Polkadot 1.0 according to the blockchain network has finally been released.
The protocol is now charting a transition to a new advanced era.

Polkadot 1.0 has officially been released with all the functionalities and pioneering vision listed in the Polkadot whitepaper. This marks a significant milestone in blockchain technology evolution and it is worth noting that Polkadot has constantly remained at the forefront of innovative solutions to advance blockchain innovations.

The protocol is a pioneer for upscaling blockchain interoperability, scalability, and resilience.

Explicitly, Polkadot tackles the hardest problems in the blockchain technology ecosystem, from confronting chain maximalism and pioneering an interoperable ecosystem to optimizing blockspace allocation, making great strides in tackling the trilemma of security, scalability, and decentralization.

According to a Twitter post from the Polkadot protocol, the direction of Polkadot 2.0 is now in the hands of the community. Polkadot 1.0 was conceived with the concept of a ‘scalable heterogeneous multi-chain’ network in 2016. Its completion represents “a journey from the conception of a radically new approach to blockchain architecture to the delivery of a secure, composable, flexible, efficiently-allocated and cost-effective blockspace ecosystem.”

1/ Polkadot 1.0 has been realized, marking a major milestone in blockchain evolution

The completion of Polkadot 1.0 reflects a pioneering vision first proposed in The Polkadot Whitepaper.

Now, the direction of Polkadot 2.0 is in the hands of the community. pic.twitter.com/YQwk1TYv2Q

— Polkadot (@Polkadot) July 20, 2023

Over the years, the functionalities outlined in the whitepaper have been gradually released, but Polkadot 1.0 culminates all of these efforts. Some of these functionalities are heterogeneous sharding architecture (which comprises the Relay Chain and connected parachains, all secured by a shared validator set), an advanced staking system, on-chain governance, composability and transaction routing, and forkless upgrades.

Additional Enhancements For Polkadot 1.0

As it stands, the Polkadot codebase is now complete and fully functional. It has been handed to the community with the launch of Polkadot OpenGov, a significant evolution of the original governance model of Polkadot.

OpenGov is the birth of a new approach to decision-making that is solely community-centric. It takes Polkadot’s governance to an advanced level with mechanisms that foster greater transparency, decentralization, safety, efficiency, and participation from the community.

Speaking of the launch of OpenGov on Twitter, Polkadot highlighted that it marks “the beginning of a new era where the power of decision-making is placed directly into the hands of the DOT community.”

Also, there has been a migration of all runtime code to a repository managed by the Technical Fellowship. Other significant enhancements included alongside the launch of Polkadot 1.0 are dispute slashing and “Long Term Support” (LTS) releases.

Dispute slashing is a security feature that penalizes validators who approves invalid parachain blocks. This feature will help boost the security of Polkadot 1.0 plus it will strengthen Polkadot’s shared security model. Notably, the Polkadot shared security model is a key benefit of Polkadot that ensures an equal level of security like that of the  Relay Chain for every parachain in the network.

On the other hand, “Long Term Support” (LTS) releases take care of critical security fixes for parachains without having to upgrade them to newer versions with breaking changes.

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Filed under: Bitcoin - @ July 21, 2023 12:24 pm