$ DOT: Gavin Wood talks about Polkadot’s future in 2022

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On Friday (December 31, 2021), British computer scientist Dr. Gavin Wood, co-founder of Ethereum ($ ETH), Polkadot ($ DOT) and Kusama ($ KSM), spoke about “what the Polkadot project has achieved in 2021 “and what awaits us in 2022.

Here is an 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 get 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 “unites 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 here’s what Binance Academy says about Parachains 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 shards in the planned implementation of ETH 2.0.

“Any developer, company or individual can create their personalized parachain through Substrate, a framework for the creation of cryptocurrencies and decentralized systems. Once the custom chain is connected to the Polkadot network, it becomes interoperable with all the other parchains in the network. ”

When it comes to the use cases of the $ DOT token, Binance Academy has this to say:

“Like most other blockchain infrastructure projects, Polkadot has its own native token. Known as DOT, it serves as a network token just like ETH is Ethereum’s token and BTC is Bitcoin’s token.

“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 bonding. 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 term of the obligation is over and the parachain is removed from the ecosystem. ”

Below are key excerpts from Dr Wood’s blog post on some of the most significant achievements of 2021 and key areas of work for 2022.

Highlights 2021

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 overall ambition of the project, but still a staggering amount of coding done since last year, when I estimated it to be around 600,000. “

Staking on Polkadot

“Last year we had around six thousand individual nominations accounts at Polkadot Square, 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. “

Launches

“We 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 …

“On block # 7,229,126, Polkadot’s mainnet nodes have each been upgraded to runtime version 9110 following a decentralized and binding voting process. In a multi-level world first, several thousand nodes spread across the world, managed by thousands of different people, have gone from maintaining a “normal” single-chain to helping run a multi – fragmented and heterogeneous chain in as much time as needed to create and create the next block – about six seconds …

“Polkadot has completed its first five auctions and saw them at each 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

“The Substrate Builders program is booming: 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 conducted for the program teams, with eleven teams passing all the milestones set. “

Forecast 2022

More Polkadot Parachain Live Slots

“We will 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 already with test networks, there is a lot to look forward to. “

Decentralized bridges

“We also look forward to the launch of decentralized bridges, initially the Parity bridge that will connect Polkadot to Kusama, and later the Snowfork bridge that will connect Polkadot to Ethereum.”

Code and technology improvements

“On the kernel side, we will 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

Parathreads are “an idea for 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 parachain slot. between several concurrent resources (parathreads). ” Chains that would otherwise not be able to acquire a full parachain slot or 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 need a dedicated parachain slot, but wish to continue using the relay chain.

Wood states that “Team Polkadot’s efforts will be focused on the functionality of parathread, allowing teams that do not win an auction to ensure they have the security guaranteed by Polkadot and all the benefits of XCMP” .

WARNING

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries the risk of financial loss.

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