1/ Congratulations to @Kiltprotocol on making Web3 history! KILT has successfully moved from @kusamanetwork to the Polkadot Relay Chain, marking the first time a live blockchain has migrated from one network to another.
2/ Kusama provided the ideal place for KILT to develop applications quickly, stress-test their technology and try things out.
Thanks to Kusama’s fast iteration cycles, KILT was able to quickly become decentralized, add new functionalities, and prove its robustness and utility.
3/ But KILT, an identity protocol for issuing verifiable credentials and decentralized identifiers, began seeing adoption by large-scale enterprises.
This required a high level of stability and security that can't be guaranteed within the more experimental environment of Kusama.
4/ It was time to #ExpectChaos no more, and instead leverage the bank-like stability and security provided by Polkadot.
Kusama had done its job, providing crucial insights for the KILT team and representing an important upgrade path to Polkadot.
5/ "It’s always exciting to do things nobody has done before... Polkadot technology made it possible to transfer all achievements from the experimental phase to the production phase. Try that on any other technology base!" - @ingoruebe, founder of @Kiltprotocol
6/ Only this canary network model pioneered by Polkadot enables teams to mitigate risk stress-testing under real-world conditions before upgrading to a production network.
1/ Everyone loves a roadmap, right? Well guess what — Polkadot founder @rphmeier has shared some exciting insights into proposals for a series of major upgrades.
2/ Asynchronous Backing will cut the block time for parachains down to 6 seconds from 12 and increase block space by 5-10x, hugely enhancing scalability.
This will increase the amount of work every chain can do AND optimize network performance, allowing scope for more parachains
3/ It’s estimated this will take the transactions-per-second capacity of the network to between 100k and one million without affecting security.
Asynchronous Backing could be ready for deployment on @kusamanetwork by the end of 2022 and then on Polkadot, pending audits & testing
2/ Nomination pools are now fully supported in the staking dashboard and you can test-drive the feature on Westend and @kusamanetwork 🙌
The pools will soon be enabled on Polkadot and then the staking dashboard will be ready for you to create, join and manage pools
3/ All nomination pools are natively hosted on-chain and are part of the Polkadot runtime, so they are upgradable, secure, and fully embedded as part of the Relay Chain.
So what else can you do beyond joining or creating a pool? Let’s break down some more of the features
1/ Keep in the loop of what's happening in the Polkadot ecosystem: check out this #PolkadotRoundup to learn about the latest news and announcements from the parachain teams and ecosystem projects.
Read the 🧵 below
1/ @Unique_NFTchain announced their partnership with @protocol_og to bring dynamic NFTs to Polkadot and @kusamanetwork.
Learn about how creators can leverage the new feature to create more NFT utility integration, dynamic projects, and experiences:
1/ Last week the Polkadot ecosystem continued building, deploying and growing. Check out some of the announcements from the ecosystem and hear the latest news from the parachain teams, infrastructure providers, and wallets in this week's #PolkadotRoundup.
Read the 🧵below
2/ The community passed a proposal for the @AstarNetwork Treasury to boost rewards for $nASTR stakers through @Algem_io. Learn more about the campaign:
3/ Last week the Polkadot Hybrid #DN22hackathon kicked off brought to you by @AstarNetwork and @Kiltprotocol, marking 3 weeks of web-2 friendly and data-focused mentorships and workshops:
Earlier today a misconfiguration was found on Acala’s iBTC/aUSD liquidity pool which resulted in erroneous mints of significant amounts of aUSD.
The Acala team reacted quickly through governance, pausing certain chain functions including transfers, thereby keeping over 99% of the minted funds on Acala. The misconfiguration was also quickly rectified.
The Acala team will continue tracing on-chain activity, and will facilitate a community proposal to resolve the issue. Substrate allowed for a fast response by Acala’s community via governance. The Polkadot relay chain and shared security are not affected.
All systems evolve or they die & blockchains aren't exempt from this universal law. The ease of administering change, the idea that someone can fix a problem or add a new feature, is one of the draws toward centralized systems.🧵
2/ But to be sustainable over a long period of time, systems must decentralize. Economies that cut off trade flow, dictatorships that stop migration, and languages that don’t accept new words all die, or are already dead.
3/ Polkadot’s current governance features a three-chamber structure:
1️⃣ A tech committee for managing upgrade timelines
2️⃣ An approval-voted, elected council to manage parameters, admin, and spending proposals