Polkadot 2.0 is about to launch on the @Polkadot mainnet. This is the biggest update in years, aside from the unfinished JAM. Definition of Polkadot 2.0: Polkadot is a multi-core decentralized computing network that provides highly resilient and verifiable computing power through virtual cores. Chains that run continuously in parallel on different virtual cores are called Rollup chains. Core features: - Asynchronous support: Allows for pipelined operations, enabling a more efficient Rollup system that provides higher throughput for Rollups without compromising security. - coretime: Allows for flexible allocation of cores to execute on the Polkadot decentralized computer. - Elastic scaling: Allows the same Rollup chain to use multiple cores simultaneously to increase throughput. Compared to Polkadot 1.0, which used slot auctions (the most criticized mechanism), 2.0 abandons the slot auction model in favor of [coretime], creating an agile market. In this market, coretime will become a commodity that can be tokenized, sold, and traded. Rollup chains can purchase: - Bulk coretime: A standard way to purchase core time at a fixed price and fixed term through the coretime system chain, with predictable renewal prices. - On-demand coretime: Continuously sold coretime that can be purchased on demand for immediate use at spot prices. In 1.0, a chain could only use one coretime, but in 2.0, coretime can be flexibly used on demand, as shown in the diagram below: A few months ago, 2.0 was already launched on KSM and is about to land on the Polkadot mainnet.