Seeing stars, Polkadot has managed to cross a major milestone in its mission for a decentralized web 3.0, which removes access to the larger institutions and puts the web governance firmly in the hands of the users.
It is now in the stage of testing and auditing its parachains which are effectively the link that can connect across blockchains, in order to transfer any type of data or information, as well as tokens. This interoperability across the blockchains means the ability to expand economic scalability, a huge feat and a really useful project. In a sea of hundreds of achingly similar DeFi projects, (DeFI Prime quotes 230) there is something very special about the pure ambition and magnitude of the Polkadot network and project.
Saying that, no one expected anything less from Dr. Gavin Woods, the founder of Polkadot and the original co-founder and CTO of Ethereum who was responsible for creating the technology behind the Ethereum blockchain.
Where Are We Now? Testnet Rollout
Currently the project is in the stage of testing and auditing of the parachains. Once this is complete, users will be able to register to test their own blockchains and the interaction across other chains using XCMP-lite. This Cross-Chain Message Passing-lite product is what enables the sending of tokens, messages or data across parachains via Polkadot’s relay chain, which is like the central brain that coordinates movements.
From here Kusama will be used to further test parachains, giving the community the chance to run their optimizations and fixes.
Want your Own Blockchain?
Polkadot allows its users to build their own custom blockchains too, using the Substrate framework, and then connect them to the Polkadot network which itself expands and makes it really easy for users to develop secure blockchains.
How The Good News Has Impacted DOT Token
This has obviously made some people happy as the price of DOT has managed to gain over 10% on Tuesday alone, to pass the $30 mark, and it has soared over 27% in the last week.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.