A hard fork by Polygon, an Ethereum scaling initiative, that aimed to lessen occurrences of rising gas prices and disrupting chain reorganizations called “reorgs,” was finally accomplished.
According to a tweet from Polygon Labs, the program's principal organization, the software upgrade happened at 10:45 UTC (5:45 a.m. ET) on Tuesday.
The two ideas that make up the hard fork were put forth in December. About 87% of the participating Polygon validator teams chose to approve. Only 15 validator teams participated in the voting system, which is incredibly low considering that there can never be more than 100 active validators at once.
The first suggestion changed the way gas prices, a form of tax one must pay in order to conduct transactions on a blockchain, are determined. The new system attempts to maintain affordable gas rates when the network is busy.
As part of an effort to avoid frequent reorgs, which happen when a validator node gets information that momentarily generates a new version of the blockchain, the second proposal seeks to shorten the time required to complete a data block.
In line with a general uptrend in the markets for digital assets, the price of Polygon's native token, MATIC, has increased by around 15% during the past seven days.
In response to the issue of chain reorganization, Polygon stated that by shortening sprints, transaction certainty will increase, enabling a single block maker to constantly add blocks at a frequency of 32 seconds as compared to the present duration of 128 seconds.
To guarantee that all node managers have an identical version of the ledger, a block may be removed from the blockchain to make place for a new, longer chain. This process is known as chain reorganization.
The rearrangement must yet go as quickly as feasible because it raises the possibility of a 51% attack.
The Polygon Team also affirmed that throughout the hard fork, apps won't be impacted and that token holders and delegators won't really have to take any action.
Since Polygon revealed the information on January 12, the price of MATIC, Polygon's token, has increased by 13.6% to $0.977.
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