Editor's Note: This article comes fromPolkadot Ecological Research Institute, reprinted by Odaily with authorization.
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Editor's Note: This article comes from
Polkadot Ecological Research Institute
Polkadot Ecological Research Institute
, reprinted by Odaily with authorization.
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Time goes back to the beginning of 2020. Perhaps not many people have paid attention to this important blockchain project that has been developed for nearly 4 years. However, with the development of the past year, both users of the Polkadot community and projects participating in the Polkadot ecosystem have occurred. Earth-shaking changes have taken place, from Huobi’s $5 million Polkadot Ecological Support Special Fund, to Binance’s recently launched Polkadot Ecological Fund of $10 million, and OKEx’s hundreds of millions of Ecological Support Fund yesterday, it seems that many stories are happening subtly. changes, and we are part of this wave...
When we look back at the development of Polkadot in the past year, it is not an exaggeration to use an ancient poem to describe it, probably "there will be times when the wind and the waves cleave, hang the clouds and sail the sea", and this day is very important for many people who paid attention to Polkadot in the early days. For people, it may be the best feedback. After all, from obscurity to attention, the ups and downs in the middle are probably only the people in the game who know the bitterness and fun.
To this end, we try to sort out the development of Polkadot and Polkadot ecology in 2020, and review the development of the past year as a whole from Polkadot major events, Polkadot ecological investment and financing, and the development of Polkadot ecological projects, so as to look forward to the future.
On January 10th, Gavin submitted Substrate's 3000th code base and tweeted "Happy anniversary, Substrate".
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On February 7th, Kusama released the 1000 verification node plan.
Keywords: small milestones of Substrate, DLD conference, Web 3.0 Bootcamp incubator, Chainlink.
On February 11th, Web3 Foundation, ParityTech and Wanxiang Blockchain Lab reached a cooperation with New Chain Space, and released the plan of Web 3.0 Bootcamp Incubator, which will support the development team to develop public chain and distributed protocol based on Substrate.
On January 10th, Gavin submitted Substrate's 3000th code base and tweeted "Happy anniversary, Substrate".
On January 20, Gavin participated in the DLD (Digital Life Design) conference (a global conference focusing on innovation, digital media, nature and culture), and discussed the Internet era in the next decade with Mike, a technology writer at the New York Times, and expressed his views," Our devices will contain our user accounts, and I hope they will eventually contain our data too, encrypted on the device or in the cloud. Services will provide the necessary parts, but not data storage."
On Feb 5, Parity CEO @juttasteine shared at the EU Blockchain Summit #BC4EUSummit what the ultimate impact of blockchain will be on the EU, "In terms of regulation, I think about where technology can be leveraged and where innovation can happen , not where regulation can be enforced — technology is global by default.”
On February 10, Polkadot announced the DOT mapping website and revealed that Polkadot will soon launch a Beta version.
On February 11th, Web3 Foundation, ParityTech and Wanxiang Blockchain Lab reached a cooperation with New Chain Space, and released the plan of Web 3.0 Bootcamp Incubator, which will support the development team to develop public chain and distributed protocol based on Substrate.
On February 25th, Polkadot announced its cooperation with Chainlink. Chainlink will become the first and main Oracle (oracle machine) provider for all ParityTech and Substrate-based chains and eventually the entire Polkadot network.
On March 13, the Web 3 Foundation joined the Cross Chain Group, a developer-focused working group working to advance cross-chain architectures, as an initial steering committee member. As part of this, the Web 3 Foundation will help oversee the strategy of the CCG program.
On March 24th, SafePal officially announced to be the first hardware wallet to fully support Polkadot, enabling Polkadot community users to safely and easily manage their DOTs on SafePal.
On March 26, the Web3 Foundation announced the fifth Grant project.
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2 Q2
Keywords: Lightpaper, security audit, 100 ecological projects, mainnet launch, NPOS, the first Hackthon (hackathon).
On April 10, the Polkadot official website released the third version of Lightpaper. This version of Lightpaper proposes the concept of "heterogeneous sharding", adds Substrate and Kusama content, emphasizes on-chain governance and upgradeability, and is more streamlined and clear in structure, which is convenient for beginners to quickly understand the role and design of Polkadot train of thought.
On April 10th, Gavin posted an article to synchronize the recent progress of Polkadot. In view of the impact of the new crown virus epidemic, Polkadot will re-evaluate the timing of the token sale, which may also affect the timing of the DOT transfer function determined by the governance referendum and voting. In other words, Polkadot will promote the release of the PoA network of the Polkadot main network candidate chain, and transfer to the NPoS network after the technology and audit are completed.
On April 21st, the Web3 Foundation is conducting a security audit on the Polkadot mainnet before the creation of the investment. At the same time, it is also conducting every step of the project, including the deployment of JS library, Kusama network and validators. The Web3 Foundation has assembled the best teams to conduct audits for its projects. Including Atredis, NCC Group, Open Zeppelin, SR Labs, and Trail of Bits.
On May 8th, a new referendum was launched on Kusama governance, and it was also the first time that the proposal "the total amount of DOT will increase from 10 million to 1 billion, an increase of 100 times".
On June 9, Polkadot founder Gavin Wood tweeted that from the latest Substrate analysis and optimization, it can be seen that on a multi-node network with external transaction sources, a stable 1500 TPS can be maintained.
On May 13, the Web3 Foundation published an article announcing that it has funded 100 Polkadot/Substrate ecological projects as of today! Building a thriving ecosystem requires a thriving community. That's why the Web3 Foundation Grant Program was created to help govern and support teams building decentralized technologies for the Web3.0 future.
On May 26, the Web3 Foundation officially announced that Polkadot finally released the highly anticipated version Polkadot CC1 after three years of development work. Gavin said, "Polkadot can make every programmer a businessman. They just put An autonomous, self-governing, algorithmic service with an economic model is placed online. In a sense, the world belongs to the coders.”
On June 2, Polkadot 0.8.2 was updated! And at about 17:30 the 100,000th block was produced!
On June 9, Polkadot founder Gavin Wood tweeted that from the latest Substrate analysis and optimization, it can be seen that on a multi-node network with external transaction sources, a stable 1500 TPS can be maintained.
On June 18, Gavin tweeted that the first validator election on the Polkadot network had been submitted. And the first batch of validator node pools have been selected and will see them start producing their first NPoS blocks on Polkadot in 4 hours. Subsequently, Polkadot officially switched to the NPoS network at 19:30 pm on June 18, China time. At this stage, the Web3 Foundation increased the number of validators from 20 to 100, slowly moving towards a more decentralized direction !
On June 29, Hackusama, the first-ever hackathon of the Polkadot and Kusama ecology, began, with 7 weeks to create custom blockchains and Kusama tools.
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3 Q3
On July 27th, Gavin updated Medium. After two weeks of voting, regarding the split of the DOT denomination, the community is very much in favor of splitting the DOT denomination into 100 times the previous amount, that is, the original 1 DOT = 100 DOT, but the total value remains unchanged . After about 72 hours after the DOT opened the transfer, starting from the 43200 block, the DOT should be named at 1:100.
At around 0:50 on August 19, Polkadot reached the block height of 1205128, and the token DOT started transfer.
On September 24, Substrate 2.0 went live.
In early August, the Rococo testnet has been launched, which has three parachains built in and uses a precursor to XCMP called HRMP, which is allowed to send token assets between the relay chain and the parachain.
On August 10, Polkadot officially released an article that Polkadot will be launched at about 13:15 UTC on August 21 (that is, China time 21:15, block number 1248328), and DOT tokens will be renamed from the initial sale. The "new DOT" will be 100 times smaller than the "old DOT".
On August 15th, Parity engineer Bastian tweeted that Polkadot's parachain test network Rococo has undergone a fork-free runtime upgrade for the first time.
At around 0:50 on August 19, Polkadot reached the block height of 1205128, and the token DOT started transfer.
On September 24, Substrate 2.0 went live.
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4 Q4
Keywords: Web3 conference, 1000 validators plan, release of Rococo v1 parachain testnet.
Polkadot has added a new bounty mechanism that allows "custodians" to allocate funds to projects autonomously on the chain. This is an efficient way of managing treasury funds, fostering the growth of the Polkadot ecosystem and giving more autonomy to those who manage its development.
In order to promote the UK's leadership in open technology, in the OpenUK First Edition Awards on October 20, 2020, a total of 84 technology nominations were received, and Parity was awarded the "Finance and Fintech Award" in recognition of Parity's role in promoting open source contributions to addressing common challenges and exploring new opportunities for collaboration in financial services.
On November 6th, Polkadot co-founder Robert tweeted to share the progress of the Polkadot parachain, and is currently promoting the consensus code of the V1 version of the parachain, which is different from the prototype code on Rococo. The next step will be to deploy the V1 version code of the parachain to Rococo, which means that it will be upgraded to Rococo V1 soon.
Web3 Foundation launches Polkadot 1000 validator program. Follow the instructions for validator setup and you will be eligible to receive nominations from Web3 Foundation to help you launch your Polkadot node. By joining the program, Polkadot's shared security can be improved to strengthen the network, and it can also make the network more decentralized.
The Rococo v1 testnet has been released, allowing community parachains to connect to the relay chain via cumulus. According to the sharing of Polkadot co-founder Robert at the press conference on December 17: the current function has been completed and is expected to be released in the next week or two; because it is a test network, there is no auction yet, and the allocation of parachain slots follows the first-come-first-served basis First serve; slots are probably ten or so; there are no parathreads in this build.
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Look at the picture and talk: Polkadot ecological development
How Polkadot is developing, from an ecological point of view, we can comprehensively evaluate from three aspects: talents (developers), projects and funds.
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1 The situation of ecological developers
According to data from Electric Capital, the average monthly active developers of the Polkadot ecosystem reached 384 in the third quarter of this year, double the number from a year ago, and almost equal to the number of Bitcoin.
In addition, there are two data that everyone is more concerned about. One is the ecological developers of Ethereum. Despite the DeFi boom this year, the average number of monthly active developers of Ethereum has risen from 1985 in the third quarter of last year to 2296. The increase was not as much as expected. The other is the case of EOS. The average monthly number of active developers of EOS has dropped from 195 in the third quarter of last year to 107, a drop of 45%. Judging from the performance of EOS this year, it has gradually moved away from the center of the stage.
It should be noted that both EOS and Ethereum have been running for many years, and there are many applications that can be directly experienced by users. They are already in a mature stage, while Polkadot is still in its mainnet and is still improving its functions. It is only gradually established, and there is no initial stage of application running.
This means that although Polkadot is still in the run-up stage, from the perspective of ecological development, it has gradually surpassed EOS, which has been running for a long time. We have quite a feeling of replacement of old and new.
Therefore, Polkadot, which is in the run-up stage, has already performed so well. Then next year, the functions of Polkadot will be gradually improved, the parachain will be launched, and the cross-chain function will be officially loaded. At that time, Polkadot's applications will be truly "used", and Polkadot will also usher in a real explosion of ecology.
ecological situation
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Official Grant Support
In 2019, 62 projects built by 54 teams from 20 countries received funding from the Web3 Foundation.
And this year, as we have seen from the data, the number of developers in the Polkadot ecosystem has doubled. Relatively, there are many more new projects. This year, a total of 142 projects have received funding from the Web3 Foundation, which is 220% of last year. . Of course, these projects are not necessarily blockchain projects, some are developer tools.
ecological situation
Up to now, according to incomplete statistics, a total of 323 teams, projects or applications have joined the Polkadot ecosystem, including some communities, capital, and wallet applications, which can be described as a bumper year.
Next year, Polkadot's cross-chain function will be implemented soon, which means that other chains can be connected to Polkadot. At present, 100+ chains are ready to be connected to Polkadot, and 60+ testnets have been launched.
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3 Project financing
According to incomplete statistics, there were 18 financings in the Polkadot ecosystem this year. Interestingly, these financing events all occurred in the second half of this year. This may be related to the special circumstances of this year. On the one hand, the traditional capital market was hit hard by the impact of the epidemic in the first half of the year. , Buffett has seen the second, third, and fourth circuit breakers in a row in his life, and the cryptocurrency has also encountered a 312 big plunge.
Therefore, whether it is work (disturbed by the epidemic) or the economic environment (no confidence in investment targets), the first half of the year was very sluggish. Fortunately, DeFi ignited a fire in the summer, heating up the whole circle.
And we see that the Polkadot ecology has intensive financing in the second half of the year. On the one hand, it may be that after the popularity of DeFi, the economic benefits brought by it have made capital with a keen sense of smell start to look for the next hot spot. On the other hand, although Polkadot launched the main network in May, many important functions such as decentralization, transfer, governance and other functions were also launched in the second half of the year. These important events also promoted the capital to deploy Polkadot in the second half of the year.
From the perspective of the ecological niche of financing projects, there are 12 DeFi-related ecological niche projects, accounting for 2/3 of all financing projects. The rest are storage, privacy projects, cloud platforms, decentralized identities, smart contract platforms compatible with Ethereum and other projects. We (Polkadot Ecological Research Institute) believe that the ecological development of Polkadot in the coming year will also be dominated by DeFi applications or platforms, because such projects are very easy to implement, and many business models have been practiced on Ethereum and are very mature.
Secondly, infrastructure projects like storage and privacy, and projects that provide some functions for the entire Polkadot will follow, and then some specific application scenarios, which are related to the role of finance and infrastructure in the development of a city in reality. The leading role is similar.
In terms of the amount of financing, in addition to the undisclosed financing amount, the total is 83.575 million US dollars, of which Polkadot’s public offering on July 24 this year accounted for half of the total funds, which is about 43.3 million US dollars. The financing amount was not disclosed. Combining data and ecological development, we can draw three points of view:
1. Polkadot’s financing amount accounts for half of the country, and the return is that the Polkadot ecological project is booming
"Generosity" has always been one of our official views on Polkadot. Officials have been supporting the development of projects in the ecology in various forms. This year, the number of projects receiving official Polkadot funding has tripled compared to last year. This is why the Polkadot ecology can be so fast. important reason for development.
2. DeFi projects have excellent financing capabilities, Polkadot is expected to continue to write myths
In the early stages of ecological development, there are often huge value discovery dividends. Capital is the most aware of this. As Polkadot’s technology and functions become more and more perfect, more and more capitals are willing to take on the uncertain risks in the early stages of the project to bet on Polkadot’s future. The track, this trend is an important benefit for the project parties in the ecology. You might as well take advantage of this trend to raise enough funds to promote the rapid development of your projects.
Summarize the past and look forward to the future
From the perspective of investment institutions, a total of 71 institutions participated in the investment this year, of which 48 institutions participated in one investment, 12 institutions participated in two investments, 6 institutions participated in three investments, AU21 Capital, SNZ, KR1 participated in four separate rounds, Hypersphere Ventures participated in five rounds, and NGC participated in six rounds.
Judging from the specific investment situation, institutions tend to choose a subdivided ecological niche layout, while individual rich and powerful institutions choose to lay out the entire Polkadot ecology.
But in general, the number of institutions paying attention to Polkadot is increasing, and investment and financing events in the entire Polkadot ecosystem can be predicted to occur more frequently next year, which will bring about a linkage effect between the primary market and the secondary market.
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Summarize the past and look forward to the future
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1 Polkadot year-end data summary
Validators: 273
Validator candidates: 319
Mortgage rate: 74.3%
Inflation rate: 10%
1. Launch Rococo v1 and wait for its stable operation;
1. Launch Rococo v1 and wait for its stable operation;
3. Open the auction on Kusama;
4. Launch the parachains that successfully bid on Kusama;
5. After the audit is completed, launch Polkadot's public interest parachain;
6. Open the auction on Polkadot;
7. Launch the parachains that were successfully auctioned on Polkadot.
2. Launch Kusama's system (public interest nature) parachain;
3. Open the auction on Kusama;
4. Launch the parachains that successfully bid on Kusama;
5. After the audit is completed, launch Polkadot's public interest parachain;
6. Open the auction on Polkadot;
When the "7" step is completed, it will be the time when Polkadot will really shine, and it will also be the time when the parachain function will really enter the public eye and be used.
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For the development of blockchain, nearly 10 years have passed. However, many technical problems still need to be solved, and some bottleneck problems also plague practitioners. The emergence of Polkadot cannot be said to solve these problems 100%, but at least from some At some level, issues such as cross-chain, scalability, fork issues, and governance issues have all created precedents, and these outline the broader future of Polkadot, and are worth learning and understanding.
