Polkadot Goes Live as Web3 Foundation Launches First Version of Mainnet

| Updated
by Bhushan Akolkar · 3 min read
Polkadot Goes Live as Web3 Foundation Launches First Version of Mainnet
Photo: Polkadot

Decentralized sharded protocol Polkadot, which helps to connect several blockchains in a unified network, has announced the launch of the CC1 version i.e. initial version of the mainnet.

Major developments with respect to the Polkadot project surfaces as the Web3 Foundation launched the first candidate (CC1) for the Polkadot mainnet on Wednesday, May 26. Polkadot is basically a sharded protocol that allows different decentralized networks to operate together.

One of the major hurdles for companies operating in the blockchains space is the lack of effective communication between two chains. The sharded blockchain network Polkadot connects several chains together in a unified network. This allows the two chains to operate in parallel and exchange data while ensuring strong security in place.

Thus, by distributing the workload, Polkadot helps several blockchains to improve their throughput which is hampered by DApps development. Polkadot blockchain has helped to overcome several challenges and bring distinct advantages to legacy networks.

This includes transparent governance, scalability, heterogeneous sharding, upgradeability, and cross-chain compatibility. Besides, it has also managed to successfully host decentralized applications across industries like finance, IoT, and gaming.

In short, Polkadot has managed to provide peer-to-peer applications for businesses and organizations. This also helps them to grow further and govern independently without the need for centralized institutions. Web3 Foundation founder and President Dr. Gavin Wood is the co-founder of the Polkadot project. While sharing his vision for Polkadot, Dr. Wood said:

“Polkadot is, in many respects, the biggest bet in this ecosystem against chain maximalism. Even if there were one perfect chain, I don’t think it would stay perfect for very long. I would argue that it’s really not such a good plan to be so focused on backing one winner above all others”.

Web3 Reveals CC1 Launch and Future Polkadot Developments

Note that CC1 is the first or the initial version of the Polkadot mainnet. Dr. Wood said this there is a possibility that they could be launching the second version if necessary. Hence, nothing is final at this point.

Thus, Dr. Wood writes in the blog post that “we have not exactly “launched” Polkadot”. Besides, the pre-sold DOT tokens to 4000 people are yet not transferable. This will happen only after the Polkadot community decides to do so through a governance motion.

Besides, he added that there’s still time for the parachains to be active. This is still some weeks away and will happen once the security logic is in place. Speaking about Polkadot’s primary blockchain-building framework, Dr. Wood said:

“I really hope we can create a whole new class of development teams and development application where you don’t have to know everything, you don’t have to do everything to develop your whole new blockchain. But you can do just enough that you do have a domain-specific chain that has its own parameterization and its own features that allow you to get a particular job done – and done well – that wouldn’t have been possible before because smart contracts are too bloaty and writing your own chain is too much work.”

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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