Parachains are the last piece of core functionality to be delivered as outlined in the Polkadot whitepaper, and will allow Polkadot to realize its scalable multi-chain architecture. After a period of testing, optimization and auditing, parachains will be ready for launch on Polkadot, and can be enabled via on-chain governance. Once parachains are live, the community will determine which additional features and network upgrades should be added over time.
During this phase, Polkadot will operate as a Proof of Authority (PoA) chain that is maintained by six validators belonging to Web3 Foundation. The chain will only allow users to claim DOT tokens or submit their intention to validate or nominate.
Web3 Foundation is now confident in the stability of the network after PoA. After reaching a sufficient number of validator intentions in the PoA phase, the network has successfully transitioned to Nominated Proof of Stake (NPoS). During this phase, Web3 Foundation will take a step towards decentralizing the network by increasing the active validator set from 20 to 100 active community validator nodes.
Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. Connecting to Polkadot gives you the ability to interoperate with a wide variety of blockchains in the Polkadot network.
Economic & transactional scalability
Polkadot provides unprecedented economic scalability by enabling a common set of validators to secure multiple blockchains. Polkadot provides transactional scalability by spreading transactions across multiple parallel blockchains.
Easy blockchain innovation
Create a custom blockchain in minutes using the Substrate framework. Connect your chain to Polkadot and get interoperability and security from day one. This ease of development helps Polkadot’s network grow.
Forkless and future-proof
Polkadot can upgrade without hard forks to integrate new features or fix bugs. This capability enables Polkadot to easily adapt to changes and upgrade itself as better technologies become available.
Security for everyone
Polkadot’s novel data availability and validity scheme allows chains to interact with each other in a meaningful way. Chains remain independent in their governance, but united in their security.
User-driven network governance
Polkadot has a sophisticated governance system where all stakeholders have a voice. Upgrades to the network are coordinated on-chain and enacted autonomously, ensuring that Polkadot’s development reflects the values of the community and avoids stagnation.
The DOT token serves three distinct purposes:
governance over the network, staking and bonding.
Polkadot token holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the Relay Chain participants (DOT holders), including managing exceptional events such as protocol upgrades and fixes.
Game theory incentivizes token holders to behave in honest ways. Good actors are rewarded by this mechanism whilst bad actors will lose their stake in the network. This ensures the network stays secure.
New parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens. This is a form of proof of stake.