Cryptocurrency news

Gavin wood: "Polkadot is very close to launch»

Gavin wood: “Polkadot is very close to launch»

At the ready Layer One (RL1) virtual conference, Polkadot Creator Gavin Wood said that the Polkadot blockchain interaction project is “very close to launch”.

Like the Kusama test network, the main Polkadot network will be launched in five or six stages. In this case, the first will be the “network candidate selection”, which will be monitored by the Web3 Foundation developers. In fact, a test project will be launched and, if it does not meet the requirements of the team, it will be replaced with another one.

One of the highlights of the Polkadot network should be the “Proof-of-Authority” (PoA) consensus algorithm, which was invented by wood himself. At first, all power in the network will belong to the non-profit organization Web3 Foundation, so the Polkadot network will be somewhat limited in functionality.

“This will allow you to launch the network without the need to define and create a set of validators, trust some third-party structures and speed up the launch,” said Gavin wood.

After the launch of the first stage, it is planned to issue DOT coins on the Polkadot network and form validators for switching to the PoS consensus algorithm. To control the transition, a special “Sudo module” will be launched, which will later be disabled, and the owners of DOT coins will take over the network management.

The founder of Ethereum called the Sudo module and the overall structure “the springboard” that will allow you to turn a limited network into a fully functional project.

The Kusama test network for experimenting with the Protocol was launched in the summer of 2019.