📈 Polkadot Turns One Year Old
It has been one year since Polkadot’s genesis block was produced on May 26th, 2020. Since then, there have been 5.25m finalized blocks with 3.75m transactions and 344,198 active accounts. On Kusama, Polkadot’s canary network, 7.66m blocks have been produced with over 1m transactions and 102,938 active accounts. The network has been secured by a sufficient amount of validators and has transitioned to a Nominated Proof of Stake (NPoS) network from a Proof of Authority (PoA).
Governance is fundamental to the network’s development. In order to achieve network updates, Polkadot has a complex, well designed systems that allow validators and elected council members to participate in referenda for which they can vote on. Voting timetable on Polkadot is 28 days and 7 days on Kusama.
Nominated Proof of Stake has been running smoothly on the network with increasing participants over the majority of last year. As a Proof of Stake network, some of the important metrics to look at are the amount staked on the network and the number of active participants.
About the editor: Spencer Noon is an investor at Variant, a first-check crypto VC fund.