The price of Polkadot’s native token hit an all-time high (ATH) this week, rising to over $ 30 as the company set out the next steps in its plans and systems to complete the network launch.
The Polkadot roadmap describes the deployment initiatives for Layer 0
Polkadot posted a roadmap highlighting that it is currently in the Rococo phase, the first of three main phases until the network goes live.
Here is a breakdown of the roadmap.
Rococo Testnet rollout
Polkadot (DOT) plans to continue the rollout of parachutes, also known as application-specific data structures. These parachutes, just like parachute heads, allow Polkadot to couple to other more established networks like Ethereum and Bitcoin via a mechanism called Cross-Chain Message Passing-Lite.
Polkadot is still in the Rococo phase to test his parachutes. Once the code is assessed and approved, we can expect Polkadot to cast his vote via onchain governance to drive the parachute and slot auctions on Kusama.
Kusama rollout
According to Polkadot, the scalable multi-chain network Kusama will serve as an “additional test site” for parachutes. It is effectively a sandbox that supports further testing and network effects before it is launched on Polkadot. Thanks to the loose parameters, developers can test new ideas and at the same time improve the visibility of community members.
The activation of the parachain functionality is ultimately coordinated by the Kusama government. Should the rollout be approved, then unapproved candle auctions will be used to assign 100 parachain slot leases. Polkadot emphasizes that users can expect a new auction “roughly every two weeks”, with more becoming available as each lease expires.
Polkadot Slot Bidding
Slot bidding in Parachain offers plays an important role. Rather than using the ICO (Initial Coin Offering) model, which can (and has been) easily exploited due to the limited evidence requirements required, the Parachain offerings include candle auctions as well as a strong focus on governance.
However, these are not traditional candle auctions. Rather than taking the typical way of using a random number to determine the length of the opening phase in bids, polkadots are determined retrospectively, which means that the earliest bids have the highest probability of success.
Once an auction has ended, Polkadot will make the winning parachute available on the network at the start of its rental period. Parachain slots can be rented in increments of six months for a maximum of two years. Then they will be auctioned again.
While it is difficult to estimate the cost of running these parachutes given the price, this is “just a function of supply and demand in the market” as Polkadot seeks a safer and safer way of bidding with its parachute auctions.
Next Steps
Once the auctions are over and those parachutes are live, the launch of the network will be fully completed, according to Polkadot. While it is possible to see future upgrades to the network, that scalability will ultimately be in the hands of its community.
What do you think of the Polkadot network and the project roadmap? Let us know what you think in the comments section below.
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