Gavin Wood, a prominent figure in the blockchain industry, recently announced his plans for a new protocol called JAM Chain during his speech at Token2024 in Dubai. This protocol is built on the principles of Ethereum and Polkadot, two well-known cryptocurrencies in the market.

Gavin Wood: A Blockchain Veteran

Gavin Wood is a respected blockchain developer with over a decade of experience. He is known for co-founding major decentralized networks such as Ethereum, Polkadot, and Kusama. Wood, an alumni of the University of York, is also credited as the original author of Ethereum’s Yellow Paper, which is the formal definition of the second-largest blockchain in the crypto world, after Bitcoin.

Introducing JAM Chain

During the Token2024 conference, Wood introduced JAM Chain as a protocol rather than just software. This protocol is designed to be faster and more decentralized in both architecture and development expertise. JAM is permissionless, allowing anyone to deploy code as a service on it for a fee based on the resources utilized. This is similar to the concept of gas in Ethereum. Wood also mentioned a Polkadot-compatible CoreChains service as part of the vision for JAM.

JAM Gray Paper

Wood explained that Polkadot’s JAM Chain will offer smart contract functionality through a decentralized hybrid system. This system is inspired by Ethereum’s EVM but follows a new paradigm driven by Polkadot’s infrastructure. Interested developers are encouraged to study JAM’s Gray Paper for more in-depth information.

JAM Prize Initiative

Wood also announced the JAM prize initiative, supported by the Web3 Foundation, to incentivize interactions within the ecosystem. Developers working on JAM implementations will have the opportunity to receive rewards across different tiers. Additionally, builders will have access to a tool called the JAM toaster, designed to assist with debugging and optimization.

The Polkadot Fellowship, responsible for Polkadot upgrades, will finalize all tooling and software specifications required to run the JAM chain after a proposal is released in the coming months.

For more insights into the crypto industry, check out news and updates on Global Crypto News.

Post Views: 2