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!
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!
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.
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.