Recent developments in Polkadot: August 2018

This month’s highlights include 1 million blocks on the test net, an awesome demo from Patrick at Clovyr, and Gavin Wood’s interview on Bloomberg. August was a strong month for Polkadot news!

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Recent developments in Polkadot: July 2018

There was a marked pick up in communications from the Polkadot team in June (see previous blog). In part due to the hiring of Jack Plats into the Web3 Foundation team, which increased capacity but also saw better internal alignment.

July saw the release of PoC2 and a major milestone in the evolution of blockchain technology: the first ever on-chain upgrade of a public network. Also the deployment of the first parachain!

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Recent developments in Polkadot: June 2018

Since the last update we’ve had the first release of the Polkadot test net (PoC1) and we are now on to the second version of the test net. The transition to the second test network was handled smoothly via an on-chain upgrade which is the first time that’s happened on a public chain.

However, a lot has happened so let’s have a recap!

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Recent developments in Polkadot (April / May 2018)

The high price of ether at $1000 back in January was certainly a heart-pounding time in the market; however, the biggest developments for Polkadot so far were released in April 2018.

Let’s have a recap.

April 10th – First External Transaction

Gavin posted a picture of the the first external transaction to be validated  (and finalised) on a Polkadot chain. He was running a local testnet on his laptop.

First external transaction validated on Polkadot
First external transaction validated on Polkadot

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Vector bonds: dynamic consensual liquidity in DPoS blockchains

tl;dr: bonds which have dynamic liquidity and payout.

The idea for this post was inspired by a comment in the Polkadot whitepaper (PDF). As you will hopefully be aware of by now is that the upcoming Polkadot network will be Proof of Stake and consequently earning a block reward will require staking coins (“dots” in this case).

Image source: https://polkadot.network

In the whitepaper the value of the minimum holding period and the payout are static single values. My suggestion is to make both dynamic and to allow the values to be set by the market. The suggestion of a ‘vector bond’ is that you have a single address making multiple nominations to a validator at different levels of lock-in / return.

The word “vector” should probably be replaced by “array” but the former was the first that popped into my head, and sounds more pleasant on the ears, but the word “array” is more fitting from a technical accuracy point of view.

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Summary of the Polkadot ICO

tl;dr: the Polkadot fundraiser is done: 485,331 Eth was raised. On the final day the dollar value of 1 Eth was ~ $300.

New contributors will have to wait until the network launches if they wish to purchase dots. The developers have already started to work on the first working Proof of Concept.

Overview

The Web 3 Foundation announced the Polkadot DOT token pre-sale on their main website back in July; however, I can’t find the exact date of the announcement. Shortly afterwards I launched the Polkadot Market subreddit and more recently this website.

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Welcome to polkadot.market

Welcome to the newly created Polkadot Market website which compliments our subreddit page. The aim of this website is to cover the Polkadot blockchain with original content while encouraging discussion to take place within our subreddit.

Image source: https://polkadot.network

What is Polkadot?

Polkadot is a heterogeneous scalable multi-chain: the first of its kind. Think of it as a way of potentially connecting multiple blockchains together. The platform hasn’t been launched yet but is under development by the Parity team.

A longer and more thorough understanding of Polkadot can be obtained by reading the Lightpaper [PDF], Whitepaper [PDF], the technical website (see below), and the articles which will appear on this website in the future.

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