Altcoins, candle auctions, DOT, Kusama, network protocol, Parachain, parachains, Polkadot, Polkadot roadmap, technology

The price of Polkadot’s native token hit an all-time high (ATH) this week, soaring above $30, as the company laid out the next steps of its plans and the systems to finalize the network launch.

Polkadot Roadmap Outlines Layer 0 Deployment Initiatives

Polkadot released a roadmap highlighting that it is currently in its Rococo phase, the first of three major phases until the network goes live.

Here is a breakdown of the roadmap.

Rococo Testnet Rollout

Polkadot (DOT) plans to continue with its launch of parachains, also referred to as application-specific data structures. These parachains, just like with parathreads, are what will allow Polkadot to pair with other more established networks, such as Ethereum and Bitcoin, through a mechanism called Cross-Chain Message Passing-lite.

Polkadot is still in the Rococo phase of testing its parachains. Once the code is evaluated and approved, we can expect to see Polkadot submit its vote via onchain governance to power the parachains and slot auctions on Kusama.

Kusama Rollout

The scalable multi-chain network, Kusama, is what Polkadot says will serve as an “additional proving ground†for parachains. It’s effectively a sandbox designed to support further testing and network effects before launching on Polkadot. Its looser parameters allow developers to test new ideas while also helping gain visibility amongst community members.

Enabling parachain functionality will ultimately fall down to a vote by Kusama governance. Should the rollout be approved, non-permissioned candle auctions will be used to allocate 100 parachain slot leases. Polkadot emphasizes that users can expect a new auction “roughly every two weeks,†with more set to come available as each lease expires.

Polkadot Slot Bidding

The slot bidding involved in parachain offerings plays a significant role. Rather than using the initial coin offering (ICO) model, which can be (and was) easily exploited due to the limited terms of proof needed, its parachain offerings incorporate candle auctions alongside a heavy focus on governance.

But these aren’t traditional candle auctions. Rather than taking the typical route of using a random number to determine the duration of its opening phase in bids, Polkadot’s will be retroactively determined, meaning that the bids that have been placed earliest stand the highest probability of success.

Once an auction has ended, Polkadot will deploy the winning parachain to the network at the beginning of its lease period. Parachain slots can be leased in six-month increments for a maximum of two years, after which they’ll go back up for auction.

Although difficult to estimate the costs of running these parachains, given the price, is “purely a function of market supply and demand,†as Polkadot is aiming for a safer and more secure way of bidding with its parachain auctions.

Next Steps

Once auctions have ended and these parachains are live, Polkadot says the network’s launch will be fully complete. While it’s possible to see future upgrades to the network, this scalability will ultimately be in the hands of its community.

What do you think about the Polkadot network and the project’s roadmap? Let us know what you think in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Polkadot’s Gavin Wood to Give Lecture Series as Part of UC Berkeley Blockchain Curriculum

University of California, Berkeley and Parity Technologies are joining forces on several blockchain fronts, including educational development and awareness, by leveraging Parity’s expert team and the Substrate framework as knowledge-building resources. UC Berkeley Blockchain Xcelerator Partners with Parity to Promote Blockchain Adoption To bring more resources to the University of California, Berkeley community and Blockchain […]

Xem chi tiết: Polkadot’s Gavin Wood to Give Lecture Series as Part of UC Berkeley Blockchain Curriculum

IOST Partners With Polkadot for Cross-Chain Interoperability Breakthrough

press release PRESS RELEASE. IOST has announced it is now at the final development stage for building a cross-chain transfer bridge to the Polkadot Ecosystem. The move is part of IOST’s plans to promote its cross-chain interoperability, bringing tremendous value for IOST users & developers and drive bigger adoption scenarios for its blockchain, according to […]

Xem chi tiết: IOST Partners With Polkadot for Cross-Chain Interoperability Breakthrough

A Step-by-Step Guide to Creating and Selling Non-Fungible Tokens Built With Bitcoin Cash

In the summer of 2019, our newsdesk published a step-by-step guide on how to create a non-fungible token (NFT) asset by leveraging the Simple Ledger Protocol built on top of the Bitcoin Cash blockchain. The following guide is an updated walkthrough on the process of creating an NFT collectible using the blockchain network with artwork […]

Xem chi tiết: A Step-by-Step Guide to Creating and Selling Non-Fungible Tokens Built With Bitcoin Cash

Defi on Bitcoin Cash Gets a Boost- Smart Money Startup General Protocols Raises $3 Million from Investors

On March 1, the startup General Protocols announced the company has raised $3 million in a Series A financing round led by a number of strategic investors. General Protocols is the firm behind the Anyhedge protocol, the first decentralized finance (defi) project built on the Bitcoin Cash network. ‘The Untapped Power Behind the Concept of […]

Xem chi tiết: Defi on Bitcoin Cash Gets a Boost- Smart Money Startup General Protocols Raises $3 Million from Investors

Dubai Based Crypto Investment Fund to Convert $750 Million Worth of BTC Into ADA and DOT Tokens

A Dubai based crypto-based investment fund, FD7 Ventures says it will offload bitcoins worth $750 million and will use the proceeds to increase positions in Cardano and Polkadot tokens. According to FD7 Ventures, this switch to the two altcoins will help the fund to better serve the interests of investors who are looking to diversify […]

Xem chi tiết: Dubai Based Crypto Investment Fund to Convert $750 Million Worth of BTC Into ADA and DOT Tokens

Pricing Gold, Food, and Altcoins With the BTC Denominator: How to Measure an Asset’s Worth in Bitcoin

On February 21, bitcoin touched a lifetime price high at $57,844 per unit after the crypto asset’s market valuation crossed the $1 trillion zone for the first time in history the day prior. Meanwhile, a number of digital assets have seen fiat values increase as coins like litecoin, ethereum, and others gather gains against the […]

Xem chi tiết: Pricing Gold, Food, and Altcoins With the BTC Denominator: How to Measure an Asset’s Worth in Bitcoin

Pricing Gold, Food, and Altcoins With the BTC Denominator: How to Measure an Asset’s Worth in Bitcoin

On February 21, bitcoin touched a lifetime price high at $57,844 per unit after the crypto asset’s market valuation crossed the $1 trillion zone for the first time in history the day prior. Meanwhile, a number of digital assets have seen fiat values increase as coins like litecoin, ethereum, and others gather gains against the […]

Xem chi tiết: Pricing Gold, Food, and Altcoins With the BTC Denominator: How to Measure an Asset’s Worth in Bitcoin

Bitcoin Snaps Back After Slight Dip, Current BTC Chart ‘Is Near Identical to August 2017’

Digital currency prices are on the move again, after tumbling a hair downwards during Sunday evening’s trading sessions. On Sunday the price of bitcoin dropped -7.64% after touching a lifetime price high at $49,715 and then slid to $45,915. As trading sessions entered into Monday, BTC has regained some of the losses as it jumped […]

Xem chi tiết: Bitcoin Snaps Back After Slight Dip, Current BTC Chart ‘Is Near Identical to August 2017’

Bitcoin Snaps Back After Slight Dip, Current BTC Chart ‘Is Near Identical to August 2017’

Bitcoin Taps $48K- Traders Discuss Overheated Stats and a Possible Chinese New Year Dump

Bitcoin Price Surpasses $44k Handle, ETH Futures Launch, Tesla’s Balance Sheet BTC Praised

Cardano Token Pips Dot Into Fifth Place After Price Surges by 85% —Elon Musk Endorsed Dogecoin Sets New All Time High

Bitcoin Climbs Past $40k, Analyst Expects Another Jump in BTC Value, ETH Taps New Highs

Bitcoin Climbs Past $40k, Analyst Expects Another Jump in BTC Value, ETH Taps New Highs

Blockchain Innovation Done the Polkadot Way According to Gavin Wood

A Mysterious Dogecoin Address Absorbed 27% of the Supply, the Top 20 Addresses Captured 50%

Other Articles