Layer 2 Proof-of-Stake (PoS) blockchain project Polygon has stated that a hardfork to its network would take place on January 17, 2023.
According to the statement, the purpose of the hardfork will be to handle chain reorganizations (reorgs) and lessen the severity of gas spikes in an attempt to cut down on the amount of time needed to reach a conclusion.
Polygon claims that increasing the value of the “BaseFeeChangeDenominator” will help smooth out the increase/decrease rate in base fee, and that this will reduce the frequency and severity of gas fee spikes. This will be accomplished by making the “BaseFeeChangeDenominator” value twice as large as it was previously.
Polygon is certain that the patch will work since it has backtested it against previous data from the Polygon PoS mainnet.
It is projected that the rate of change for the basic gas cost would reduce to 6.25% (100/16) from the current level of 12.5% (100/8) in an effort to minimize the large fluctuations in gas prices. This modification will take place on January 1, 2019.
Chain reorgs are just another problem that Polygon hopes to solve with the newly released hard fork upgrade. It is possible for blockchain networks to suddenly become divided into two halves owing to reorgs, which may take place as a consequence of network faults or malicious attacks.
As a result of this hard fork update, the duration of a sprint has been cut from 64 to 16 blocks, which brings the total production time for a single block producer down from the current 128 seconds to only 32 seconds.
Because of the hardfork, the sprint duration will be shortened, which will lead to improved transaction finality as well as a reduction in the frequency and depth of reorgs.
Because the change has no impact on the total amount of time taken or the number of blocks that a validator generates, there will be no change to the overall rewards.
Upgrading to Bor is required for all Polygon PoS nodes by January 17; this is necessary for the operators of those nodes to ensure that their nodes remain synchronized.
The hard fork won’t have any effect on dApps that were developed on Polygon PoS either before or after it happens. Those who are just holders of MATIC tokens do not need to prepare for the changes, and delegators do not need to do so either.
Compiled by Coinbold