Polkadot (DOT) announces layout for Parachain launch

Written by: Ali Raza
February 17, 2021
  • The project is in its first phase and there are two more phases before the launch of its mainnet.
  • Polkadot testnet has revealed series of challenges, but the developers hope to rectify issues before mainnet.
  • After the parachain goes live, the Polkadot community will decide on other network upgrades.

Polkadot (DOT) has gained more than 15% within the past 24 hours, making it the biggest gainer among the top ten cryptocurrencies by market cap.

At press time, the token was hovering around $30.00, which is quite impressive, knowing that the token was trading at $8.28 at the beginning of the year. More people are now interested in trading DOT cryptocurrency in anticipation of a further market upsurge.

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Observers have linked the price upsurge to the recent announcement by Polkadot, stating the upcoming launch of the Parachain network. Although there are high expectations towards the use of Polkadot, the testnet conducted so far shows the network still has some issues.

Project in its first phase

Polkadot says the project is now in its Rococo phase, and there are two more other testnets before the project finally goes live.

The comprehensive project roadmap was released on Monday, with the Rococo phased set to allow developers to test between various Polkadot parachains.

The platform utilizes a Cross-Chain mechanism which enables parachains to exchange generalized messages and tokens to each other. To do these, the parachains had to pass through the central coordinator of the Polkadot’s network

After the evaluation and approval of the code, Polkadot will submit its vote through on-chain governance.

However, before anything can be finalized about the network, the Polkadot parachains functionality has to be completed.

The Polkadot website also revealed that the first phase will undergo a period of tests, tweak, and review. Afterward, the Parachains will be available for use and can be launched through on-chain governance.

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An additional proving ground for parachains

After the parachain goes live, the Polkadot community has to decide which additional network upgrades and features will be included over time.

Polkadot also said the Kusama scalable multi-chain network will become an “additional proving ground” for the upcoming parachains.