TokenPocket wallet has officially released Polkadot and Kusama versions
[Cross-chain] deserves to be one of the hot buzzwords of the blockchain in 2020. At the beginning, Ripple proposed to create a global unified payment standard and create a unified network financial transmission protocol, then Cosmos intends to provide a standard protocol (IBC) to allow other blockchains linked into the protocol and complete information exchange; This year, Polkadot adopts the main chain-relay chain, and then connects other shards-parachains to form a heterogeneous shard structure. With the cross-chain messaging scheme (XCMP), data are allowed to interact in different blockchains.
We can see that as more and more blockchain protocols are launched and asset interactions become more frequent, the blockchain urgently needs a [cross-chain] solution that can allow different blockchains and different assets to interact between each other, and we have observed that Polkadot has a lot potential on the cross-chain solution.
About Polkadot and cross-chain solution
Polkadot is a scalable heterogeneous multi-chain blockchain. This means that it consists of a collaborative decentralized blockchain network, which is called a relay chain, which interacts with shard chains that run in parallel, or parachains. These parachains can be regarded as clients of the relay chain, and the purpose of the relay chain is to protect and coordinate the parachain.
The Polkadot network is maintained by four basic roles: collector (helping validators collect, verify and submit alternative parachain blocks), nominator (similar to Bitcoin miners), validator (similar to Bitcoin mining Pool, packaging network blocks), phishers (preventing evil on the network, reporting other evil roles).
Through these roles, and Polkadot’s cross-chain messaging solution (XCMP), data can be interacted between different blockchains. The entire process is executed by blockchains and smart contracts, which achieved inter-chain communication in decentralized way.
All the parachains developed based on the Substrate framework will be supported without having to release a new version for TokenPocket. This function is called “Support the parachain by one-click”, which can also realize all the core functions including trading, transfer, proposal creation, governance participation, etc.
Ablout NPos and Polkadot Governance
Polkadot uses NPoS (Nominated Proof of Stake Mechanism) as the mechanism for selecting the validator node pool. It has designed the two roles of validator and nominator to maximize the security of the chain. Participants interested in maintaining the network can run validator nodes. At Genesis period, Polkadot will provide these validators with a limited number of slots, but this number will increase to more than 1,000 over the time.
This mechanism encourages DOT holders to participate as nominators. The nominator can support up to 16 validators as credible candidate validators. The validator is responsible for generating new blocks in BABE, verifying parachain blocks and ensuring finality. Nominators can choose to use their stake to support the selected validators.
The staking system gives equal rewards to all validators. After deducting the validator’s own part, the reward is distributed proportionally to all nominators. In this way, the network encourages everyone to nominate validators with lower stakes, thereby creating a pool of validator nodes with equal stakes.
To participate in Polkadot Stake, you need to hold DOT (Polkadot’s native token), and holders have the right to participate in Polkadot governance. Proposals can be proposed by DOT holders or the council. Both require a stake-weighted referendum to reach agreement.
All DOT holders can register to participate in the board of directors. The council consists of 23 members and is valid for one month. Its role is only to submit important proposals on behalf of DOT stakeholders, and in special circumstances, to cancel uncontroversial dangerous or malicious proposals.
Using TokenPocket wallet, you can participate in Polkadot ecosystem governance conveniently and quickly. After registering a Polkadot account, you can experience Polkadot trading and transfer, proposal voting, staking, governance and other basic functions in the TP wallet.
About Polkadot Parachain Auction
Because the resources of the Polkadot network are limited, the number of Polkadot’s parachain slots is also limited. If the project party wants to become Polkadot’s parachain, it must stake DOT and compete with other project parties for the right of using this slot. Wwe call the Parachain slot auction as IPO.
Parachain slot auctions use candle auctions. Candle auction originated from ship auctions in the 16th century. After the auction began, the executor of the auction lit a fixed-length candle. At the moment the candle was extinguished, whoever made the highest bid won the auction item. Parachain slot auctions will simulate this process on the blockchain. It is divided into two stages: a security period and a random period. During the security period, the auction proceeds freely and will not end. Only after entering the random period, the hammer will drop at any time according to the random number on-chain. At the moment the hammer falls, whoever staked most DOT/KSM can rent this slot.
When the project party is bidding, due to cost considerations, it is likely to introduce related incentive mechanisms, such as Token rewards for the project, to encourage community users to stake DOT/KSM to themselves. At that time, you can directly stake DOT/KSM to the project party you support through the TokenPocekt wallet.
In addition to the Polkadot mainnet, TokenPocket also supports the Polkadot test chain Kusama. Unlike the general test chain, Kusama exists in the real economic environment and is a highly experimental version of Polkadot at early stage. Kusama will be side by side with the Polkadot mainnet and become the pioneer of Polkadot’s various innovations.