December 11, 2023

Polkadot network switched to Nominated Proof-of-Stake

Polkadot network switched to Nominated Proof-of-Stake

The Polkadot blockchain, funded by a grant from the Web3 Foundation, has successfully completed the initial testing phase of the first versionsecure protocol and moved to the Nominated Proof-of-Stake phase.

Launched in May, the main version of the networkcontrolled the Web3 Foundation, ensuring the operation of nodes and block validation. Now the number of validators will be gradually increased to 100, which will ensure higher decentralization.

Polkadot network switched to Nominated Proof-of-Stake

In addition, in accordance with the first phaselaunch of Polkadot, developer Interlay has released a proof of concept for a secure “bridge” between the Bitcoin and Polkadot blockchains – BTC Parachain. The bridge is based on XCLAIM – a carefully designed, open and reliable system that guarantees the safety of user funds.

Polkadot's ability to chain multiple chainsinto a single network will allow users to enter assets with bitcoin support 1: 1 or the equivalent amount in DOT tokens, and use them in a wide range of applications, including decentralized exchanges, stable coins and credit protocols.

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