Polkadot announces start of final phase featuring parachain functionality

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In an official blog today, Polkadot and Kusama creator Gavid Wood announced the phase five (final phase) of Polkadot will start on its Mainnet with decentralization and permission-less features to be achieved by the end of July.

Polkadot currently operates in the form of independent single-chain but with the launch of its fifth-stage parachain function, the heterogeneous system envisioned for it will also now become a reality.

It took 10 long months for Polkadot to complete its initial four stages but last week, Parity Technologies – the core team behind its initial implementation, released version 0.9 of Polkadot running on the Kusama network.

Meanwhile, the core developers will be the responsible party for the launch of the parachain functionality, auctions and crowd-loads behind them.

Preparing for the release of parachains

There is no timeline revealed by Wood as to when the Polkadot’s parachains will be released but there are a few things that need to be done before that time comes.

Wood said there is a need for the conduct of comprehensive external review of the latest versions of both the Polkadot and Kusama network. Another activity that needs to be accomplished is to successfully conduct at least one auction involving crowdloans and the hosting of at least one functional parachain.

According to BlockchainNews, Wood said, “For the next two months, efforts will be directed towards reliability, refactoring and performance,” as they prepare for the arrival of the long-awaited Polkadot parachains.

Polkadot drops but still 8th biggest cryptocurrency

Based on the latest CoinGecko data, Polkadot (DOT) is ranked as the 8th largest cryptocurrency with a market capitalization of more than $24.1 billion.

At press time, the crypto is trading at $24.59 after being down by 37.2% for the past 24 hours and 36.6% for the past week.

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