Gavin Wood, the founder of Polkadot, envisions a decentralized system that can support smart contracts and provide a secure model for the future of parachains. Polkadot offers a diverse menu of options, catering to various preferences such as simplified Web3 experiences and real-world asset tokenization platforms.
However, the blockchain ecosystem still faces challenges. These include high costs and complexity in creating parachains, limited interaction between parachains despite existing communication protocols, and the expensive and time-restricted nature of auction-based parachain slot acquisitions.
The Polkadot community was thrilled when the Gray Paper, known as the JAM Gray Paper, was unveiled during the Token2049 conference in April 2024. Written by Gavin Wood, the Gray Paper proposes JAM (Join-Accumulate Machine) as a potential future direction for the Relay Chain protocol. This positions Polkadot as the operating system of the blockchain space, capable of running anything and everything.
Polkadot’s on-chain processing involves each parachain performing computations independently and submitting results to the Relay Chain for validation. The Relay Chain serves as a base layer for parachains and decentralized applications (DApps) to connect and communicate, providing security and transaction finality.
JAM introduces a hybrid approach that combines the strengths of Polkadot and Ethereum into a unified platform. The Gray Paper defines JAM as a protocol that ensures the integrity of operations and supports Turing-complete computations. It also aims to increase efficiency while minimizing operational costs. By improving interoperability and simplifying the platform for users and developers, JAM seeks to enhance the adoption of blockchain as reliable infrastructure.
Unlike traditional transactions, JAM operates transactionlessly. All actions are permissionless and go through a Refine stage. Adding a new service on-chain is possible by specifying Refine, Accumulate, and onTransfer entry points. During the Refine stage, work packages and inputs, including transaction and blockchain data, are accepted, and output is produced. The Accumulate function integrates the output into the chain state, while onTransfer allows for modifications within the six-second transaction execution period.
JAM’s permissionless design enables code deployment and execution based on computational resources used, similar to Ethereum’s gas system. It sets itself apart from other smart chains by operating without transactions.
DOT remains the primary currency within the JAM framework. It is used to pay fees, participate in governance and staking, and power the ecosystem.
Gavin Wood’s Gray Paper, released a decade after his Ethereum Yellow Paper, presents a new vision and direction for the future of parachains. While still in the research phase, this framework offers the community and developers a pay-as-you-go model to access Polkadot. It has the potential to transform one of the most populated blockchain ecosystems into a supercomputer, where anyone can build and run anything.
Read the JAM Gray Paper for more information. Disclaimer: Cointelegraph does not endorse any content or product on this page. Readers should conduct their own research and take responsibility for their decisions. This article should not be considered investment advice.