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Wood then founded the nonprofit Web3 Foundation, which provides funding for the Polkadot and Kusama ecosystems. Polkadot was developed by a computer scientist to address Ethereum’s scalability issues, commencing with the use of the proof-of-stake consensus algorithm.
Polkadot has had a difficult few months. It was severely impacted by the revelation that the US Securities and Exchange Commission (SEC) was suing the cryptocurrency exchanges Binance and Coinbase, even though the SEC does not view it as an unregistered securities. The majority of the system’s indicators decreased both annually and quarterly during the second quarter of 2023. Since then, though, there have been some positive updates. The network, which lets users build their own blockchains, declared that Polkadot 1.0 was finished and that Polkadot 2.0 was ready to go.
The fact that it was not fully apparent what Polkadot 2.0 would include soaked the news considerably. Gavin Wood considered that it may include letting users pay for the time they spent using the technology rather than the actual device. Wood’s Web3 Foundation declared in October that it will provide five million DOT and 20 million Swiss Francs to Polkadot’s development community. DOT’s value on November 10, 2023, was around $5.10.
Wood plans to introduce more parachains this year, all of which will rely on the Polkadot mainchain’s security features. In a process he refers to as “scaled hyper-connectivity,” Wood and his colleagues also intend to rewrite the network’s code to speed up and lower the cost of methods of communication between parachains to roughly 1,000 transactions per second for each shard.
The team also plans to develop its parathread capability. Teams that don’t win a parachain spot will still be able to benefit from the strength and security of the mainchain thanks to Parathread.
Wood also asserts that there are numerous blockchain bridges under development. Polkadot and Kusama ecosystems will be linked by the first bridge, and Polkadot and the Ethereum network by a second.
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