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Gavin Wood Announces ‘Impending Release’ of DIY Blockchain Tool

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It wouldn't be until some seven years after the launch of Bitcoin that Wood co-founded the revolutionary Ethereum project with Vitalik Buterin.

Wood also conceived its coding language, Solidity. Having left Ethereum some years back, Dr. Gavin Wood has been busy, to say the least. His latest project, Polkadot , is looking set to achieve the equivalent of reinventing the crypto wheel, again. The Polkadot story started with Parity Technologies - a core blockchain infrastructure for Ethereum and other Web 3.

Jutta Steiner, who served as Chief of Security for Ethereum's launch. The aim was disruption - to shake up the centralized node-based software application standard.

Originally named 'EthCore', as the team made up many of Wood's core Ethereum development team, Parity centered around overcoming usability, performance and governance issues that had so far hampered the Ethereum ecosystem.

After developing and launching the Parity Ethereum client, which quickly became the go-to choice for Ethereum miners and developers alike, Wood and his team were looking to push the industry forward. Having coined the term Web 3. Wood soon founded the Web3 Foundation to support the development of the technologies necessary to achieve his vision. As Ethereum 2. If blockchain technology was going to provide the trust layer for a new, open internet without the powerful authorities like Google and Facebook who we currently trust with many of our interactions online, they were going to have to be able to communicate and scale.

The end result is Polkadot - a "sharded protocol that enables blockchain networks to operate together seamlessly. From forking to interoperability, Polkadot is taking aim at multiple problems that currently plague the blockchain space. It's true - there are plenty of blockchains that have gone before this that profess to be a magic wand. It seems, however, that Polkadot genuinely does provide innovative answers to many of these issues. Like providing true interoperability by enabling cross-blockchain transfers of any type of data or asset not just tokens, like existing blockchain interoperability solutions.

Polkadot will also make blockchain innovation faster and easier - developers can create a custom blockchain in minutes using the Substrate framework. It is described as "forkless and future-proof" meaning networks can be upgraded and bugs can be fixed without hard forks while maintaining security for all. Chains connected to Polkadot are called parachains, which are united in their security but distinct when it comes to their local governance and operations.

Unlike networks like Bitcoin, where governance is unformalized and fairly opaque, every stakeholder has a voice in Polkadot's future - upgrades to the network are coordinated on-chain and enacted autonomously, ensuring that Polkadot's development reflects the values of the community and avoids stagnation. The DOT token plays a few critical roles in the Polkadot network - governance, staking and bonding.

Governance is usually a privilege for miners alone who hold total control over the protocol. Polkadot, on the other hand, passes control to its token holders instead.

Second, staking is a feature that may have been positively influenced by Gavin's hobbies, which included a love for designing highly complex board games. Today, staking in Polkadot uses advanced game theory to effectively encourage network infrastructure operators to behave honestly. Good actors are rewarded, whilst bad actors lose some of their stake in the network - keeping the network secure. Finally, new parachains are added by bonding tokens.

Outdated or non-useful parachains are removed by removing bonded tokens. To pass messages between parachains, tokens will also be used to pay for transaction fees. Prior to Polkadot, companies of all sorts were developing their own private sidechains, followed swiftly by a headache when attempting to connect their project to Ethereum's public blockchain.

This issue has stunted innovation in crypto and beyond for far too long. At the time, Ryan Zurrer, a partner in Polychain Capital, one of the private investors, told TechCrunch : "Polkadot is a crucial infrastructure element of Gav Wood's vision for Web3 and represents the most technically ambitious endeavor we have ever seen in blockchain.

Realistically, only the deep and extraordinarily talented team from Parity, led by Jutta Steiner, have the technical chops to pull something like this off. Fast-forward three years, and those 'technical chops' have indeed pulled something off - something that has once again caught the attention of savvy investors. Polkadot has lofty aspirations, which are in its sights as the Web3 Foundation officially initiated its launch at the start of this week.

But as lofty as the ambition of linking up blockchains might be, this goal seems absolutely attainable, given Wood's resume and the talented team by his side. View source version on accesswire. Aurora Cannabis will report fiscal second-quarter earnings, amid a broader marijuana stocks rally aided by U.

The Buffett Indicator has gone haywire of late. Bloomberg -- Tilray Inc. Only certain cannabis stocks are easily available to Robinhood or day traders, which means many Canadian-listed firms with U.

Retail investors may be ignoring possibly better bets such as Curaleaf Holdings Inc. Updates share moves and adds Kassam comment. For more articles like this, please visit us at bloomberg.

The change to the tax code could allow millions of working families to save thousands on their taxes, but only if they are savvy about how they file this year. Retirement account owners have long had trouble translating the money in their k into income. Congress is keeping the same stimulus check formula, though that could change. Sun founded blockchain business Tron in and has since expanded into other decentralization technologies and platforms such as BitTorrent Inc.

Capitol riots. Sun declined to comment on the controversies. AbbVie stock was within a buy zone in mid-February after the company topped fourth-quarter views and issued upbeat guidance. The company also has the option to buy Cypris Medical. Bloomberg -- Stefan Qin was just 19 when he claimed to have the secret to cryptocurrency trading.

Buoyed with youthful confidence, Qin, a self-proclaimed math prodigy from Australia, dropped out of college in to start a hedge fund in New York he called Virgil Capital. He told potential clients he had developed an algorithm called Tenjin to monitor cryptocurrency exchanges around the world to seize on price fluctuations.

Last week, Qin, now 24 and expressing remorse, pleaded guilty in federal court in Manhattan to a single count of securities fraud.

District Judge Valerie E. Caproni, who could sentence him to more than 15 years in prison. I am profoundly sorry for the harm my selfish behavior has caused to my investors who trusted in me, my employees and my family. Ponzi schemes like that show how investors eager to cash in on a hot market can easily be led astray by promises of large returns. While regulatory oversight of the cryptocurrency industry is tightening, the sector is littered with inexperienced participants.

A number of the or so crypto funds worldwide are run by people with no knowledge of Wall Street or finance, including some college students and recent graduates who launched funds a few years ago. Speaking to Substrate specifically, Wood emphasized that it was different from ethereum in its upgradeability. Unlike on ethereum, protocol changes with Substrate do not require a system-wide upgrade, or a hard fork, to be activated.

This works through token holders casting votes on code changes, Wood said. And in this way, Substrate and Polkadot make power structures within networks clear and transparent — distinct from the informal governance that is the basis of most cryptocurrencies today, he argued. Another do-it-yourself build-a-blockchain tool is about to launch. More development At the conference, Wood also announced that the Substrate software will be relicensed to Apache 2, a more permissive, business-friendly license than the current GPL3.

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Governance is usually a privilege for miners alone who hold total control over the protocol. Polkadot, on the other hand, passes control to its token holders instead. Second, staking is a feature that may have been positively influenced by Gavin's hobbies, which included a love for designing highly complex board games. Today, staking in Polkadot uses advanced game theory to effectively encourage network infrastructure operators to behave honestly.

Good actors are rewarded, whilst bad actors lose some of their stake in the network - keeping the network secure. Finally, new parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens.

Polkadot has lofty aspirations, which are in its sights as the Web3 Foundation officially initiated its launch at the start of this week. But as lofty as the ambition of linking up blockchains might be, this goal seems absolutely attainable, given Wood's resume and the talented team by his side.

View source version on accesswire. Aurora Cannabis will report fiscal second-quarter earnings, amid a broader marijuana stocks rally aided by U. The Buffett Indicator has gone haywire of late. Bloomberg -- Tilray Inc. Only certain cannabis stocks are easily available to Robinhood or day traders, which means many Canadian-listed firms with U. Retail investors may be ignoring possibly better bets such as Curaleaf Holdings Inc.

Updates share moves and adds Kassam comment. For more articles like this, please visit us at bloomberg. The change to the tax code could allow millions of working families to save thousands on their taxes, but only if they are savvy about how they file this year. Retirement account owners have long had trouble translating the money in their k into income. Congress is keeping the same stimulus check formula, though that could change.

Sun founded blockchain business Tron in and has since expanded into other decentralization technologies and platforms such as BitTorrent Inc.

Sun said he advised Buffett to buy Bitcoin and Tesla when he dined with him last year. DLive, the live-streaming platform that was bought by BitTorrent late last year, has also come under scrutiny from American lawmakers for its role in broadcasting the U. Capitol riots. Sun declined to comment on the controversies.

AbbVie stock was within a buy zone in mid-February after the company topped fourth-quarter views and issued upbeat guidance. The company also has the option to buy Cypris Medical. Bloomberg -- Stefan Qin was just 19 when he claimed to have the secret to cryptocurrency trading. Buoyed with youthful confidence, Qin, a self-proclaimed math prodigy from Australia, dropped out of college in to start a hedge fund in New York he called Virgil Capital.

He told potential clients he had developed an algorithm called Tenjin to monitor cryptocurrency exchanges around the world to seize on price fluctuations. Last week, Qin, now 24 and expressing remorse, pleaded guilty in federal court in Manhattan to a single count of securities fraud. District Judge Valerie E. Caproni, who could sentence him to more than 15 years in prison. I am profoundly sorry for the harm my selfish behavior has caused to my investors who trusted in me, my employees and my family.

Ponzi schemes like that show how investors eager to cash in on a hot market can easily be led astray by promises of large returns. While regulatory oversight of the cryptocurrency industry is tightening, the sector is littered with inexperienced participants.

A number of the or so crypto funds worldwide are run by people with no knowledge of Wall Street or finance, including some college students and recent graduates who launched funds a few years ago. He had been a math whiz who planned on becoming a physicist, he told a website, DigFin, in a profile published in December, just a week before regulators closed in on him.

He also attended the Minerva Schools, a mostly online college based in San Francisco, from August through December , the school confirmed. With Buterin, he began working on a decentralized platform that was quite similar to the cryptocurrency incumbent Bitcoin, at the same time vastly different in terms of vision and pursuit of decentralizing the Internet. There, he coded the first functional implementation of Ethereum, known as PoC-1 or the alpha release. Over the next two years, Dr.

By , Dr. Wood expanded his focus and founded EthCore, promptly raising pre-seed funding. With over sixty developers across fifteen countries, EthCore later became Parity Technologies. Two years after founding Ethereum, Dr. Wood went on to found Parity Technologies, a blockchain infrastructure firm for the decentralized web with Ethereum alumni Dr.

Jutta Steiner head of security auditing , Dr. Aeron Buchanan head of finance and operations and Ken Kappler head of comms. At Parity, he ideated a host of projects to innovate the current decentralized application landscape that ranged from the fastest and most advanced Ethereum client, Parity Ethereum, to DIY blockchain frameworks like Substrate, a flexible tech stack that enables users to build their own blockchain from scratch. Wood has continued his decentralized internet vision with Ewald Hesse, Dr.

What Polkadot does is it allows you to shortcut on an awful lot of that work, it allows you to shortcut on an awful lot of stuff that you have to do to build your own blockchain.

It also allows you to shortcut on things like building your own community, it allows you to shortcut on stuff like being able to utilize all of the various other bits that are going on in other blockchains. It does this by connecting, allowing to connect to those other chains.

It also very crucially allows you to avoid having to build your own base, your own security base. Security is a recurrent theme in blockchain, given that so much power, capital, and resources go towards addressing this basic need. By virtue of its design, Polkadot works to remove this impediment from the development process of new layers and applications. Bitcoin famously has the mining algorithm.

Securing the ecosystem more efficiently is only one of many value-oriented measures that helps this new model stand out from the crowd. A thorny issue some users are encountering amid the recent rally in cryptocurrency prices is higher transaction costs. They do it as a blockchain. The program is actually a very large program that contains all of the various business logic for an application or potentially many different applications.

They upload this into Polkadot, and then they pay for that blockchain, that parachain to be there by virtue of this deposit of a leasing system.

Gavin Wood Announces ‘Impending Release’ of DIY Blockchain Tool

It does this by connecting, allowing to connect to those other chains. It also very crucially allows you to avoid having to build your own base, your own security base. Security is a recurrent theme in blockchain, given that so much power, capital, and resources go towards addressing this basic need. By virtue of its design, Polkadot works to remove this impediment from the development process of new layers and applications.

Bitcoin famously has the mining algorithm. Securing the ecosystem more efficiently is only one of many value-oriented measures that helps this new model stand out from the crowd. A thorny issue some users are encountering amid the recent rally in cryptocurrency prices is higher transaction costs.

They do it as a blockchain. The program is actually a very large program that contains all of the various business logic for an application or potentially many different applications. They upload this into Polkadot, and then they pay for that blockchain, that parachain to be there by virtue of this deposit of a leasing system.

At that point, the users of this computer program never even have to know about Polkadot, they never have to know about the DOT token or anything to do with that stuff. All they care about is basically what is the business logic of this chain. Securing the ecosystem more efficiently is only one of many value-oriented measures that helps this new model stand out from the crowd.

A thorny issue some users are encountering amid the recent rally in cryptocurrency prices is higher transaction costs.

They do it as a blockchain. The program is actually a very large program that contains all of the various business logic for an application or potentially many different applications.

They upload this into Polkadot, and then they pay for that blockchain, that parachain to be there by virtue of this deposit of a leasing system.

At that point, the users of this computer program never even have to know about Polkadot, they never have to know about the DOT token or anything to do with that stuff.

All they care about is basically what is the business logic of this chain. Another unique area where this concept strays from the mainstream is in the area of consensus. Unlike other methodologies that have occasionally resulted in hard forks, like Ethereum Classic, Polkadot is designed to be forkless,. They ultimately lead to negativity on every side, and that is generally against the happy innovation that we see in a well-functioning community.

This sense of experimentation to identify the best option is present in much of the logic underpinning Polkadot, including something as necessary as the rulesets that govern the system. I think Ethereum is a great chain for prototyping blockchain experiments on, but I definitely— if I were doing, for example, a supply chain infrastructure, then why would I build it in smart contracts that have to be metered, that have this really inefficient metering system?

Beyond the greater flexibility, new utilities within the ecosystem will be launched throughout , giving creators and developers a new form of clay to mold future blockchain applications. Our job here is to develop Polkadot and deliver parachains and make it as efficient and stable as possible. You can watch the full interview here. Another unique area where this concept strays from the mainstream is in the area of consensus.

Unlike other methodologies that have occasionally resulted in hard forks, like Ethereum Classic, Polkadot is designed to be forkless,.

They ultimately lead to negativity on every side, and that is generally against the happy innovation that we see in a well-functioning community. This sense of experimentation to identify the best option is present in much of the logic underpinning Polkadot, including something as necessary as the rulesets that govern the system. I think Ethereum is a great chain for prototyping blockchain experiments on, but I definitely— if I were doing, for example, a supply chain infrastructure, then why would I build it in smart contracts that have to be metered, that have this really inefficient metering system?

Beyond the greater flexibility, new utilities within the ecosystem will be launched throughout , giving creators and developers a new form of clay to mold future blockchain applications. Our job here is to develop Polkadot and deliver parachains and make it as efficient and stable as possible. You can watch the full interview here. Have you had the opportunity to develop on Polkadot? Tell us about it in the comments section below.

Polkadot: A Bet Against Maximalism Innovation involves the pioneering and actualization of a creative new way of doing something. In this frame, he views Polkadot as multiple forms of shortcuts: What Polkadot does is it allows you to shortcut on an awful lot of that work, it allows you to shortcut on an awful lot of stuff that you have to do to build your own blockchain.

Gavin Wood

They upload this into Polkadot, and then they pay for that blockchain, that parachain to be there by virtue of this deposit of a leasing system. At that point, the users of this computer program never even have to know about Polkadot, they never have to know about the DOT token or anything to do with that stuff. All they care about is basically what is the business logic of this chain. Another unique area where this concept strays from the mainstream is in the area of consensus.

Unlike other methodologies that have occasionally resulted in hard forks, like Ethereum Classic, Polkadot is designed to be forkless,. They ultimately lead to negativity on every side, and that is generally against the happy innovation that we see in a well-functioning community.

You can watch the full interview here. Have you had the opportunity to develop on Polkadot? Tell us about it in the comments section below. Disclaimer : This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Governance is usually a privilege for miners alone who hold total control over the protocol.

Polkadot, on the other hand, passes control to its token holders instead. Second, staking is a feature that may have been positively influenced by Gavin's hobbies, which included a love for designing highly complex board games.

Today, staking in Polkadot uses advanced game theory to effectively encourage network infrastructure operators to behave honestly. Good actors are rewarded, whilst bad actors lose some of their stake in the network - keeping the network secure.

Finally, new parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens.

To pass messages between parachains, tokens will also be used to pay for transaction fees. Prior to Polkadot, companies of all sorts were developing their own private sidechains, followed swiftly by a headache when attempting to connect their project to Ethereum's public blockchain. This issue has stunted innovation in crypto and beyond for far too long. At the time, Ryan Zurrer, a partner in Polychain Capital, one of the private investors, told TechCrunch : "Polkadot is a crucial infrastructure element of Gav Wood's vision for Web3 and represents the most technically ambitious endeavor we have ever seen in blockchain.

For more articles like this, please visit us at bloomberg. The change to the tax code could allow millions of working families to save thousands on their taxes, but only if they are savvy about how they file this year.

Retirement account owners have long had trouble translating the money in their k into income. Congress is keeping the same stimulus check formula, though that could change.

Sun founded blockchain business Tron in and has since expanded into other decentralization technologies and platforms such as BitTorrent Inc.

The company also has the option to buy Cypris Medical. Bloomberg -- Stefan Qin was just 19 when he claimed to have the secret to cryptocurrency trading. Buoyed with youthful confidence, Qin, a self-proclaimed math prodigy from Australia, dropped out of college in to start a hedge fund in New York he called Virgil Capital.

While regulatory oversight of the cryptocurrency industry is tightening, the sector is littered with inexperienced participants.

A number of the or so crypto funds worldwide are run by people with no knowledge of Wall Street or finance, including some college students and recent graduates who launched funds a few years ago. He had been a math whiz who planned on becoming a physicist, he told a website, DigFin, in a profile published in December, just a week before regulators closed in on him. He also attended the Minerva Schools, a mostly online college based in San Francisco, from August through December , the school confirmed.

His task had been to build a platform between two venues, one in China and the other in the U. His strategy, he told investors, would be to exploit the tendency of cryptocurrencies to trade at different prices at various exchanges. His assets got an extra jolt after the Wall Street Journal profiled him in a February story that touted his skill at arbitraging cryptocurrency.

Missing AssetsThe first cracks appeared last summer. She left the firm in December. The complaints grew. But there was no money to transfer. Qin had drained the Sigma Fund of its assets.

Instead of trading at 39 exchanges around the world, as he had claimed, Qin spent investor money on personal expenses and to invest in other undisclosed high-risk investments, including initial coin offerings, prosecutors said. So Qin tried to stall. He convinced investors instead to transfer their interests into his VQR Multistrategy Fund, another cryptocurrency fund he started in February that used a variety of trading strategies -- and still had assets.

But by now the SEC was involved. A court-appointed receiver who is overseeing the fund is looking to recover assets for investors, said Nicholas Biase, a spokesman for acting Manhattan U. Attorney Audrey Strauss. In South Korea when he learned of the probe, Qin agreed to fly back to the U. He surrendered to authorities on Feb. That fate is a far cry from the career his parents had envisioned for him -- a physicist, he had told DigFin.

But what I really want to do is trade crypto. Investors have been fixated on growth companies over the past year, and one segment which has been on the rise is the fledgling cannabis industry. The sector offers a unique proposition and the prospect of further growth, as there is still a major catalyst on the horizon which will completely alter the industry. As expected, a Democrat led senate has been good news for those banking on marijuana reform at the federal level; And it looks like the anticipated changes could happen faster than initially expected.

The statement feeds expectations that the Democratic Congressional majority will pass — and that President Biden will sign — a bill to legalize marijuana.

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Bitcoin-focused DeFi protocol Badger joins hands with Yearn. Investors bullish on Ethereum ahead of much-hyped CME futures launch. Altcoins Blockchain blockchain ecosystem Gavin Wood Polkadot. Polkadot: A Bet Against Maximalism Innovation involves the pioneering and actualization of a creative new way of doing something.

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We use cookies to ensure that we give you the best experience on our website. In a recent Realvision interview, the developer Gavin Wood explains how Polkadot reimagines the innovation ecosystem from the ground up. Wood also discusses how the Polkadot protocol is both similar but also different than Ethereum, the second-largest crypto asset by market valuation. Innovation involves the pioneering and actualization of a creative new way of doing something.

For famed blockchain programmer Gavin Wood, Polkadot is the platform that unlocks the potential of swifter blockchain innovation. By building a platform of platforms, or 0-layer technology, Polkadot is attempting to push the boundaries of efficiency with a more flexible and more abstract environment.

Here are some highlights from the lengthy interview Wood gave to Sebastian Moonjava of Real Vision link to the full interview below. For Wood, one of the primary hurdles of the existing framework is the resource-intensive tasks involved with launching a new blockchain. In this frame, he views Polkadot as multiple forms of shortcuts:. What Polkadot does is it allows you to shortcut on an awful lot of that work, it allows you to shortcut on an awful lot of stuff that you have to do to build your own blockchain.

Aeron Buchanan head of finance and operations and Ken Kappler head of comms. At Parity, he ideated a host of projects to innovate the current decentralized application landscape that ranged from the fastest and most advanced Ethereum client, Parity Ethereum, to DIY blockchain frameworks like Substrate, a flexible tech stack that enables users to build their own blockchain from scratch.

Wood has continued his decentralized internet vision with Ewald Hesse, Dr. Ana Trbovich and three other blockchain pioneers in co-founding Grid Singularity, which is an open Internet-based decentralized energy data exchange platform built on the blockchain technology. He also has been involved in decentralized asset management for multiple blockchains with MelonPort AG, in Wood founded the Web3 Foundation to nurture technologies and applications in the fields of decentralized web software protocols to stabilize the Web 3 ecosystem through the application of modern cryptographic methods in decentralized networks.

Web3 Foundation has supported research into the Whisper protocol - which Dr. Wood conceived in - which promises to allow private distributed messaging in the future Web 3. Wood co-founded after leaving Ethereum. When he is not obsessively pushing for the success of the blockchain infrastructure, Dr. Gavin Wood carves out time snowboarding and shares his insights on the industry trends on Medium and Twitter. Polkadot Decoded - The first community curated edition!

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