Polkadot goes live with the release of its first mainnet chain candidate

After nearly four years of development, the Web3 Foundation has launched the first mainnet chain candidate for Polkadot. This long-awaited network, first envisioned by Gavin Wood, intends to be an Ethereum 2.0-like sharded network that supports various use case-specific chains, called parachains.

Today’s launch marks the initial step in a multi-stage rollout process. The current mainnet release candidate represents a stripped-down version of the network’s Relay Chain, which will serve as the backbone of Polkadot’s sharded blockchain system. For security and stability reasons, it will operate via a Proof-of-Authority (PoA) consensus mechanism fully managed by the Web3 Foundation. This candidate chain also only allows DOT investors to claim their tokens and submit their intention to stake (as a validator or a nominator).

Future launch stages (or candidate chains, if required) will initiate the transition to Proof-of-Stake (PoS) and introduce Polkadot’s proposed on-chain governance system, which will both lessen Web3’s influence over the network. While Polkadot recently released a roadmap detailing its launch process, there is no clear timeline for when these new features might arrive.

Why it matters:

• Polkadot is one of the more well-funded and well-known Ethereum competitors racing to the market. It now joins Solana, NEAR, and Celo as smart contract platforms that have launched mainnet beta or candidate chains since the start of the year. With at least seven more networks planning to launch this year, the market for Ethereum Killers (or more amusingly, Ethereum Friends) is becoming increasingly saturated. As previously mentioned by Ethereum-now-Polkadot founder Gavin Wood, this battle for relevance is likely heading towards a winner take all (or most) outcome. A more crowded active market will accelerate the competitive dynamics between these teams.
• Why does Polkadot’s first mainnet candidate release mean for investors? At the moment, not a lot. Token sale participants can’t do much other than stake their claim as a future validator or nominator. Staking rewards and token transfers won’t be available until Polkadot’s on-chain governance system takes the reins from the Web3 Foundation. If a canary network is any sort of guide, Kusama didn’t implement inflation rewards and token transfers until about three months post-launch.