Blockchain—a Luxembourg-based cryptocurrency exchange and digital wallet provider with over 41 million registered users—announced today that it has partnered with Polkadot in a push to “accelerate the adoption and decentralization of Polkadot tokens.”
Users of the Blockchain exchange will soon be able to purchase, trade and sell DOTs, as well as vote on proposed amendments to the Polkadot network—a privilege that was once specifically reserved for DOT miners.
The idea is to bring a new level of governance to Polkadot and alleviate it from any nagging centralized elements. After all, the goal of virtually every cryptocurrency is to provide its users with financial independence and freedom from centralized bodies that ultimately control their access to capital and monetary products. This move will drive Polkadot in this direction and provide its users with more say-so over future network updates.
“Polkadot is exactly the type of purpose-driven network we’ve always supported,” Peter Smith, CEO and cofounder of Blockchain, explained in a statement. “The team behind the project has a wealth of experience and shares our vision for a decentralized future where users are in control.”
First released in 2017, Polkadot was the premier project of the Web3 Foundation. The new governance system for Polkadot will allow it to operate and communicate with several other blockchain networks throughout the crypto space, especially Ethereum, given that Dr. Gavin Wood, an Ethereum co-founder, and Dr. Jutta Steiner, Ethereum’s first security chief, are now working on its implementation.
In a blog post, Blockchain explained that the “ability to connect different blockchains will power many innovating and critical functions” and unleash “the potential for disruptive applications.” What makes Polkadot unique is that it allows several different blockchain systems to work together under the exact same security protocols.
The enterprise offers economic scalability by enabling common validators which can secure several different blockchain networks at once. Transactions are thus spread across several parallel blockchains, thereby offering users a higher level of scalability.
It’s also built for upgrades without the hassles of forking. As better technologies become readily available, Polkadot can upgrade itself automatically.
What this all likely means for Polkadot is that the network, once its tokens are available for use, will become a primary communication hub for several differing blockchain systems. With so many networks tied together under “one roof,” Polkadot’s technology could also be absorbed by these networks, thereby making them more adaptable to technology changes in the future and less vulnerable to hazards.