Home 2022 Polkadot Bringing Web 3.0 to Life

Polkadot Bringing Web 3.0 to Life

by Paul Ebeling

#polkadot #web3

Polkadot provides the technical advances necessary to make blockchain technology practical, accessible, scalable, interoperable and future-proof, removing limitations and barriers to entry, and thereby fueling innovation, growing the decentralized technology space, and bringing the Web 3.0 vision to life.

By the end of June 2022, the following additional milestones were reached.

  • New parachains continued to be launched on a regular basis. There are currently 36 active parachains on the experimental ‘canary’ network, Kusama, and 21 on Polkadot itself, and over 550 total projects building in the ecosystem.
  • The Web 3.0 Foundation grants program, supporting Polkadot projects, had approved 400 grants to help tech start-ups build new blockchains.
  • Polkadot reported 1,400 monthly active developers, representing a more than 75% increase year-on-year and more than any other Web 3.0 protocol outside of Ethereum.
  • The Polkadot codebase surpassed over 500 core contributors across Polkadot and Substrate repositories.
  • More than 100 forkless automatic upgrades across Polkadot and Kusama, and more than 1,400 engaged governance participants voting on recent referenda, demonstrating the strength of future-proof innovation on the networks.
  • A total of 621 forkless upgrades across all Substrate-based blockchains, including Polkadot and Kusama parachains.
  • The Polkadot Treasury has funded spending proposals to the tune of over 1.4 million DOT, while the Kusama treasury has paid out nearly 130,000 KSM.

Messari, a leading independent provider of blockchain data, has produced some additional statistics in its Q2 report into Polkadot.

These include the following.

  • A quarter-on-quarter increase of 18.8% in the volume of treasury funds released.
  • A 3.5% increase in the total volume of DOT staked.
  • An average of 293 million DOT transfers per month – up from 288 million in Q1.

The report adds,

“During the second quarter of 2022, strong developer activity has been Polkadot’s plus point. As observed in available data, developer activity scored an average of 11,000 developer activity events per month. Evidently, Polkadot’s developer activity remains among the strongest in the crypto market.”

The Messari report concluded, “Despite a brutal macro environment, Polkadot’s on-chain activity was consistent quarter over quarter. During Q2 2022, Polkadot had roughly 435,000 users.

“Concurrently, foundational KPIs held steady with a healthy validator distribution by total stake, strong developer activity and seven additional parachains onboarded.”

Continued innovations include XCM rollout

Meanwhile, XCM, Polkadot’s cross-consensus messaging and data transfer standard, has reached a stage whereby the network’s various parachains can integrate with each other easily and with confidence, developing use cases and creating real-life solutions.

This radical interoperability technology has seen rapid adoption since its launch on May 4. Parachain teams have already opened 111 messaging channels between themselves, sending approximately 10,000 messages per month.

Substrate marketplace launched

A new hub for the ‘pallets’ or modular building blocks that allow builders in the Polkadot or Kusama ecosystems to easily design their bespoke blockchains has gone live on the Substrate website.

In addition to the open-source pallets natively included with Polkadot’s Substrate blockchain framework, developers can now browse those developed by the community and offered up under various open-source licenses, with nearly 100 available at launch.

Governance changes in the pipeline

Co-founder Dr. Gavin Wood has announced a groundbreaking new governance process, intended to promote more agile and democratic decision-making. It will remove elected bodies such as the Polkadot Council and Technical Committee and dramatically increase the potential number of collective decisions on the blockchain.

Intelligent staking

An advanced active learning algorithm now provides individual recommendations to nominators in Polkadot’s staking system and is based on the first scientific studies ever funded by the Polkadot Treasury.

A tip of my hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here

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Have a prosperous day, Keep the Faith!

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