Blockchain.com announced its partnership with Polkadot Network on 20th Aug. The Luxembourg based crypto data supplier and crypto wallet platform- Blockchain.com revealed that the main objective behind this partnership is to grow the network to strengthen the ‘user-governance and interoperability.’ This will further speed up the process of mass-adoption and decentralization of Polkadot tokens, i.e. ‘DOTs.’
The potential of this partnership-
It is expected that this expansion should help in answering the challenges that the cross-blockchain interoperability is facing currently and lead the industry with example. The company thinks that successful integration will innovate the capabilities of the crypto wallet on a dynamic level. Beyond the regular functions which are to store, send, receive the crypto tokens, the wallet after the integration will be able to-
“[…] but also drive the network’s governance by voting on key questions like proposed amendments to the network protocol and council members.” -As per the official announcement made by Blockchain.com.
Polkadot is aiming to empower its user-base truly-
Polkadot is targeting to empower the users with a sense of control and the ability to upgrade the network as and when the ‘market needs’ demand a change. This freedom and power in the hands of the users will free them from the dependency on the hard fork, and network’s miners on the general levels. The official announcement confidently smirked that is just the ‘scratching the surface’ when it comes to the potential of Polkadot Network in the crypto industry.
Polkadot is a project by Web3 Foundations. The high caliber project aims at building ‘scalable, governable protocol’ which boosts interoperability between many blockchain networks. Big names of the industry such as ‘founders of Parity Technologies, Dr. Gavin Wood, who also co-founded Polkadot and Ethereum, and Dr. Jutta Steiner, CEO of Parity and Ethereuem’s first Security Chief’ are working on this project, which ensures qualitative results. The founder and CEO of Blockchain-Peter Smith said-
Polkadot is exactly the type of purpose-driven network we have always supported at Blockchain. […] The team behind the project has a wealth of experience, and shares our vision for a decentralized future where users are in control.
The much-needed work to be done in common areas-
These days with the boom in the crypto industry, so many blockchain networks are popping up. With this kind of growth, a channel for communication between them becomes important too. This interconnection has the potential to boost innovation to the next level and massively improve the critical functions.
The event of Polkadot network getting integrated to the Blockchain wallet is therefore of great importance and potential. The Blockchain.com will soon announce when the users can start using the DOTs token. This partnership will promote decentralization to a greater extent.
On the other hand, in the Polkadot world, back in June, the platform conducted its second private sale. The management of W3 governed it. It distributed 500K DOTs. The project has acquired a worth of 1.2 Billion U.S. Dollars post the second token sale. Soon after this second token sale from Polkadot, the director of Web3 Foundations- Ryan Zurrer left the firm. The reason for him leaving the role was simply that ‘his work was completed’, the company revealed. Zurrer was welcomed onboard back in Oct. 2017 soon after the first token sale of Polkadot, which resulted in 144 million U.S. Dollars sale. Zurrer was given the responsibility to lead the second token sale, at that time.
Further, in June, after the company sold 500K DOTs, it introduced its ‘experimental version of the protocol called- Kusama,’ as per sources.