2021-5-19 23:08 |
Ethereum competitor Polkadot Network is well on its way to create a heterogeneous scalable multichain, according to founder Dr. Gavin Wood.
Parachain Reconnaissance On KusamaIn a Medium post, Wood said the final phase in the launch of the Polkadot Network has begun. According to the former co-founder of Ethereum, this is due to the recent release of Polkadot version 0.9 by Parity Technologies (the development team behind the Polkadot project).
The release, which is being run in sister chain network Kusama, allows the running of parachain slots and logic for crowdloans used to crowd-fund auction bids for the Polkadot network.
Speaking on when likely Polkadot would be available for parachain bids, Wood said a full external audit on all-new logic must first be completed. He also noted that the Kusama network must successfully demonstrate that the new logic works without constant supervision.
This will be determined if Kusama (KSM) can execute a successful auction involving crowdloans and hosts one functional parachain. Wood laid out a roadmap for the parachains deployment.
KSM -7.03%
Kusama / USD
KSMUSD
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-$39.81
-7.03%
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Market Cap 4.8 b
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To kick off the project, a shell parachain would be deployed into the Kusama network. This shell or empty parachain would be tasked with producing blocks. However, it would not be used in storing user accounts, staking, governance, or balances. It would only be upgradable to any new logic the Relay Chain authorizes.
Following this, the Polkadot governance team would vote to upgrade the shell parachain to the Statemine parachain, Kusama’s replica of the Statemint parachain. This will see it host arbitrary assets like fungible and non-fungible tokens (NFTs) and serve as a storage and transfer module for the KSM/DOT native tokens.
The third and final stage will see the Polkadot Network begin the auctioning of its parachains to interested crypto projects.
Wood says that the first set of five auctions would be announced on the Kusama website a week before, and each would be seven days apart. He says that if the first set of auctions on the Kusama network do not run into any issues, auctioning on the Polkadot Network would commence afterward.
Polkadot The Ethereum KillerMany crypto protocols have been dubbed the Ethereum killer alongside Polkadot (DOT), with Cardano (ADA), Solana (SOL), NEO, and EOS filling the ranks.
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This has largely been due to the challenges the Ethereum network is facing. Ethereum, which has become the home of over 200 decentralized finance (DeFi) projects, has seen its success become its bane.
The boom in the broader crypto market, DeFi, and the sudden emergence of NFTs have seen Ethereum’s gas fees shoot up, and the network suffers congestion. This has forced many developers and companies to seek alternative projects as Ethereum works on migrating to a new consensus protocol.
Projects like Polkadot have been earmarked as a successor, and if it finally launches, it may take a large share of the booming DeFi market.
Polkadot/USD DOTUSD 38.4741 -$1.58 -4.10% Volume 4.08 b Change -$1.58 Open$38.4741 Circulating 939.07 m Market Cap 36.13 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=DOT&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~DOT~USD"); The post Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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