With close technical updates and non-stop national “tours”, Polkadot experienced the collision of new blood and the power of the old camp, step by step. At this time, Polkadot sent waves of cardio-stimulants to the industry. Zhengsheng.
Boca’s confidence
Polkadot has released new technological progress! At the recent “Polkar China Tour” event in Beijing, Polkadot founder Gavin Wood shared Polkadot’s latest development progress and parachain related information through video.
He pointed out that Polkadot’s entire development process is optimistic. Recently, a part of the message cross-chain-XCM format has been completed. The important cross-chain messaging function XCMP is expected to be delivered in the second half of this year or early next year. For the parallel chain problem, it is estimated that one to two months will solve the effectiveness and availability of the parachain, Cumulus’s Rococo chain test, and the restart of the new Rococo chain. Once the parallel chain is online, it will first be deployed on Kusama. Considering the load capacity of the relay chain, the first batch of parallel chains will not be too many.
Gavin’s sharing roughly released several signals: the Polkadot project is progressing steadily, the key milestones have been foreseeable, and Polkadot’s “cross-chain” can be expected; popular parachains will not be released at once, but system-level parallel The chain goes first, and whether it can be selected for the parachain requires its own hard work; the “experimental plant” Kusama is deployed first to provide a more mature delivery reference plan for the smooth operation of the mainnet line, and the project can be assured to enter the game.
From the launch of the project in 17 years to the present release of many technical benefits, Polkadot, who has been practicing technology for many years, has accumulated a lot of “confidence” for this action. What’s interesting is that even if acting low-key, Polkadot always dominates industry traffic time and time again. Lin Zihao, co-founder & CEO of Candaq Group, based on his comprehensive understanding of Polkadot, Moke concluded that the key to Polkadot’s real attention is flexibility, which is embodied in:
1. Throughput goes up, costs go down. The horizontal expansion of the parachain, breaking the ceiling of Ethereum’s expansion, the project party’s use and construction costs are lower;
2. Parachain pluggable consensus mechanism, project parties customize development and deployment as needed. There is no need to be trapped in the smart contract rules, and the project can implement expansion and transformation of the bottom system, and its applicability is not limited to the Polkadot ecology.
3. Autonomy upgrade on the chain, decentralized governance. The upgrade of traditional project parties must be hard-forked, the process is complicated and the internal friction is serious; the Polkadot chain environment can realize the automatic upgrade on the chain, and the verifier, collector, and phisher in the governance environment will cooperate with each other to supervise each other and be fair and credible.
Polka’s oxygen
It is precisely by virtue of several advantages such as model, architecture, cross-chain, governance, and upgrade that Polkadot has attracted countless fans as infrastructure, and their importance based on Substrate development cannot be underestimated. The ecology of Polkadot continues to grow. The “oxygen” nourishment.
This relationship has been more obvious in the past year. In more than one year from 2019 to 2020, the Web3 Foundation has completed more than 100 ecological projects in 6 batches, which also makes Polkadot Eco in various fields There are representative projects on the track, such as the bridge cross-chain protocol ChainX, the DEX protocol Zenlink, the Bifrost that solves the staking liquidity, the privacy security Phala.Network, the distributed storage Crust, etc. Since these popular projects are familiar to everyone, they are not here. Do repeat.
Just give a brief introduction to some new projects and see what they are doing and what they mean for Polkadot’s breaking the circle.
1. Litentry—decentralized user identity and corresponding data management framework
Litentry is built and developed through Substrat. It is a Layer 2 protocol and infrastructure. It mainly uses identity pledge and identity matching to construct a decentralized user identity and corresponding data management framework, focusing on the identity of people and Internet of Things (IoT) devices. And the authorization and authentication of people or IoT devices. Litentry can support a variety of data scenarios, and can even be used as a distributed storage tool.
Litentry mainly focuses on four points in the field of identity, identity storage, identity verification, identity relationships, and the decentralization of identity sources. The emergence of litentry provides a low-level identity data management framework support or user data support for blockchain applications or other decentralized applications. In the future, it is hoped that it will play a role in supporting the identity data management module in the network.
2. OpenSquare Network—Decentralized collaboration and credit building platform
OpenSquare is an application-based blockchain product developed based on Substrate that focuses on decentralized collaboration. On the OpenSquare platform, users can create collaborations, update collaboration progress, and end collaborations, and the entire process is settled through digital currency. OpenSquare will track users’ collaborative behaviors and build user credit models accordingly.
The emergence of OpenSquare Network establishes people’s collaboration credit through collaboration data, which in turn helps collaboration after it is established, so this is in line with the positive needs of industry development. In addition to the economic incentives on the platform, collaboration can be generalized, including participants’ data, and the applicable user range is very wide. For Polkadot, it is a natural out-of-circle project that allows outsiders to enter the circle.
3.Bandot-decentralized stablecoin
Bandot (BDT) is a decentralized stablecoin built on the Polkadot ecology. Holders can use BDT to mortgage their mobile digital assets. The Bandot protocol supports value interoperability between different parachains, so that the value on the Polkadot chain can be quickly traded and circulated.
Users can issue smart tokens through the Bandot protocol and run on the parachain. Automatic exchange is carried out through the value anchoring of the Bandot algorithm and the tokens on the parallel chains of the Polkadot ecology. The prosperity of the token economy and the ease of circulation can reduce transaction costs.
Polka’s Heart
Generally speaking, while the old-brand project parties are working hard to consolidate the technology, a large wave of fresh blood has flowed in. Polkadot’s future is full of expectations. The project parties have expressed that they will only wait for the Polkadot parachain slot auction and participate in it, so Based on its development, it is their common goal to utilize its development. For the relationship between Polkadot and previous projects, Polkadot is not a panacea, but the technical solutions and ideas may have come to the forefront of the industry.
For future development, what else does Polkadot need?
First, integrate other infrastructures, including decentralized storage, consensus mechanisms, development tools, and other infrastructure components, aiming to provide more suitable and convenient development environment and services for entry , Polkadot ecology blossoms.
Second, a strong community and ecology. A project governance style and governance methods and methods are critical. This process includes the form of centralization promoting the early infrastructure construction, building a relatively complete infrastructure, and then handing it over to decentralization. In addition, Grant, developer tools, and idea trails are all indispensable elements.
Third, optimize the governance and interest game model on the chain. For example, the card slot auction, how to achieve this, how to find a better balance with stakeholders, is also worthy of attention. Many projects die on chain governance, becoming more centralized or inefficient.
Step by step, just like Polkadot founder Gavin Wood’s original intention when he founded Polkadot, he discovered the shortcomings of Ethereum, made new technological creations, and continued to polish the protocol framework for message interoperability, so as to build a framework represented by Polkadot. The new world of web3.
