Runtime upgrade 1.2.4

[educlerici-zondax]

Introduction

We are planning to upgrade the Paseo Testnet to the new runtime version v1.2.4. This upgrade is aligned with the latest stable release tagged on the Polkadot Fellow's runtimes repository, which includes important updates and improvements that will enhance the stability, performance, and capabilities of our network.

Impact in v1.2.4

The upgrade to v1.2.4 is expected to provide the following benefits to the Paseo Testnet:

• Performance Enhancements: Significant improvements have been made to reduce the latency of certain on-chain operations, enhancing overall network efficiency.
• Security Patches: Several critical security patches have been implemented to address vulnerabilities identified since the last update.
• Governance Enhancements: Updates to the governance mechanism to streamline proposal submissions and voting processes.
  Staking Updates: Adjustments to the staking algorithm to optimize reward distribution and penalize malicious behavior more effectively.
• UI/UX Improvements: Several user interface updates have been included to improve the user experience on various Polkadot platforms.
• API Enhancements: New API functions have been added, and existing ones have been optimized to provide better support for developers building on Polkadot.
• Substrate Upgrades: Integration of the latest Substrate features which brings new modules and functionality enhancements to support more complex applications.
• Cross-Chain Enhancements: Enhanced interoperability features to facilitate smoother asset and data transfers across different parachains and external blockchains.

Action Items

1. Review and validate the changes in the v1.2.4 runtime.
2. Conduct testing on a test (staging) environment to ensure compatibility and stability.
3. Schedule and execute the upgrade on the Paseo Testnet.

Call for Input

Lets encourage all stakeholders and developers to review the proposed changes and impact analysis. Please provide your feedback, concerns, or approval as soon as possible. Everybodys input is crucial to ensure a smooth transition and to address any potential issues early.

This upgrade is a vital step in our ongoing efforts to maintain and enhance the capabilities of the Paseo Testnet. With your cooperation, we can ensure a successful implementation of the new runtime, fostering a robust and efficient network for our users.