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Wood also initiated the Web3 Foundation, an organization aimed at providing financial backing for the Polkadot and Kusama ecosystems. Polkadot itself was engineered to tackle scalability challenges, starting with the implementation of a proof-of-stake consensus model.Ethereum Gavin Wood envisions Polkadot as a giant global supercomputer, as discussed at the Polkadot Decoded 2023 event.algorithm .
There has been some uncertainty surrounding the full extent of features in Polkadot 2.0. Gavin Wood suggested it might allow users to pay for usage time on the tech rather than the actual devices themselves. In October, his Web3 Foundation announced a commitment to allocate five million DOT along with 20 million Swiss Francs to support the Polkadot developer community. As of November 10, 2023, the price of DOT hovered around $5.10.
Plans are underway for Wood to roll out additional parachains this year, all of which will utilize the security mechanisms of the Polkadot mainchain. Through a process he terms “scaled hyper-connectivity,” Wood and his team aim to overhaul the network's code, enhancing communication efficiency between parachains to approximately 1,000 transactions per second per shard.
The development team is also working on enhancing their parathread capabilities. Even teams that are unable to secure a parachain slot will still be able to leverage the power and safety of the mainchain through Parathreads.
Wood has indicated that several projects are currently in the pipeline. The initial bridge will connect the Polkadot and Kusama ecosystems, while a second bridge will link Polkadot with the Ethereum network.
The Web3 network, known as peaq, has launched multi-chain Self-Sovereign Machine Identities that are powered by autonomous AI agents at Fetch.ai, a layer-1 blockchain.blockchain bridges These unique identifiers enable devices that are part of the peaq network to establish distinct identities. Data transfers between peaq and Fetch.ai will occur across diverse blockchains, facilitating interoperability and information exchange between the two multi-chain systems. This initiative builds upon a prior collaboration between peaq and Fetch.ai, paving the way for applications in decentralized energy systems, shared autonomous vehicles, supply chain management, and healthcare.
Gavin Wood, who co-founded Ethereum and is the brain behind Polkadot and Kusama, made headlines in the Metaverse Post.
Know MoreAs a key player in the tech world, Gavin Wood is not just known for his role in Ethereum but also as the mastermind behind Polkadot and Kusama.
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