'Internet of Blockchains' Project Polkadot to Launch First Proof-of-Concept

Parity Technologies and Web3 Foundation will soon launch the first proof-of-concept of their blockchain interoperability protocol, Polkadot.

May 12, 2018 at 5:00 p.m. UTC
Updated Sep 13, 2021 at 7:56 a.m. UTC

Parity Technologies and Web3 Foundation will soon launch the first proof-of-concept (PoC) of their blockchain interoperability protocol, Polkadot.

Developed by Gavin Wood, an ethereum co-founder and the founder of Parity Technologies, the technology aims to allow chains to communicate with each other, while also facilitating upgrades automatically without system-wide upgrades or hard forks.

While the interoperable elements are yet to be constructed, the PoC advances a building block within the Polkadot protocol that allows developers to build upon the system using this unique governance method.

"It’s really the heart of Polkadot in a way, technologically," Jutta Steiner, the CEO of Parity Technologies, told CoinDesk.

The governance aspect of Polkadot will be available for testing on the ethereum-based Kovan testnet, the companies said. Wood also carried out a live demonstration at the Community Ethereum Development Conference (EDCON) earlier this month, in which he demonstrated how token holder votes – the key metric in assuring that changes occur – could be used for nefarious ends.

"It's basically building that toolkit that you need to then develop a different parachain, to further build on the relay chain itself, but that all relies on that core engine," Steiner said of the newly released PoC.

She added:

"Part of it is that you can start with an arbitrary governance mechanism, like state transition function, and change it live on-chain and even to a point where you kill it and no further blocks were added. That was what Gavin showed off at EDCON."

Parity and Web3 said in a statement that the next Polkadot PoC will "implement parachain candidate agreement and networking."

Further, they plan to officially launch the Polkadot network in the third quarter of 2019.

UPDATE: The article has been updated to indicate the launch, originally scheduled for Wednesday, has been delayed.

Polka dot boxes image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: KuCoin Plans to Bolster DeFi Activity on Its Blockchain After $150M Raise; Cryptos Gain

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

CoinDesk - Unknown
2
CoinDesk - Unknown
CFTC Charges 2 Men With Running a $44M Crypto Ponzi Scheme

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

CoinDesk - Unknown
3
CoinDesk - Unknown
Avalanche Says Luna Foundation Guard Has 'Disclosed No Plans' for AVAX Tokens

Avalanche, the smart-contracts blockchain, says it is ready to work with Luna Foundation Guard on a “sensible trading strategy” if the tokens were to be sold.

Avalanche, the smart-contracts blockchain, says it is ready to work with Luna Foundation Guard on a “sensible trading strategy” if the tokens were to be sold.

CoinDesk - Unknown
4
CoinDesk - Unknown
Coinbase Outlines Cost-Cutting Measures, Employee Grants Amid Weak Results and Crypto Rout: Report

The report based on internal emails seen by The Information comes after Coinbase said earlier this week it will slow hiring.

The report based on internal emails seen by The Information comes after Coinbase said earlier this week it will slow hiring.

CoinDesk - Unknown