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Polkadot Mainnet Not Quite Live, It’s Still A Mainnet Candidate

Time will tell if the network will cement its dominance.

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Polkadot Mainnet Not Quite Live, It’s Still A Mainnet Candidate

Polkadot (DOT) launched a stand-alone blockchain today, although the network is not considered the project’s mainnet yet. Polkadot sits under the wing of blockchain infrastructure company Parity Technologies, and the Web3 Foundation, a type of incubator for decentralized tech. The Polkadot protocol aims to provide compatibility across different blockchains. “There could be more than one chain candidate before it officially transitions to mainnet,” said Peter Mauric, head of public affairs at Parity Technologies. 

The solution unveiled a testnet of sorts in 2019. Calling the exploratory product “Kusama,” Polkadot did not refer to this as a testnet, but as a “canary network.” “Polkadot’s first chain candidate (‘CC1’), which may well become the Polkadot mainnet, has been launched,” Ethereum co-founder and Polkadot builder Gavin Wood explained in a May 26 blog post. The recent network launch is part of a gameplan to establish a mainnet blockchain. “CC1 is our first candidate for the Polkadot mainnet,” Wood said.

The Kusama testnet underwent a similar process, Mauric detailed. The final choice stemmed from two separate experimental blockchain options. Polkadot calls on Proof-of-Authority consensus, or PoA, during networks’ early phases. PoA utilizes a smaller number of network participants, requiring less approval for any alterations. As a more centralized approach, PoA helps get things off the ground in the early stages. “It allows for us to ensure stability for validators and gives them the opportunity to signal their intent to validate before we transition to Proof of Stake,” Mauric said of PoA. Wood said the team hopes the community picks CC1 as the official mainnet chain, although he did not rule out another chain or two coming into the race.

Polkadot ran its initial coin offering in 2017, selling DOT tokens to roughly 4,000 individuals during its presale. Today’s CC1 network news does not unlock those tokens for transfer, although those days are coming, pending governance actions. Claiming and staking DOT is currently possible, Wood said. He added:

During this phase, nothing will actually become at stake and no rewards will be paid, however, once we move to the next stage, the community validators will be selected to maintain the network according to their overall DOT backing and our Proof-of-Stake system (NPoS) will be live. If you want to be in it from the start, then you’ll need to stake now.”

Earlier in 2020, Polkadot unveiled Kusama integration with Chainlink, another project working on the interoperability side of the industry.

Altcoin News

3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

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3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

In a special announcement made at the Unitize conference on July 6,  Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:

“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”

Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.

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Altcoin News

Telegram Is Set To Shut Down The TON Testnet By August 2020

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Telegram Is Set To Shut Down The TON Testnet By August 2020
Telegram Is Set To Shut Down The TON Testnet By August 2020

Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.

Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.

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Altcoin News

Brock Pierce Enters The 2020 US Presidential Race

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Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce Enters The 2020 US Presidential Race

Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “

“I, Brock Pierce, am running for President of the United States of America.”

Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.

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