Decrypt’s Art, Fashion, and Entertainment Hub.
Polkadot is one step closer to crossing over from concept to reality.
Web3 Foundation announced today that users of its soon-to-launch Polkadot network can store their "Dots" with Coinbase Custody.
Polkadot is a protocol for sharing data and assets across different blockchain networks. First conceptualized in 2016, Polkadot has been in testing since last summer as it readies for a spring beta release. Once fully functional, Dots will serve as the network's native tokens and be used for a mix of governance, interoperability, and security; devs who want to experiment on cross-chain interoperability need Dots to use the network.
The new partnership means that individuals and organizations who bought "Dot allocation indicator tokens" during the pre-launch can now claim the actual Dot tokens and have them appear in their Coinbase Custody accounts. They'll also be eligible to earn rewards by staking the token in Coinbase Custody but can still contribute to Polkadot on-chain governance to improve the protocol. (Those who aren't sure if they're due some Dots can plug in their Ethereum address here and find out.)
Polkadot is the product of Web3 Foundation, which funds research and development of blockchain and other decentralized technologies, and Parity Technologies, which Web3 Foundation contracted to build the network. Both were founded by Ethereum co-creator Gavin Wood.
Web3 Foundation has not yet finalized a date for Polkadot network's launch, but generating tokens is a clear indicator that it's coming soon. In the next few months, the network said, "Dot holders will be able to stake their dots, participate in governance, and build and use parachains."
And, according to Web3 Foundation CFO Kasper Mai Joergensen, more partnerships may be coming in the run-up: “With Polkadot genesis fast approaching, we are focused on supporting high quality integrations to ensure that Polkadot is easy to use and dot holders are secure."