Did you know?
Polkadot was launched in the heat of the global pandemic in May 2020, and is one of the youngest blockchain protocols in the cryptosphere.$DOT, the native token of the Polkadot network, swiftly joined the ranks of the top 10 cryptos not long after its inception even ranked #4 at some point in time.
Founded by the Web3 Foundation in Switzerland, Polkadot’s founders include Gavin Wood, Ethereums former CTO, Robert Habermeier and Peter Czaban.
What Polkadot Does
Polkadot is an open-source, multi-chain, scalable and interoperable protocol that allows arbitrary data (not limited to tokens) to be transferred across blockchains.
To facilitate the transfer of data across both public and private blockchains, the network relies on four core components.
🔗 Relay Chains: Keeps the network secure, responsible for consensus and cross-chain interoperability.
⛓ Parachains: Independent blockchain that can have their own tokens and optimises functionality for various use-cases.
🧵 Parathreads: Pay-as-you go model for blockchains that don’t need 24/7connectivity to network
🌉 Bridges: Connects parachains and paratheads, facilitating communication with external networks like Ethereum and Bitcoin
The Polkadot Roadmap
An exciting pipeline of upgrades lie ahead of the Polkadot network. Since its inception, the Polkadot team had elaborate plans for the development of the protocol, documented in phases on their roadmap.
Gavin Wood on the Polkadot Launch process
Stage 1: Rococco Testnet
Launched in Aug 2020, Rococo was designed by the Polkadot community for testing parachain functionality. The testnet would enable Polkadot developers to conduct test mechanisms to communicate between Polkadot parachains.
This phase would also see the testing of other Polkadot features, including approval voting, distribution, availability recovery and disputes.
Stage 2: Kusama Rollout and Slot Auctions
The next phase involves the enabling of parachains on Kusama. A live network that sits between a testnet and Polkadot’s mainnet, Kusama serves as an extra testing ground for parachains. This allows the Polkadot and Kusama community to carry out further testings and optimisations.
In this phase, Kusama rolls out Parachain Slot auctions, which provide a fair way for teams to bid for their parachains to launched on the Kusama network.
More about parachains here 👉 https://kusama.network/auction
What’s Next For Polkadot: The Launch of Parachains
About two weeks back, Parity Technologies launched Polkadot Version 0.9. The current version is said to be run by the Kusama network, and comprises the logic needed for deploying parachains to the network.
Stage 3 (Current) Polkadot Rollout & Roll Auctions
As development moves into the final stage, voting will begin to enable parachain functionality on the Polkadot network.
Before that happens, a full external audit on the new logic will have to be conducted, and the Kusama canary network should demonstrate that the new logic works by executing at least one successful action, involving crowdloans and hosting one functional parachain.
Read Gavin Wood’s Medium post for the full details on how the deployment of Parachains will take place.
🔥Win Exclusive Polkadot Merchandise
Celebrate how far Polkadot has come with Coinhako! 30 winners will walk away with an exclusive Polkadot T-shirt and eco-friendly Coinhako tote bags! Head over to our Facebook page for more details!
📩 Sign-up to Subscribe to our mailing list to have them delivered straight to your inbox!
👉Join our Telegram community
Coinhako is available in these countries!
All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.