September 21, 2023

The launch of the main network of Polkadot

The non-profit organization Web3 Foundation has launched the first phase of the main blockchain network of the Polkadot blockchain after more than three years of development. The Polkadot protocol using sharding is designed to provide interoperability between various blockchains.

At the current stage, the Web3 Foundation will retaincontrol over the network, ensuring the operation of nodes and block validation. However, investors have already gained access to their accounts and may submit a request to deploy a node or offer a validator. DOT token transfers are not yet available.

Polkadot created Ethereum co-founder and directorParity Technologies Dr. Gavin Wood. The project is considered one of the most promising blockchains of the new generation. The protocol is based on the Parity Substrate framework.

From a technical point of view, the current launch is moreresembles a test network, as consensus will be provided by Web3 Foundation and Parity Technologies. Based on the results of audits and refinement of the final aspects, a transit from Proof-Of-Authority to Proof-Of-Stake will take place.

Polkadot Tokensale took place in 2017. Then the project raised $ 145 million, selling 5 million DOT. But the funds for the development were not enough, and already in 2019 the project held a second sale of tokens. According to WSJ, after that, the project capitalization grew to $ 1.2 billion.

Like Durov’s Telegram Open Network, the project sold SAFT contracts to investors. Within a few months, the community will vote to open access to tokens themselves and start trading.

At some point, a secondary OTC market formed, in which contracts for DOT tokens were sold at a significant discount.

Recall the launch of the experimental protocolKusama was held in August 2019. It allowed to create and deploy parachains (shards in the Polkadot ecosystem), as well as test other properties of Polkadot.

According to a Web3 Foundation announcement, the Kusama network continued to work until the community decided to eliminate it.

Earlier, the integration of the decentralized Chainlink oracles into the Polkadot ecosystem took place.

On the Polkadot network, it will be possible to issue PolkaBTC tokens secured by bitcoin through a special parachain through a bridge developed by Interlay.