Gavin Wood’s Polkadot Introduces Second Proof of Concept (PoC-2) in Its Latest Update
Polkadot Introduces Proof of Concept in Its Latest Update
Polkadot platform started by Gavin Wood is a platform that makes it possible for blockchain platforms to communicate with each other. On July 17th, the platform introduced its 2nd proof of concept. It is an event that came two months after the first proof of concept event.
Proof Of Concept
The initial proof of concept featured a staked validator, user interface, and a relay chain testnet. The second proof of concept is expected to bring parachains, Libp2p implementation, slashing, and staking rewards.
The second proof of concept took place on July 17th and was promptly completed by network stakeholders. During the implementation, wood stated that its implementation was the first ever attempt to implement an on-chain protocol in that manner.
Polkadot—What Is It?
It can be described as a heterogeneous multi-chained technology. The technology consists of a number of parachains that contain very different characteristics. However, these characteristics make it easier for the platform to achieve formal verification or anonymity.
It is possible for the transactions to be spread across a number of chains. The spreading out of the transactions makes it possible for additional transactions to proceed at the same time. Polkadot is here to ensure that all these blockchains will remain secure and that any transactions executed between them are done in a faithful and honest manner.
Bridges are specialized parachains that can be built in order to link the independent chains. Some of the platform features include:
- Relay Chain. Its purpose is to coordinate transactions and consensus between all the involved chains.
- Parachains. These are constituent blockchains which collect at one point and start processing the platform transactions.
- Bridges. They are used to link to a blockchain, using their own unique consensus, e.g., Ethereum
How Does It Operate?
Polkadot is essentially a protocol that makes it possible for the independent blockchain platforms to exchange data. By itself, Polkadot is an inter-chain blockchain that is able to enforce the validity and order of data between the many different chains, unlike in the current case with other protocols such as TCP/IP.
Its interoperability also provides an additional benefit in the form of scalability. This becomes possible through the creation of a generalized environment comprising of multi-state machines. In order to operate, it relies on the following:
- Validators. Used to secure the relay chain by staking validating proofs and DOTs. These are obtained from collators. They also participate in consensus together with other validators.
- Nominators. They are able to secure a relay chain by choosing the best validators as well as by staking DOTs.
- Collators. Their main function is to maintain parachains through the collection of parachain transactions from the protocol users. It also does this by creating state transitions proofs for its validators.
- Fishermen. This is the final security frontier. Its role is to monitor the entire network, as well as provide proof of bad behavior to the validators.
The DOT token will be used to serve three different functions: bonding, operation, and governance over the network.