The Polkadot Decoded event in New York City today and tomorrow brings together developers and users of the Polkadot DOT network.
Additionally, the two-day event is one of the largest platforms for announcing new decentralized application (dApp) networks, making it one of the most innovative dApp networks available today.
On the first day, Gavin Wood, the project’s inventor, made one of the most crucial statements.
Layer-1 networks, such as Polkadot, are unquestionably some of the most flexible in the world. Parachains are used instead of one single chain to hold as many decentralized apps (dApps) as they may be attracted.
There are 100 separate parachains in the Polkadot network, and each chain can only support one project.
There are already over one hundred decentralized apps available to Polkadot users at any time.
Even though there is a belief that this is a disadvantage, it was included in the design of the limitations.
With parachains, you may create unique chains for any project you’re working on.
As a result, data integrity is preserved, and developers are freed from the burden of sharing the chain traditionally.
By hosting an auction for the leases required to make use of these parachains, the network may also generate funding.
One of these auctions might net hundreds of thousands, or perhaps millions.
The Polkadot network’s developers believe that the para-chain idea represents the future of Web 3.0.
In contrast to traditional chain systems, parachains allow decentralized apps (dApps) to be more flexible while retaining the ecosystem’s interconnection under one roof.
On its way to Web 3.0’s future, Polkadot emphasizes decentralization as a key component.
Decentralization is a key component of the Web 3.0 concept. It is up to the user to decide how they want to use their data and make their own decisions.
Furthermore, Polkadot developers have revealed their plans to decentralize the network further this week.
Gavin Wood took the stage in the afternoon at today’s Polkadot Decoded event to give fans one of the most important discoveries regarding forthcoming changes to the network.
Some changes are being made to Polkadot’s governance architecture to decentralize the network further.
Independent and autonomous groups administer Polkadot (DAO).
People, rather than machines, make decisions about the network’s future via decentralized autonomous organizations (DAOs).
Anyone possessing a governance token connected to a decentralized autonomous organization (DAO) is a member of that DAO and may vote on community ideas and initiatives related to that network.
Polkadot allows anybody with DOT money to submit ideas and have those ideas voted on by the community.
If a committee accepts a proposal, it will implement the recommended changes.
According to Wood’s explanations to investors today, the business intends to decentralize its DAO structure further.
He says that the DAO paradigm is in the process of evolving, with new changes being made.
As a first step, the proposed governance model would allow anybody to submit whatever number of proposals they want to make. In addition, users will be able to execute several bids at once.
Wood claims the process will be as simple as making a blockchain transaction.
For a proposal to continue in this phase after it has been available for four weeks, it must get at least fifty percent of the vote from the community.
Within that time, any initiative that doesn’t gain at least 50 percent approval from the community would be automatically rejected.
The Polkadot Fellowship is a significant addition to the DAO.
Polkadot Fellowship will help speed up time-sensitive proposals if they need to be assessed immediately.
Members of the group will work with a committee responsible for implementing successful ideas.
Wood claims that Polkadot’s partner network, known as Kusama KSM, would instantly implement the new technique.
After completing the implementation, it will be linked to Polkadot for further use.