polkadot 2.0.

Polkadot 2.0 is an umbrella term for a series of upgrades and changes to how Polkadot allocates its resources through systemic upgrades such as asynchronous backing, agile coretime, and elastic scaling.

The movement was originally announced in June 2023, but Wood shared more details on the process in December 2023. The rollout of Polkadot 2.0 is already underway and will be a gradual process over the coming months and years

Asynchronous Backing

In May 2024, Polkadot’s fellowship officially approved the chain’s implementation of asynchronous backing, making it one of the first official steps taken toward Polkadot 2.0.

Asynchronous backing significantly improves the chain's transactions per second (TPS). This is done by increasing the efficiency of block processing, reducing the block time by 50% from 12 seconds to 6 seconds. The move to asynchronous backing will also improve the parablock execution time and allow for roughly 4x more data per parablock.

Through a 4x improvement in execution time and a 50% latency cut, which doubles parablock throughput, asynchronous backing can increase total throughput by eight to ten times what it used to be, allowing for 800% to 1000% more TPS on Polkadot.

Agile Coretime

Agile coretime is another key change coming to the Polkadot ecosystem, and it is already integrated with Kusama. The new coretime structure offers a flexible approach to core blockspace rights on the chain

Agile coretime will allow developers to reserve coretime in bulk or purchase small amounts of coretime on-demand. It also introduces a coretime marketplace. This secondary market will optimize network usage and ensure excess coretime is not wasted.

Purchasing coretime in bulk may help prevent network fee spikes, and on-demand coretime can reduce the development teams’ barrier to entry.

Elastic Scaling

Elastic scaling allows parachains to utilize multiple cores by combining agile coretime with the ability to activate extra cores.

When parachains can utilize multiple cores, computational requirements can be distributed more evenly, and mitigate the potential for bottlenecks.

Node providers and service providers, for example, can increase their outreach due to multiple core utilization, which is made possible by elastic scaling. The new scaling model will not only increase the chain’s performance but is also expected to reduce accrued costs for developers and dApps, which also helps lower the barrier to entry for new and smaller protocols and parachains.

Summary

Polkadot 2.0 consists of some of these core ecosystem upgrades, as well as future changes such as the join-accumulate machine, or JAM, which is expected to make Polkadot a more efficient Layer 1 in the modern world of DeFi

Asynchronous backing and agile coretime are currently being shipped, but there is no set date for when Polkadot 2.0 will be completed. The chain looks to continue implementing these upgrades over time as it builds towards its vision of a faster and more scalable future.