Polygon team will deliver the biggest blockchain upgrade since launching in 2020

What’s new? The Polygon network team will conduct a massive consensus-level upgrade called Heimdall v2, which will be rolled out on July 10. Co-founder Sandeep Nailwal called it the most technically advanced hardfork since Polygon launched in 2020. Following the announcement, the native token POL rose 10% in a day to reach its highest value in a month at $0,2.

Source: X.com

What else is known? Heimdall v2 replaces the original Heimdall client, modernizing the validator management system and improving the synchronization of network states between Ethereum and Polygon PoS.

The network currently uses a Proof of Stake (PoS) consensus algorithm based on Jae Kwon’s Tendermint algorithm, which is highly scalable, continues to work even in the presence of malicious participants or inactive nodes. It requires the vote of at least 2/3 of the network to reach consensus.

Polygon also utilizes a toolkit for programming applications in the Cosmos ecosystem (Cosmos SDK).

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As a result of the upgrade, Polygon will migrate from this legacy configuration and begin using the Cosmos SDK in conjunction with the Tendermint-based CometBFT protocol, which provides instant transaction execution at low cost.

The upcoming migration follows the successful deployment of the upgrade to the Amoy testnet on June 24. Nailwal said the upgrade addresses the shortcomings of the previous Heimdall build based on the 2018 and 2019 frameworks. The upgrade will also improve bridge security and lay the groundwork for future improvements.

Significant network performance gains are expected as a result of the upgrade. Finalization time will decrease from 90 seconds to 4-6 seconds. Block formation time will also decrease from 5-6 seconds to 2 seconds, providing a much smoother user experience.

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The hardfork will migrate app data, balances, accounts, and various metrics.

Heimdall v2 will launch with a new chain ID and its own genesis blockchain based on the final state of Heimdall v1. Blockchain history will not be migrated during the upgrade.