How Gavin Wood’s blockchain is reinventing itself

Polkadot, the crypto project of former Ethereum member Gavin Wood, has been quiet for a long time. However, the developers behind Polkadot have now released an update of their roadmap for the project. The schedule names major changes to the blockchain and provides an overview of when they can be expected to be published.

Polkadot founder Rob Habermeier said in a statement, “We’ve been hard at work developing the code for these features and upgrades and look forward to their acceptance within the Polkadot community.”

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Polkadot: The Changes

The project’s existing roadmap will be expanded or supplemented by “Parity Technologies”, the development team behind Polkadot, with features related to parachain scalability, parachain development, relay chain leadership, cross-chain communication and staking.

Parathreads

The individual blockchains of the entire Polkadot ecosystem are referred to as parachains. Parathreads are a modification of this. They also act as rentable blockchains and are technologically easier to initiate. According to the roadmap, these are expected to be launched in the first or second quarter of 2023.

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XCMv3

In order for the individual blockchains to be able to communicate with each other, a specific protocol is required – in the case of Polkadot this is “cross-conensus messaging”. The third version of this protocol is scheduled to appear at the end of 2022.

Governance overhaul

The governance of the Polkadot blockchain is undergoing a major overhaul. The Council and Technical Committees are removed. In their place is the Polkadot Fellowship. The community should also be able to make more decisions by referendum. The new system should come into force after a vote in the fourth quarter of 2022.

Common Good Parachains

The team behind the Common Good Parachains is in the final testing stages of development. According to the Polkadot documentation, these types of parachains are “reserved for functionality for the benefit of the entire ecosystem,” thereby helping to preserve infrastructure. It is scheduled to start this month.

Bridge Hub

By the end of 2022, a bridge hub should appear, which will make it possible to communicate and send tokens between Polkadot and its sister blockchain Kusama.

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Staking

They also want to revise the staking. According to the new roadmap, staking pools in particular are to be funded. Similar to Cardano, users should be able to independently create staking pools and define the conditions of participation. A new staking dashboard is also about to be released in beta.

Exchange Rate Polkadot

On the day of the roadmap announcement, Polkadot’s DOT token saw a surge, albeit brief, of nearly 6 percent. Like many other tokens, Polkadot is still far from its all-time high of $55. The last time the price bounced off the $10 mark was in August, before forming a small bottom at just under $6.5.

Polkadot price, 3 month view | Source: coinmarketcap.com

The good news surrounding the project’s roadmap could now form a good basis for new price increases. Coupled with favorable macroeconomic data on inflation, interest rate decisions and the like for the entire crypto market, another attempt towards the eight US dollar mark would be conceivable.

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On the other hand, hodlers of the token should be happy about more time to accumulate given the currently apparent price stability, provided that the rest of the crypto market does not experience a rude awakening in the coming days.

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