Polkadot (DOT), trading at around $30 is having a good year.
Up 940% over the last year, the company seems to be booming and now seem to be on the verge of something big.
They have rolled out what they call Parachains.
What are Parachains
From their Wiki
A parachain is an application-specific data structure that is globally coherent and validatable by the validators of the Polkadot Relay Chain. Most commonly a parachain will take the form of a blockchain, but there is no specific need for them to be actual blockchains. They take their name from the concept of parallelized chains that run parallel to the Relay Chain. Due to their parallel nature, they are able to parallelize transaction processing and achieve scalability of the Polkadot system. They share in the security of the entire Polkadot network and can communicate with other parachains through XCMP.
This is the final piece in the Polkadot puzzle according to their whitepaper and will allow the interconnection of different blockchains, enabling a seamless transition of data, information, and transactions across them.
The company states:
“After a period of testing, optimization and auditing, parachains will be ready for launch on Polkadot, and can be enabled via on-chain governance.”
There are no indications of the precise timelines for the Parachain milestones but the rollout of parachains was expected by many to occur in the first quarter of 2021.
The current stage of the parachains project involves the testing and bug fixing on parachain testnets. Then community members will be called on to test the parachains in approval voting.
Once the codebase is complete and running smoothly the community will vote on whether to enable parachains and slot auctions via on-chain governance.
The company may be poised for big things soon. Stay tuned…
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