Friday (December 31, 2021), the British computer scientist Dr Gavin Wood, co-founder of Ethereum ($ ETH), Peas ($ DOT), and Kusama ($ KSM), spoke about “what the Polkadot project achieved in 2021” and what lies ahead in 2022.
here is a Overview of Polkadot using information from the Polkadot website:
“Polkadot is a network protocol that allows arbitrary data, not just tokens, to be transferred across blockchains. This means that Polkadot is a true multi-chain application environment where things like inter-chain registers and inter-chain computation are possible. Polkadot may transfer this data across public, open, and unauthorized blockchains, as well as private and licensed blockchains.
“This makes it possible to create applications that obtain authorized data from a private blockchain and use it on a public blockchain. For example, a school’s private and authorized academic records chain might send proof to a diploma verification smart contract on a public channel.“
Polkadot âunites a network of heterogeneous blockchains called parachains and parathreads. These chains “connect and are secured by the Polkadot relay chain” and they can “also connect to external networks via bridges”.
And this is what Binance Academy said About the parachaines and the Polkadot relay chain:
“An individual blockchain in the Polkadot ecosystem is called a parachain (parallel blockchain), while the main chain is called the relay chain. The idea is that the parachains and the relay chain can easily exchange information at any time. You might think of parachains as being similar to individual fragments in the intended implementation of ETH 2.0.
“Any developer, company or individual can create their personalized parachain through Substrate, a framework for creating cryptocurrencies and decentralized systems. Once the personalized chain is connected to the Polkadot network, it becomes interoperable with all the other parchains of the network.“
When it comes to the use cases of the $ DOT token, Binance Academy has this to say:
“Similar to most other blockchain infrastructure projects, Polkadot has its own native token. Known as DOT, it serves as a network token just like ETH is the token for Ethereum and BTC is the token for Bitcoin..
“Several use cases exist for this token. First, it grants token holders governance rights across the entire Polkadot platform. This includes determining network charges, voting on overall network upgrades, and deploying or removing parachains.
“DOT is also designed to facilitate network consensus through staking. Similar to other networks that involve staking, all DOT holders are encouraged to follow the rules at all times. How come? Well, if they don’t, they might lose their stake.
“The third option is to use DOT for gluing. This is necessary when new parachaines are added to the Polkadot ecosystem. During a bind period, the bound DOT is locked. It is released once the bond term is over and the parachain is removed from the ecosystem.“
Below are key excerpts from Dr Wood’s book blog post on some of the most important achievements of 2021 and the main areas of work for 2022.
Polkadot source code size
“Even at the base, Polkadot is likely to exceed two million lines of code spread across key implementations, tools, user interfaces, and features, which perhaps shouldn’t be all that surprising given the ambition. overall project, but still a staggering amount of coding done since last year when I estimated it to be around 600 thousand.“
Staking on Polkadot
“Last year, we had around six thousand individual accounts on nominations at Polkadot squares, helping to economically secure the Polkadot network. This year, alongside improvements to Substrate’s staking logic, over twenty thousand accounts on Polkadot are electing a total of 297 validators to keep the network secure.“
Use of Kusama and Polkadot
“At the end of this year, 31 main arrays based on substrates are now operational. The various parachaines of Polkadot and Kusama have created nearly 3 million user accounts and are managed by 6,000 validators. 540 forkless upgrades have now been administered, most of them through decentralized governance processes.“
“We’ve had an amazing year seeing the rollout of Parachains, Slot Auctions, and Crowdloans on not one but two relay channel networks: Kusama Live at the start of the year and Polkadot in December...
“In block # 7 229 126 Polkadot mainnet nodes have each been upgraded to runtime version 9110 on the basis of a binding and decentralized voting process. In a world first at several levels, several thousand nodes spread around the world and managed by thousands of different people, have gone from maintaining a “normal” single-chain to helping to run a multi – fragmented and heterogeneous chain in as long as it took. to create and create the next block – about six seconds...
“Polkadot has completed its first five auctions and saw them at every launch a few days ago, completing the last step of its launch process. In total, more than a hundred million DOT (106 million, or 9% of the total supply) were blocked for two years in order to rent these first slots.“
Substrate Builders Program
“Substrate Builders Program takes off: 163 new teams applied for a place in the program in 2021, with 36 lucky enough to be accepted for a place. During the year, 53 technical reviews were carried out for the program teams, with eleven teams having passed all the established milestones.“
More Polkadot Parachain Live Slots
“We’ll see the prospect of large-scale hyper-connectivity under a single Polkadot-provided security umbrella come to fruition as the parachain teams win auctions and join the Polkadot party. With over 150 channels serving a variety of purposes under development, many with already test networks, there is a lot to look forward to.“
“We are also eagerly awaiting the launch of decentralized bridges, initially the Parity bridge which will connect Polkadot to Kusama, and later the Snowfork bridge which will connect Polkadot to Ethereum.“
Code and technology improvements
“On the kernel side, we’ll spend time refactoring and optimizing the code, and introducing new technology that will help reduce the costs and latency associated with forwarding messages.
“Our goal with this is to allow each of Polkadot’s parachains to push up towards our goal of 1000 sTPS per fragment. (sTPS is our Transactions Per Second standard, a cross-chain standard in what counts as a transaction, and essentially means a balance transfer from one pre-existing account to another pre-existing account without any account being read or written in the block.)“
Parathreads are “an idea for the parachains to participate temporarily (block by block) in the security of Polkadot without needing to rent a dedicated parachain slot” – something which is “done by economically sharing the scarce resource of a parachaine slot among several concurrent resources (parathreads). Chains that would otherwise not be able to acquire a full parachain slot or do not find it economically reasonable to do so are allowed to participate in Polkadot’s shared security, albeit with an associated fee per block executed. It also provides a graceful exit ramp for parachains who no longer require a dedicated parachain slot, but wish to continue using the relay chain.
Wood said that “Team Polkadot’s efforts will be focused on the functionality of parathread, allowing teams that do not win an auction to ensure that they receive the security guaranteed by Polkadot and all the benefits of XCMP “.
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