Gavin Wood: Polkadot Main Blockchain Launch “Very Soon”
Ethereum co-founder Gavin Wood revealed during an online event this Wednesday that the mainnet of his current project, Polkadot, is “very close to launch.”.
Wood is the author of the 2014 Ethereum whitepaper. As part of Polkadot, he expects to improve the interoperability of various blockchains, such as Bitcoin and Ethereum, so that users can seamlessly transfer transactions between them and carry out related operations..
The launch of the Polkadot mainnet will take place in five or six phases, starting with the creation of a “candidate chain” under the leadership of the Web3 Foundation overseeing the development of the project. If approved, this network will mark the beginning of the main Polkadot blockchain..
Initially, the network will be governed by a Proof-of-Authority (PoA) consensus mechanism, which will give special powers to the Web3 Foundation, which is why this phase should be considered a period of limited functionality, Wood said..
“This will allow us to launch a new chain without involving a set of validators and having to trust a potentially incomplete governance structure,” he added..
In the future, investors will receive the purchased DOT tokens, and the network will attract validators, along with which it will switch to the Proof-of-Stake mechanism. The process will take place with the participation of the “Sudo module”, which will control the formation of the primary structure of the blockchain, and then will be liquidated. From now on, the network will be managed by DOT holders on the way to gaining full functionality..
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