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Polkadot Continues To Make Eye-catching Progress

Altcoins

cryptobriefing.com 14 July 2022 19:09, UTC
  
Reading time: ~3 m

Polkadot, the multichain network and open platform for secure Web3 innovation, has hit a number of impressive adoption milestones. It is actively demonstrating sustained momentum and community support despite the current industry-wide downtrend.

Polkadot’s Latest 2022 Milestones

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 550+ total projects building in the ecosystem.
  • The Web3 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 +75% increase year-on-year and more than any other Web3 protocol outside of Ethereum.
  • The Polkadot codebase surpassed 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 130k KSM.

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 4th. Parachain teams have already opened 111 messaging channels between themselves, sending approximately 10,000 messages per month.

At the same time, 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 within the 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.

Co-founder Dr Gavin Wood has also announced a ground-breaking 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.

Lastly, 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 its Treasury.

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 fuelling innovation, growing the decentralized technology space, and bringing the Web3 vision to life.

Web3 Foundation funds research and development teams building the technology stack of the decentralized web. It was established in Zug, Switzerland by Ethereum co-founder and former chief technology officer Dr. Gavin Wood. Polkadot is the Foundation’s flagship project.


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