New To Polkadot? Here Is What They Are About
Polkadot (DOT) allows any sort of data or asset to be transferred between blockchains, not only tokens. Connecting to the Polkadot (DOT) network allows users to interact with a range of blockchains in the Polkadot (DOT) network.
Polkadot (DOT) has the advantage of being able to upgrade without requiring hard forks to add new features or address bugs. On-chain upgrades to the network are coordinated and carried out independently. This ensures that Polkadot’s (DOT) development is in line with its community’s values. It also guarantees that Polkadot keeps things moving.
Polkadot made tremendous achievements in December. This is no news to people that are conversant with the project as the team keeps working relentlessly for greater innovations. Below are some of the achievements recorded in December 2021.
Polkadot First Metaverse Meetup
On the 7th of December 2021, Polkadot organized their first Metaverse meetup which was a bitter-sweet experience. The event was held in Decentraland by 8 pm, with MetaGamiMall, their partner.
Simply defined, DCL is a blockchain-based virtual 3D environment where you may participate in activities, view exhibitions, dance, acquire NFT plots to build residences, and develop games, among other things. If you are just coming across Metaverse for the first time, a metaverse is a collection of 3D virtual worlds designed to foster social interaction. The word is frequently used in futurism and science fiction to represent a potential iteration of the Internet as a single, universal virtual environment assisted by the usage of virtual and augmented reality headgear.
The event attracted a large number of people. According to estimates, up to 1,300 people were online at the same moment throughout the event. The team produced 1000 PolkaWorld POAPs (the DCL’s event participation badge NFT), which were claimed in just an hour, and some persons with slower internet speeds were unable to obtain one. Due to the unexpectedly large turnout, the event the go as smooth, it crashed along the line but a good number of people enjoyed the event.
Polkadot partnered with T-Systems MMS to Boost the Development of the Polkadot Ecosystem
T-Systems MMS, a German telecommunications major, teamed up with Polkadot to assist manage and developing cross-chain communication solutions.
According to the business, the combined efforts will help to improve parachain communications as well as other networks. The company also revealed that they purchased an undisclosed amount of DOT tokens.
Parachains are now completely functional in Polkadot. It has a main chain called the Relay Chain and subsidiary chains called parachains that communicate with each other while functioning.
T-Systems MMS intends to assist as a validator in the arrangement. It will aid in the security of communications across chains and the creation of a continuous flow of data between them. The business will also provide its Open Telkom Cloud feature, which provides for improved network security and proper operation.
Polkadot Innovations To Support Its Ever-Growing Ecosystem.
On the 18th of December, Polkadot announced the launch of the chain’s first five parachains with all the auction-winning parachains currently producing blocks on the network. These chains will assist the network in achieving its goal of full inter-blockchain communication.
Parachains are next-generation layer-1 blockchains that put the multi in multichain, establishing the Polkadot network’s backbone and allowing sovereign chains to join a free alliance. Polkadot is the layer-0 protocol that enables and underpins this layer-1 parachain network. Any sort of data or asset may be sent between parachains thanks to Polkadot’s cross-chain interoperability, ushering in a new era of interchain services, communities, and economies. Polkadot’s multichain architecture enables it to serve as the foundation for a new, decentralized internet, which Polkadot founder Dr. Gavin Wood has dubbed “Web3.”
These parachains run independently, but they also rely on the Relay Chain, a central blockchain. It ensures that all of the other chains in the network are in sync.
Each parachain must follow its security protocols and adhere to the relay chain for the network to remain decentralized. These parachains also include additional layers of encryption and smart contracts for DeFi.
Polkadot Made History Again With Auction
The Polkadot network achieved yet another significant milestone, offering the final piece of functionality required to realize Polkadot’s goal, as detailed in their whitepaper.
The first five slot auctions were completed successfully on December 18th, and the winning parachains were onboarded. They once again made history as a community. For several years, many parachain teams have been working relentlessly to construct their apps and bring Web3 and its goal to life. The time has finally come as parachains are now available on Polkadot.
The winner of Polkadot’s fourth parachain slot auction is Parallel Finance, an institutional-grade peer-to-peer lending protocol. Over 30,000 donors put their Polkadot (DOT) assets on hold in support of Parallel Finance’s offer. Parallel Finance was supported with a total of 10,750,000 DOT tokens, or $306 million at current pricing. It’s the third-largest quantity of DOT contributions in the Polkadot (DOT) ecosystem’s history.
• On December 28th, some of Polkadot’s community leaders shared their story of “falling into the Web 3 rabbit hole” and building meaningful careers, projects, and relationships. The Q&A was held on Crowdcast.io.
As 2021 was coming to an end, there were so many achievements for the team to share and celebrate as a community! The first parachains on Kusama and Polkadot went live! The Polkadot Ambassador’s program has grown significantly in just under a year with 2391 candidates and ambassadors according to the data provided on December 21, 2021, and the amazing community and ecosystem continue to grow.
• The community was given a chance to ask the founders questions on things they would like to know about Polkadot through a Twitter hashtag #AskTheFounders and the best questions were addressed in the Polkadot Parachain Party.
• Polkadot released a new logo, leaving the community members with mixed feelings. Some members loved the new logo and some wished the old logo would be retained.
With all the growth and achievements that took place in December, it is easy to predict that Polkadot will skyrocket in 2022.
Learn more about Polkadot by visiting the following the links below: