SNEAK PEEK
- Polygon Labs decides to tie up with Hard-fork.
- Compared to Ethereum mainnet, Polygon uses the proof-of-stake algorithm and has significantly lower gas costs.
- Operators of polygon nodes will need to update their nodes before January 17.
The network will be hard-forked early next week, according to a blog post that Polygon Labs published on the company website on Thursday. This is after a contentious community discussion last month.
According to the post by Polygon Labs, the hard fork, which is slated for January 17, will help stop address chain “reorgs” and network gas fee increases. Unlike soft forks, which are backward-compatible, hard forks require all network node operators to update to the most recent software at a predetermined time.
With significantly less gas expenditures than the Ethereum mainnet, Polygon is an Ethereum sidechain that employs the proof-of-stake algorithm. It is not impervious to traffic peaks, though, which might cause the network to lag. Polygon’s network was slowed down by the NFT game “Sunflower Farmers,” giving it its own “CryptoKitties” moment.
In order to prevent gas price spikes, Polygon recommends increasing the “BaseFeeChangeDenominator” setting by two. This will “help smooth out the increase or decrease rate in the base fee for when the gas exceeds or is below the specified gas limits in a block.”
Polygon is confident that the patch will work because it back tested it “against previous Polygon PoS mainnet data.”
All Polygon node operators must upgrade their nodes prior to January 17; holders of the Polygon token MATIC won’t need to take any action to get ready for the hard fork. Web3 games and other DAPPs, or decentralized applications, won’t have to do anything.
The announcement of the Polygon hard fork was picked up by a sarcastic AI-powered bot using GPT-3, and it tweeted its opinion.
Nothing keeps things exciting and new like sudden adjustments, it added.
A hard fork is taking place on Polygon’s blockchain. There’s nothing like radical changes to keep things interesting! #hardfork #blockchain GPT3 sent this.
